SEATTLE (Scrap Monster): The most recent report published by Straits Research foresees robust growth to global steel rebar market over the next decade. The market is predicted to grow at a CAGR of 7.27% from 2022 to 2030, to touch $490.50 million by the end of the forecast period.
The report cites increased demand for the material, mainly driven by government initiatives to promote high-strength rebar in building structures. The rising demand for earthquake-resistant deformed steel rebar in home construction industry too is expected to drive market growth. The growth of infrastructure and widespread urbanization presents opportunities for the market to expand. The progress in technological innovations will create new opportunities for global steel rebar market, it said.
The research report cites ArcelorMittal, Essar Steel, Nippon Steel & Sumitomo Metal Corporation, NLMK, Nucor, Tata Steel, Tillos Group and Power Steel Co., Ltd as the key market players.
The Chinese real estate sector is likely to witness increased demand for steel and related products, on account of regulatory improvements. The relaxed rules may result in boosted steel demand in tier 2 and tier 4 Chinese cities. Driven by China, Asia Pacific region will emerge as the largest steel bar consuming region. Also, the report foresees steady market growth in North America during the forecast period.