Additionally, in 2022, the rate of global urbanization was 57 percent. North America had the highest rate of urbanization, with more than 45% of the population residing in cities.
Concrete reinforcing bar, often known as steel rebar, is a long, hot-rolled steel component used in reinforced cement concrete (RCC). It is utilised in reinforced concrete and other structures to increase the tensile strength of the concrete, hence increasing the strength of the structure. Steel is employed as a reinforcing bar because concrete and steel have almost identical thermal expansion coefficients for temperature-induced elongation. Molten steel is formed into enormous rectangular billets, which are then sent through a series of dies to form reinforcement bars.
Technological Advancement
Deeper research into the sectoral system of production and innovation is anticipated due to the advancement of innovations, the spread of new processes and technology, and the greater interaction between suppliers, manufacturers, and users in the steel industry. As a result of growing innovation and development in the steel rebar sector, there will be promising commercial opportunities for both current and new market participants. High-end applications and technological advancements support steel rebar innovation. Applications that call for corrosion, epoxy coating, and earthquake resistance use modern steel rebar. Rebar steel is typically made utilising processes like microalloying, thermos mechanical treatment, etc. to increase the material's bendability, weldability, ductility, and corrosion resistance.
Expanding Investments in Infrastructure Development
The industry is anticipated to grow as infrastructure development and construction projects receive more funding. Due to various infrastructure development projects that are being planned in North American countries to promote economic growth, the demand for steel rebar in the area is projected to increase. The United States is one of the main markets for steel rebar because of the rising expenditure on the development of residential and non-residential regions.
Download Free Sample ReportU.S. Government Investment Act & Growing infrastructure Spending
The Infrastructure and Investment Jobs Act 2024-2032, passed by the U.S. government, aims to reconstruct the country by providing funds for infrastructure projects such as ports, highways, trains, bridges, and communication networks. The US's efforts to rebuild its infrastructure and increased construction investment are anticipated to boost product demand during the course of the forecast timeframe. The government estimates that the United States needs to repair 45,000 bridges, major roads, and highways.
The cost of both residential and non-residential structures has significantly climbed over the past few years.
Construction industry vulnerability to crisis
Due to the high initial investment costs of building projects and the potential for significant financial losses as a result of unforeseen events, construction enterprises are particularly vulnerable to crises.
The construction business may experience crises such as political unrest, the economic downturn, and pandemics. Given that steel rebar is mostly used in public construction, commercial and industrial construction, and road and bridge construction, the demand for steel rebar is influenced by the volume of construction activities. Financial problems, widespread unemployment, and a decline in consumer spending power were all consequences of the economic slump. During this time, there are fewer new construction projects and infrastructure improvements, which lowers demand for steel rebar.
Recent Development
- The U.S. Census Bureau reports that when comparedto February 2024-2032, the number of single-family dwelling permits issued in Texasgrew by 16.5% in February 2022. The state's authorities anticipate that thistrend will continue in the years to come. In Canada, a lot of constructionprojects are being launched with the intention of ensuring long-term economic growth,transitioning to a clean economy, and promoting social inclusion.
- An enormous network of infrastructure, including roads, bridges,freight rail, ports, electrical grids, and internet connectivity, supports theUSD 20 trillion U.S. economy. The systems in place, however, were developedover a long period of time, and experts assert that delays and risingmaintenance costs are slowing down economic performance.
- The South Atlantic region got a new rebar micro mill withspooling capabilities, according to a December 2024-2032 announcement from NucorCorporation. The new micro mill has a 350 million USD CAPEX budget. 430,000tonnes will be its annual capacity.
Market Segmentation
Market Players
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Value (USD Million) and CAGR for 2018-2022 and 2023-2028 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | Type End Use Process Finishing Type Region |
| Region scope | West, Midwest, Northeast, South |
| Key companies profiled | Acerinox S.A, ArcelorMittal S.A., Commercial Metals Company, EVRAZ U.S., Inc, Gerdau S.A, Liberty Steel USA, Nucor Corporation, Outokumpu India Pvt. Limited, Schnitzer Steel Industries, Inc, Steel Dynamics, Inc |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
