The Asia Pacific steel rebar market is projected to grow at the highest CAGR between 2020 and 2025. Growth in this market is attributed mainly to the increasing steel rebar consumption in the construction industry coupled with large steelmaking capacities and consumption of steel rebar in countries such as China, India, Japan, and South Korea.
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Increasing building & construction activities supported by a rapidly growing population, need for new residential housing, and major infrastructure investment projects announced in countries like China is expected to create future market avenues for steel rebar industries. In addition, strong policy initiatives such as the mandatory use of domestic steel in government infrastructural projects, shutting of environmentally hazardous blast furnace capacities and increasing use of electric furnace to produce steel rebar from scrap in China and National Steel Policy introduced in India to make the country self-sufficient in terms of steel production are some of the factors expected to support the growth of the domestic steel rebar market. However, currently, the world is facing a crisis related to the outbreak of coronavirus disease by which the world trade, travel, and even the domestic activities have come to a standstill. This is having a severe impact on the Chinese steel industry, which is home to 60% of the world’s steel rebar production.
Major market players covered in the report are ArcelorMittal (Luxembourg), Gerdau S.A (Brazil), Nippon Steel & Sumitomo Metal Corporation (Japan), Posco SS Vina, Co. Ltd (Vietnam), Steel Authority of India Limited (India), Tata Steel Ltd. (India), Essar Steel (India), Mechel PAO (Russia), Nucor Corporation (U.S.), Sohar Steel LLC (Oman), Celsa Steel UK (U.K.), Ansteel Group (China), Hyundai Steel (South Korea), Kobe Steel, Ltd. (Japan), Jiangsu Shagang Group Co., Ltd. (China), JFE Steel Corporation (Japan), Commercial Metals Company (U.S.), Daido Steel (Japan), Barnes Reinforcing Industries (pty) Ltd (South Africa), Jindal Steel & Power Ltd. (India), Steel Dynamics, Inc. (U.S.), Outokumpu Oyj (Finland), Acerinox S.A. (Spain), Hyundai Steel Company (South Korea), Daido Steel Co., Ltd. (Japan), and Byer Steel Group Inc. (U.S.).
The global steel rebar market size is estimated to be USD 198.7 billion in 2020 and is projected to reach USD 246.3 billion by 2025, at a CAGR of 4.4% from 2020 to 2025. Increasing building & construction activities (especially in China, Japan, and India), recovering construction sector in Europe, a surge in non-residential construction activities in North America, and a shift in trend towards the use of enhanced grades of steel rebar is expected to drive the growth of steel rebar industry during the forecast period.
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