Emerging Technologies in Steel Rebar Production: Market Outlook
The report "Steel Rebar Market by Type (Deformed and Mild), Coating Type (Plain Carbon Steel Rebar, Galvanized Steel Rebar, Epoxy-Coated Steel Rebar), Process Type, Bar Size, End-use (Infrastructure, Housing, and Industrial) and Region - Global Forecast to 2030", is approximated to be USD 224.5 billion in 2022, and it is projected to reach USD 317.4 billion by 2030, at a CAGR of 4.4%.
Major drivers influencing the growth of the steel rebar market are rapid infrastructure development, urbanization, and the growing product demand from the non-residential sector, such as oil and gas and manufacturing. However, the construction industry's vulnerability to crisis and shortage of skilled individuals, and lack of knowledge are the factors expected to restrain the market of steel rebar. The growing demand for high-grade steel rebar, strict government guidelines, and compliance by manufacturers to improve the quality of steel rebar products presents a significant market opportunity for steel rebar manufacturers. Moreover, environmental concerns due to the emission of greenhouse gases during the production of steel and high rates of overproduction by China are the major challenges for the steel rebar market.
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The Steel Rebar Market comprises major players such as Nippon Steel Corporation (Japan), ArcelorMittal (Luxembourg), Tata Steel Limited (India), Nucor Corporation (US), NLMK Group (Russia), Gerdau SA (Brazil), Commercial Metals Company (US), Steel Authority of India Limited (India), Mechel PAO (Russia), Steel Dynamics Inc. (US), and others are covered in the steel rebar market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the steel rebar market.
By type, deformed steel rebar accounted for the largest share in 2021
Steel rebar market id divided into two types i.e; deformed steel rebar and mild steel rebar. Deformed steel rebar is expected to witness significant growth because of its high-strength capabilities compared to mild steel rebar. Also, government mandates to promote the use of high-strength rebar grades to increase the lifespan of construction structures will support the growth of deformed steel rebar. The advancement in developing new high-strength deformed steel rebar grades in countries such as China, the US, and India will drive market growth during the forecast period.
North America
During the second quarter, the price trend of Steel Rebar exhibited a combination of movements within the US spot market, influenced by a range of factors. The downward trajectory was propelled by the interplay of a contracting economy and a reduction in construction activities. In the latter half of the quarter, the US financial sphere confronted a debt crisis following the downfall of several banks, which subsequently fostered a decline in economic conditions. The scarcity of labor and a declining housing sector contributed to a reduction in construction activity. The weakening economic climate prompted cautiousness among buyers, resulting in a hesitancy to place substantial orders due to uncertain market sentiments. The rate of consumption dwindled as infrastructural development slowed in response to rising interest rates. Elevated inventory levels arose from reduced usage, compounded by the influx of overseas supply from China at comparatively competitive rates, compelling local mills to adjust their pricing strategies to remain competitive in the global market. By the close of Q2, the price of Steel Rebar garnered optimism with the extension of the debt crisis resolution for an additional two years.
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Asia-Pacific
Within the Chinese spot market, the price of Steel Rebar displayed an ascending price trend, influenced by subdued iron ore and coke prices during Q2. The decline in Steel Rebar prices was attributed to subdued construction activity, notably impacted by the onset of monsoon season in the East China region. Adverse weather conditions and the escalating cost of concrete and cement, crucial feedstocks, exerted downward pressure on the downstream construction industry. Overseas demand was curtailed as markets like India, the US, and Europe imposed anti-dumping duties on Chinese steel imports, contributing to weakening market sentiments. In response, several plants curtailed production and implemented maintenance shutdowns to address the supply-demand gap. The resulting surplus inventory levels prompted local suppliers to offer excess quantities at lower prices. Concurrently, the diminishing economic conditions both in China and in overseas markets, encompassing the USA and Europe, contributed to decreased usage of Steel Rebar, further elevating supply levels within the Chinese spot market.
Europe
Within the German spot market, the price of Steel Rebar exhibited a mixed trend, mirroring the impact of weakening economic conditions coupled with a decline in construction rates. The downstream construction sector faced pressures from labor shortages and economic decline, influencing Steel Rebar prices. Against this backdrop, strikes and protests by the construction workers union in front of Belgium headquarters sought improved safety measures and enhanced financial support. Manpower shortages brought construction activities to a standstill across the German spot market. The rising inflation rate also contributed to plummeting household demand, culminating in housing crises across major European nations. Amid uncertain economic factors, buyers refrained from significant orders, contributing to bearish market sentiments. Elevated inventory levels ensued from the influx of surplus supply from Chinese overseas suppliers seeking competitive advantage. This prompted local mills to adjust their pricing strategies to align with the competitive global market landscape.
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