Steel Rebar Market overview:
The size of the worldwide steel rod market is predicted at $ 198.1 billion in 2020 and is predicted to reach $ 246.6 billion by 2025, with a CAGR of 4.7% from 2020 to 2025.
Rebar, also known as rebar, is widely employed in the construction industry, mainly in the reinforcement of concrete. It serves as a tensioning device and helps to keep the concrete in a compressed state. Concrete can withstand a high compressive load, but its tension is very low. To allow the concrete to withstand the tensile load, steel reinforcing bars are employed. Steel bars are commonly employed for concrete construction, its thermal coefficient value is close to the value of the thermal coefficient of concrete. Steel reinforcing bars, commonly known as steel reinforcing bars or reinforced bars, are steel bars or steel wire mesh employed in the construction of concrete and concrete masonry as a tensioning device to provide a support for structures of concrete. Concrete exhibits high strength when compressed, but is also low under stress. Steel reinforcing bars act as a tensioning device, thus providing strength to concrete structures.
Impact of Covid 19 on the Steel Rebar Market:
Domestic steel players should prepare to increase production by improving efficiency and reducing costs to access international markets, as China has become a net importer due to the impact of COVID-19, said the Director General of JSPL, VR Sharma. Due to the COVID-19 pandemic, China's steel production has been affected for nearly four months since December 2019, and as a result, they began importing steel from all possible sources by March 2020. By Therefore, today China is a net importer of steel and we have no threat from this country.
Market drivers and restraints:
Steel reinforcing bar is a price-effective product that could be employed for concrete masonry. By contrast, aluminum is an expensive alternative with lower tensile strength for the same applications. However, steel reinforcing bars have several drawbacks. In steel production, various types of wastes are released into the water, which can lead to water pollution. Its manufacture also releases CO2, a greenhouse gas. It is also responsible for the emission of dangerous gases such as nitrogen oxide and sulfur oxide into the air, which causes air pollution. The corrosion tendency of steel leads to deterioration of constructions where reinforcing bars are employed. While these drawbacks will continue to pose a threat, increased construction activity around the world, especially in emerging countries, will keep the call for rebar high in the coming years.
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Report segmented as:
- Basic oxygen steelmaking
- Electric ARC Furnace
Asia-Pacific is the largest market for steel rebar due to economic expansion and increased construction projects. The expansion of the steel rod industry in Asia-Pacific can be attributed to an increase in the consumption of housing and infrastructure projects by the construction industries. The Asia-Pacific steel rebar market is predicted to grow at the highest CAGR between 2020 and 2025 and includes countries such as China, Japan, India, and South Korea. The market in this region is experiencing increased consumption of steel rods for construction projects initiated by governments and the private sector. The steel rod market is dominated by North America due to the large amount of construction activity in the region. Asia-Pacific is also a large consumer of steel rebar, due to the rapid industrial and infrastructure development of developing countries such as India and China. This results in the need for steel reinforcing bars for homes, industrial construction, and other infrastructure construction. Consumption of rebar has increased significantly in Asia-Pacific. Europe, the Middle East and Africa are the other major consumers of steel bars.
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