Steel Rebar Market Insights, Sustainability and Recycling Trends in the Industry

Steel Rebar Industry Overview

The global steel rebar market size was valued at USD 270.18 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. The market is anticipated to be driven by the rising investments in infrastructure development projects and construction activities. Government spending on propelling supporting infrastructural developments to boost economic growth is anticipated to benefit the market growth. For instance, in 2021, the Chinese government allocated USD 573 billion as special-purpose bonds (SPBs) to its local governments for rebuilding the country’s infrastructure. Of the funds raised through issuing SPBs, 50% were used for the industrial park and transport infrastructure development.

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The U.S. is one of the major consumers of steel rebar and this trend is anticipated to prolong considering the rising spending on infrastructure rebuilding projects. In 2021, the U.S. government passed the Infrastructure Investment Jobs that focuses on boosting the economy and rebuilding public infrastructure by investing in various projects such as bridges, rails, roads, communication, and ports. Infrastructure revamping programs in the U.S. are expected to drive the steel rebar demand during the forecast period.

Furthermore, according to the U.S. government, major highways and 45,000 bridges are to be repaired in the country. The Act mandates the allocation of USD 110.00 billion for rebuilding the infrastructures. Moreover, the government has decided to allocate funds for the development of ports, water supply, and airports as well. These investments are projected to lift the demand for steel rebar in the U.S. across the forecast period.

In addition, expenditures on non-residential and residential construction have increased considerably compared to the past years. According to the U.S. Census Bureau, the total construction spending surged by 9.7% in May 2022 to reach USD 1.77 trillion compared to USD 1.62 trillion in the same period the previous year. The spending on residential construction has raised by 18.7% to reach USD 947.27 billion.

Investments in manufacturing facilities are expected to further augment the market growth over the coming years. For instance, in September 2021, Ford Motor Company decided to spend USD 11.40 billion for the construction of two manufacturing facilities in Tennessee and Kentucky, U.S. The facilities are expected to produce electric F-Series trucks as well as batteries for its future electric Ford and Lincoln vehicles. The production at these plants is expected to begin in 2025.

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Key Companies profiled:

• ArcelorMittal

• NIPPON STEEL CORPORATION

• NLMK

• Nucor

• Tata Steel

• JSW

• POSCO HOLDINGS INC.

• SAIL

• Steel Dynamics, Inc.