North America Rebar Steel Market is Dominated by Commercial End User Until 2028
The North America rebar steel market is expected to witness growth
during the forecast period, 2024-2028, due to the rising demand of construction material.
According to
TechSci Research report, “North America Rebar Steel Market
- By Country, Competition, Forecast &
Opportunities, 2028”, the North America rebar steel market is expected to register a
high CAGR during the forecast period owing to a rise in
the demand for rebar steel from the construction sector and government programs in the country. For instance, Steel Dynamics, Inc. announced in May 2022 that it had
acquired the Mexican scrap processor Roca. Roca is capable of processing
850,000 gross tonnes of steel annually. This transaction is anticipated to
boost Steel Dynamics, Inc.'s ability to source raw materials in North America,
during the forecast period.
The North America rebar steel market is divided into type, end use,
process, finishing type, and country. Based on process, the market is divided
into basix oxygen steelmaking and electric arc furnace. Based on type, the deformed
segment is the dominant segment in the North America rebar steel market, and it
is anticipated to develop at the greatest CAGR during the projection period.
Deformed rebar steel ranks as the largest global rebar steel due to its higher
flexibility and malleability compared to mild rebar steel and its deformed
surface, which makes it easier for materials to link together and reduces
slippage in concrete globe during the projected term.
Based on end user, the
North America rebar steel market is dominated by the
commercial sector segment, which held approximately 30% market share in 2022.
The expansion of industrial infrastructure is a major factor in the rising
demand for rebar steel. Rebar steel is used as a raw material in industry and
is utilized to increase the tensile strength of concrete.
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Based
on finishing type, the market is segmented by epoxy-coated rebar, carbon steel
rebar, and others. Based on country, the market is divided into the US, Canada,
and Mexico. During the course of the projection period, it is
predicted that rising investments in projects, including the construction of
affordable housing units, the expansion of public transit systems, and
communication networks will have a favorable impact on market growth. A study by
the Massachusetts Institute of Technology (MIT) also revealed that to meet the
nation's rising housing demand, Mexico would need to invest almost 4% of its
GDP in the construction of 800,000 residential spaces. Thus, it is projected
that Mexico's growing need for residential construction will aid in the
country's market expansion between 2022 and 2030.
With increased innovation and
advancement in the rebar steel industry, there will be considerable commercial
opportunities for both established and emerging market players. Technological
advancements and high-end applications promote rebar steel innovation. Recent
grades include Fe-500, Fe-550, and Fe-500D. Corrosion-resistant, epoxy-coated,
and earthquake-resistant applications use modern steel rebar. The industry is
anticipated to grow as a result of increased public transit funding, rising
urbanisation, and expanding infrastructure.
The use of deformed rebar steel is
increasing as a result of the demand for higher strength versions in
construction projects. Deformed bars can save money by using less steel, which
is another benefit. Deformed rebar steel is more malleable and ductile,
tougher, has a higher yield strength, and is more resistant to corrosion and
earthquakes than mild steel products. It is affordable and has many
applications in bridges, as well as in commercial and residential buildings and
industrial constructions.
Key market players in the North America rebar steel
market include:
- Gerdau S.A
- Commercial Metals Company
- Steel Dynamics, Inc
- Schnitzer Steel Industries, Inc
- Acerinox S.A
- EVRAZ North America, Inc
- Pacific Steel Group
- ArcelorMittal
- Nucor Corporation
- Ternium S.A.
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“The North
America rebar steel market is anticipated to grow during the projected period
due to the use of rebar steel in construction to improve infrastructures and
minimize the effects of stressors such as temperature and strain. Massive
public and private sector projects funded by the Public Investment Fund, the
royal commissions in charge of the major urban areas, the appropriate
ministries, and the private sector are driving a substantial number of
initiatives and opportunities,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
North America Rebar Steel Market Segmented by Type (Deformed, Mild), By End Use (Residential,
Commercial, Industrial, Public), By Process (Basic Oxygen Steelmaking, Electric
Arc Furnace), By Finishing Type (Epoxy-Coated Rebar, Carbon Steel rebar,
Others), By Country, Competition Forecast and
Opportunities, 2028 has
evaluated the future growth potential of the North America rebar steel market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the North America rebar steel market.
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