United States rebar steel market is anticipated
to grow at a steady pace in the forecast period,
2024-2028. During the projected period, it is anticipated
that rising investments in infrastructure and development projects would drive the
demand for steel rebar in the nation. Additionally, in 2022, the rate of global
urbanization was 57 percent. North America had the highest rate of
urbanization, with more than 45% of the population residing in cities.
Concrete reinforcing bar, often known as
steel rebar, is a long, hot-rolled steel component used in reinforced cement
concrete (RCC). It is utilised in reinforced concrete and other structures to
increase the tensile strength of the concrete, hence increasing the strength of
the structure. Steel is employed as a reinforcing bar because concrete and
steel have almost identical thermal expansion coefficients for
temperature-induced elongation. Molten steel is formed into enormous
rectangular billets, which are then sent through a series of dies to form
reinforcement bars.
Technological Advancement
Deeper research into the sectoral system of production
and innovation is anticipated due to the advancement of innovations, the spread
of new processes and technology, and the greater interaction between suppliers,
manufacturers, and users in the steel industry. As a result of growing innovation
and development in the steel rebar sector, there will be promising commercial
opportunities for both current and new market participants. High-end
applications and technological advancements support steel rebar innovation.
Applications that call for corrosion, epoxy coating, and earthquake resistance
use modern steel rebar. Rebar steel is typically made utilising processes like
microalloying, thermos mechanical treatment, etc. to increase the material's
bendability, weldability, ductility, and corrosion resistance.
Expanding Investments in Infrastructure
Development
The industry is
anticipated to grow as infrastructure development and construction projects
receive more funding. Due to various infrastructure development projects that
are being planned in North American countries to promote economic growth, the
demand for steel rebar in the area is projected to increase. The United States
is one of the main markets for steel rebar because of the rising expenditure on
the development of residential and non-residential regions.
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U.S. Government Investment Act
& Growing infrastructure Spending
The Infrastructure and
Investment Jobs Act 2021, passed by the U.S. government, aims to reconstruct
the country by providing funds for infrastructure projects such as ports,
highways, trains, bridges, and communication networks. The US's efforts to
rebuild its infrastructure and increased construction investment are
anticipated to boost product demand during the course of the forecast
timeframe. The government estimates that the United States needs to repair
45,000 bridges, major roads, and highways. The Act grants USD 110.0 billion for road and
bridge reconstruction. In addition, the government plans to invest USD 25.0
billion on airports and USD 17.0 billion on port and waterway infrastructure.
According to projections, these investments will boost product demand in the
United States.
The cost of both residential
and non-residential structures has significantly climbed over the past few
years. According to the U.S.
Census Bureau, spending on single-family homes increased by 19.3% from April
2021 to April 2022, or from USD 400.5 billion to USD 477.6 billion.
Construction spending in non-residential areas increased from 456.9 billion to
503.2 billion USD as of April 2022. But when mortgage rates
rise in the US, building spending is likely to be constrained, which is
expected to have an effect on product demand over the forecast period. The
agreed-upon rate, for instance, increased from 3.3% in January 2022 to 5.4% in
April 2022 for a 30-year fixed-rate mortgage.
Construction industry vulnerability to crisis
Due to the high initial
investment costs of building projects and the potential for significant
financial losses as a result of unforeseen events, construction enterprises are
particularly vulnerable to crises.
The construction business may
experience crises such as political unrest, the economic downturn, and
pandemics. Given that steel rebar is mostly used in public construction,
commercial and industrial construction, and road and bridge construction, the
demand for steel rebar is influenced by the volume of construction activities.
Financial problems, widespread unemployment, and a decline in consumer spending
power were all consequences of the economic slump. During this time, there are
fewer new construction projects and infrastructure improvements, which lowers
demand for steel rebar.
Growing Demand from the Non-Residential Sector
Rebar Steel is being
extensively used by non-residential sectors such as oil and gas industry,
infrastructure, commercial construction, corporate buildings, etc. as a result
of rising urbanization. The United States' overall construction production is
anticipated to reach USD 1,639.86 billion in December 2021, according to the
U.S. Census Bureau. The non-residential industry has an estimated value of USD
820.73 billion, up by 3.9% from the same time last year. In the United States,
1 in 5 miles of highways, major roads, and 45,000 bridges are in bad condition,
according to a White House briefing. Due to which government will invest an
additional USD 110 billion in financing to maintain roads and bridges and support
large, transformative projects, as well as reauthorize surface transportation
programs for five years, The commercial sector accounts for 21% of the
non-residential construction industry. Along with stores, eateries, and bars,
it has capabilities for wholesale and distribution. Since the mid-year of 2020,
this class has quickly expanded in size. Distribution centers have performed
especially well because of rising web deals. Yet, regardless of appearances,
the retail area has not been as terrible. Supermarkets, cafés, and
movement-based retail (exercise centers, spas, and active art organizations)
have all seen development as of late in spite of the way that enormous shopping
centers are done being fabricated. Amazon is deferring the development of new
stockrooms. As per Fortune Magazine, MWPVL Global
Inc., which follows Amazon's land impression, says the business has either shut
42 destinations or dropped plans to fabricate new ones adding up to around 25
million square feet of usable space, because of which the rebar steel market
will fill in gauge period.
Recent Development:
- The U.S. Census Bureau reports that when compared
to February 2021, the number of single-family dwelling permits issued in Texas
grew by 16.5% in February 2022. The state's authorities anticipate that this
trend will continue in the years to come. In Canada, a lot of construction
projects are being launched with the intention of ensuring long-term economic growth,
transitioning to a clean economy, and promoting social inclusion.
- An enormous network of infrastructure, including roads, bridges,
freight rail, ports, electrical grids, and internet connectivity, supports the
USD 20 trillion U.S. economy. The systems in place, however, were developed
over a long period of time, and experts assert that delays and rising
maintenance costs are slowing down economic performance.
- The South Atlantic region got a new rebar micro mill with
spooling capabilities, according to a December 2021 announcement from Nucor
Corporation. The new micro mill has a 350 million USD CAPEX budget. 430,000
tonnes will be its annual capacity.
Market Segmentation
The
United States Rebar Steel Market is divided into type, end use, process,
finishing type, region. Based on type, the market is divided into deformed and
mild. Based on end use, the market is segmented into residential, commercial,
industrial, and public. Based on process, the market is divided into basic
oxygen steelmaking and electric arc furnace. Based on the finishing type, the
market is segmented by epoxy-coated rebar, carbon steel rebar, and others.
Market Players
Major
market players in the United States Rebar
Steel Market are Acerinox S.A, ArcelorMittal
S.A., Commercial Metals Company, EVRAZ U.S., Inc, Gerdau S.A, Liberty Steel
USA, Nucor Corporation, Outokumpu India Pvt. Limited, Schnitzer Steel
Industries, Inc, Steel Dynamics, Inc.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018 –
2022
|
|
Estimated Year
|
2023
|
|
Forecast Period
|
2024
– 2028
|
|
Quantitative Units
|
Value (USD Million) and CAGR for 2018-2022 and 2023-2028
|
|
Report coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments covered
|
Type
End Use
Process
Finishing Type
Region
|
|
Region scope
|
West,
Midwest, Northeast, South
|
|
Key companies profiled
|
Acerinox S.A, ArcelorMittal S.A., Commercial Metals Company,
EVRAZ U.S., Inc, Gerdau S.A, Liberty Steel USA, Nucor Corporation, Outokumpu
India Pvt. Limited, Schnitzer Steel Industries, Inc, Steel Dynamics, Inc
|
|
Customization scope
|
10% free
report customization with purchase. Addition or alteration to country, regional
& segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
|
Report Scope:
In this report, the United
States Rebar Steel Market has
been segmented into following categories, in addition to the industry trends
which have also been detailed below:
·
United States Rebar Steel Market, By Type:
o Deformed
o Mild
·
United States Rebar Steel Market, By End Use:
o
Residential
o
Commercial
o
Industrial
o
Public
o
Others
·
United States Rebar Steel Market, By Process:
o
Basic Oxygen Steelmaking
o
Electric Arc Furnace
·
United States Rebar Steel Market, By Finishing Type:
o
Epoxy-Coated Rebar
o
Carbon Steel Rebar
o
Others
·
United States Rebar Steel Market, By Region:
o
West
o
Midwest
o
Northeast
o
South
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in the United States Rebar Steel Market.
Available Customizations:
United States Rebar Steel Market report with the given market data,
Tech Sci Research offers customizations according to a company's specific
needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of
additional market players (up to five).
United States Rebar Steel Market is an upcoming report to be released
soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at [email protected]