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Steel Rebar Market to Witness Rapid Pace from Growing Smart City Projects across Globe by 2024

Author : Rahul Varpe | Published Date : 2019-09-04 

Owing to its massive deployment across numerous noteworthy business verticals along the likes of automotive, manufacturing, and construction, steel rebar market has grown by leaps and bounds in the recent times. Moreover, a robust steel production has been increasingly viewed as a vital indicator of the overall economic sturdiness of a nation. This has been particularly true pertaining to the emerging economies like China and India in the Asia Pacific region.

China produced approximately 823 million tons of steel in 2014 which accounted for almost 50 percent of the total steel production worldwide, as per the statistics published by the World Steel Association. With a 5.7 per cent jump in its crude steel output during the first 11 months of 2017, the Chinese steel manufacturers fraternity has defied the anticipated slowdown that was predicted to be caused by state-mandated factory closures and stringent regulatory guidelines to safeguard environment. This significant rise in the production of steel would undeniably have repercussions for the broader economy of China and more so for the overall steel rebar market in the forthcoming years.

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Smart Cities initiative has emerged as one of the most significant programs of the Indian government that would aim for a sustainable and high-quality infrastructure, connectivity, and mobility. The effective implementation of this initiative has underlined the necessity of steel structures for drainage, sewage, and transmission to ensure zero wastage and less maintenance.

The growth potential of the Asia Pacific steel rebar market undoubtedly appears to be highly promising. In fact, as per a research report compiled by Global Market Insights, Inc., Asia Pacific region apportioned more than 65 percent of the total revenue share of the overall steel rebar industry in 2016.

Steel Rebar Market by Product:

  • Deformed
  • Mild

Steel Rebars Industry by Application:

  • Residential buildings
  • Public infrastructure
  • Industrial

Over the past two decades, the growth outlook of the worldwide steel rebar market has witnessed a renewed optimism. An upsurge in smart city projects across various nations coupled with massive budgetary outlays for infrastructure spending on highways and public utilities have propelled the steel rebar industry in the recent years. Moreover, the prominent companies operating in the steel manufacturing business have been essentially focusing on investing heavily toward expanding their production capabilities to meet the burgeoning demand for steel rebars from various business verticals.

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Citing an instance to validate the aforementioned statements is that of the recent investment bid undertaken by the India based steel rebar market giant, Jindal Steel and Power Limited (JSPL). At a Global Investors Summit held at Jharkhand, the company announced that it plans to invest around Rs.2000 crore in the state within the next few years to augment the capacity of its steel plant at Patratu, Jharkhand. With the current output of the facility standing at around 1.6 million tons per annum, JSPL aims to increase the capacity up to 6 million tons over the ensuing years.

With the major firms concentrating toward product upgradation and capacity expansion plans coupled with enormous investments by numerous regional governments, the steel rebar market share is bound to proliferate at a commendable pace. The rise in the construction of myriad steel-based structures in ambitious projects and the surging utilization of steel across numerous business domains would drive the growth trajectory of steel rebar industry share which is estimated to surpass an overwhelming valuation of USD 170 billion by 2024.

Browse Report Summery @ https://www.gminsights.com/industry-analysis/steel-rebar-market

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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