Steel round bars are long cylindrical bars of hot rolled steel used as a basic building material in various industries such as construction, machinery manufacturing, infrastructure development and others. With various advantages like high tensile strength, durability and cost effectiveness, round steel bars find wide applications in reinforced concrete pillars, beam rods, scaffolding components and coupling joints. The global Steel Round Bars Market is estimated to be valued at US$ 242.09 Bn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The construction industry has been witnessing steady growth over the past few years majorly driven by rapid urbanization and increasing investments in infrastructure development projects across both developed and developing economies. Steel round bars being a ubiquitous construction material find widespread usage in concrete reinforcement and structural applications. Therefore, the rising number of construction projects is expected to fuel the demand for steel round bars during the forecast period.
Strength: Steel round bars have wide applications in industries like construction, machinery manufacturing, and infrastructure development which drives their demand.
Weakness: Volatility in raw material prices particularly iron ore and coking coal impact the production costs.
Opportunity: Growing investments in infrastructure, residential and commercial construction in developing economies offer new markets.
Threats: Strict environmental regulations regarding carbon emissions during steel production act as a challenge. Substitute metals like aluminum also increase competition.
The global steel round bars market is expected to witness high growth.
Regional analysis: Asia Pacific region currently dominates the market and is expected to continue its dominance over the forecast period. Countries like China, India, Japan and South Korea are driving the growth in this region due to rapid urbanization and industrialization.
Key players operating in the steel round bars market are ArcelorMittal, Nippon Steel Corporation, POSCO, Tata Steel, Baosteel Group Corporation, JFE Steel Corporation, Thyssenkrupp AG, Nucor Corporation, Hyundai Steel, SAIL (Steel Authority of India Limited), Outokumpu Oyj, Gerdau S.A., SSAB AB, Acerinox S.A., Tenaris S.A. The major players are focusing on capacity expansions and mergers & acquisitions to strengthen their market position. For instance, ArcelorMittal, being the largest steel producer, is investing heavily in expanding its production facilities worldwide.
- Source: Coherent Market Insights, Public sources, Desk research
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