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Steel round bars are commonly used in construction, industrial machinery and other engineering applications due to their high strength to weight ratio, cost effectiveness and ease of processing and fabrication. They are forged into different shapes with specific dimensions as per the design requirements.
The global Steel Round Bars Market is estimated to be valued at US$ 242.9 Bn or Billion 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:
One of the key trends fueling the growth of steel round bars market is the increasing usage of composite rebars made from steel and polymers in construction projects.Composite rebars provide superior corrosion resistance, longer service life and enhanced tensile strength compared to conventional steel rebars. The composite construction reduces the life cycle cost of structures and infrastructure significantly. This has boosted their adoption across commercial buildings, bridges and highways over the recent years.
Segment Analysis
The global steel round bars market is dominated by hot rolled bars sub-segment, accounting for nearly 60% share in 2023. Hot rolled bars are produced through hot rolling process where bloom or billet is passed through rolling mills at high temperatures, usually above the recrystallization temperature of the material. Hot rolled bars offer benefits such as excellent surface finish, high mechanical properties, and consistency in dimension tolerance.
Key players
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. ArcelorMittal and Nippon Steel Corporation are the largest producers of steel round bars globally.
Regional analysis
Asia Pacific dominated the global market in 2023 and is expected to witness the highest growth during the forecast period. Rapid industrialization and government emphasis on infrastructure development are driving the steel round bars market in the region. China accounts for over 50% share of the global steel production and around 35-40% share of steel round bars demand globally.
Key Takeaways
The global steel round bars market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing infrastructural development and rapid industrialization across developing regions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
