The Asia Pacific region holds the largest market share in the global market.
SEATTLE (Scrap Monster): The detailed research report published by market research and consulting services firm Exactitude Consultancy predicts robust growth to global steel rebar market over the period from 2022 to 2029. The market is predicted to exceed $292.75 billion by 2029, when compared with $198.70 billion in 2020, growing at a CAGR of 4.4% over the forecast period.
According to the report, rapid urbanisation, modernization, industrialisation, and the growing construction industry have led to increased demand for steel rebar, especially in developing countries. There has been a recent shift in trend towards the use of enhanced grades of steel bars.
The major drivers for steel rebar market growth are rising building and construction activity, especially in countries such as China, Japan and India, recovery of construction sector activities in Europe and surge in non-residential construction activities in North America, the report said.
The Asia Pacific region holds the largest market share in the global market. The second largest market share is held by the North American region, followed by the European region. The two regions to have lowest market share are Latin America and the Middle East and Africa, mainly due to lack of adequate infrastructure and low per capita income.
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