by 
Steel round bars are cylindrical products produced by hot rolling or cold rolling long steel billets or ingots. They find widespread applications in the construction, automotive, manufacturing and infrastructure industries. They are used for applications such as reinforcement in concrete structures, shafts, axles, bolts and structural components. The rising construction of buildings, roads, bridges and other infrastructure globally has driven the demand for steel round bars.
The Steel Round Bars Market is estimated to be valued at US$ 242.9 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 Dynamics:
The increasing construction and infrastructure development activities globally are expected to be a major driver for the steel round bars market over the forecast period. Rapid urbanization, economic growth and investment in public infrastructure are increasing the pace of construction in emerging economies. According to Global Construction 2030, the global construction output is projected to grow by 85% to USD 15.5 trillion by 2030. This growth in construction will fuel the demand for steel round bars which are extensively used as reinforcement bars, structural beams and other applications. Additionally, revival of automotive production post COVID-19 pandemic is also expected to boost the consumption of steel round bars in the manufacturing of vehicles. However, volatility in steel prices amidst uncertain economic environment may hamper the market growth over the forecast period.
Segment Analysis
The global steel round bars market is segmented on the basis of process, end-use industry and geography. Based on process, the market is segmented into basic oxygen furnace and electric arc furnace. The electric arc furnace segment is dominating the market currently due to its lower electricity cost and ease of operation compared to basic oxygen furnace.
PEST Analysis
Political: Trade protectionist measures like anti-dumping duties imposed by some countries impact the steel round bars market.
Economic: Growth in end-use industries like construction and machinery drives demand for steel round bars. Developing nations are witnessing higher infrastructure spending boosting the market.
Social: Rising population and rapid urbanization increase the demand for housing and infrastructure thereby fueling market growth.
Technological: Advance production techniques like ladle furnace help reduce costs and improve steel quality. Usage of scrap in electric arc furnace lowers carbon footprint.
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 market is consolidated in nature with top five players accounting for over 50% share.
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 investments in construction and automotive industries across developing nations.
The Asia Pacific region dominates the global market currently owing to presence of emerging economies like China and India with high steel demand from end-use sectors. China accounts for over half of the global steel production.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
