Steel Rebar Market size is estimated to surpass 170bn by 2024, according to a new research report by Global Market Insights, Inc.
The report stated the increasing infrastructural development to build & remodel homes will drive steel rebars market growth. Rising demand from real estate projects due to increased population will support product penetration. As per National Association of Home Builders, the U.S home building and remodeling investment accounted for over 3% share of GDP in 2017.
Higher investment in housing projects owing to improved lifestyle and rising disposable income will drive product demand. Positive government support by facilitating subsidies and implementing new construction laws will propel construction industry. Rising awareness regarding construction of earthquake resistant structures will augment steel rebars market size.
Public infrastructure application estimated to hold over 60% market share in 2016. Increasing necessity to build and upgrade existing transport or energy infrastructure will boost product demand.
Industrial sector expansion supported by positive FDI policies will propel product penetration. Upsurge in public & private investment to strengthen existing industrial infrastructure and setting up new production facilities will drive industry growth.
Deformed steel rebars market is expected to witness growth over 4.5% up to 2024. Strong application outlook for constructing bridges, roads, floor slabs and columns will propel segment growth. Key properties such as better corrosion resistance, high durability and tensile strength are stimulating product demand.