U. S. Steel Rebar Market Size, Share & Trends Analysis Report By Application (Construction, Infrastructure, Industrial), By Region (Northeast, Midwest, West), And Segment Forecasts, 2021 - 2028.
New York, Jan. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "U.S. Steel Rebar Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06195313/?utm_source=GNW
U.S. Steel Rebar Market Growth & Trends
The U.S. steel rebar market size is expected to reach USD 8.2 billion by 2028. The market is expected to expand at a CAGR of 7.7% from 2021 to 2028. Poor health of infrastructure facilities is anticipated to attract growing investments in the U.S., and thus likely to drive the market.
As per Henry Petroski, an American civil engineer, delays due to traffic cost the U.S. economy over USD 120 billion annually. Similarly, delays and cancellations of flights at various airports can cost over USD 35 billion to the country yearly. As per the study by the American Society of Civil Engineers, the country’s infrastructure has received a ‘D+’ grade in 2021, which implies that infrastructure is mostly below standards.
As per the same study, the infrastructure gap is projected to reach USD 2.59 trillion over the next 10 years. Also, as per estimates of the U.S. Department of Transportation, there is a need for USD 800 billion to upgrade roads and bridges in the country by 2025. Thus, investments in infrastructure are projected to assist the industry growth in the long run.
Fiber-reinforced Polymers (FRP) bars have the potential to replace the steel rebar and thus represent a small threat to steel rebar products.FRP bars are light in weight and exhibit high tensile strength.
These products can be substituted with FRP bars owing to their higher lifespan and increasing metal processing costs over the coming years.
Compared to FRP bars, steel rebars have some clear advantages, hence they cannot be replaced fully.FRP bars find applications in repair projects, wherein their initial cost is low.
However, in new projects, the steel rebar is the first choice due to its lower cost. Also, FRP bars have less fire resistance and cannot be bent.
Expansion into the manufacturing of merchant bars can provide opportunities to the market players.Some of the rebar companies are not into the business of merchant bars.
Rebar companies have existing infrastructure and raw material resources; thus, it is easy for them to enter into the steel merchant rebar business.
U.S. Steel Rebar Market Report Highlights
• In terms of application, the infrastructure segment is projected to witness the fastest CAGR of 8.0% from 2021 to 2028. Recently, Biden Administration signed USD 1.2 trillion infrastructure bill and it will deliver USD 550 billion of new federal investments over the next five years
• The construction segment dominated the market and accounted for the largest revenue share of 41.5% in 2020. Post-pandemic boost to residential construction and rise in construction activities is projected to benefit market growth
• West U.S. was the largest regional segment in 2020 and is projected to maintain its position during the forecast period. The rising cost of materials and increase in prices of a new home is likely to affect the market demand over the short term
• The market faces stiff competition from local as well as international players; low prices of steel rebar from Asian companies further intensify this competition. The market players are using organic as well as inorganic growth strategies to improve their market share in the U.S. industry
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