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Steel round bars are long bars of circular cross-section made from steel alloys. They have wide applications in infrastructure and construction works due to their strength and durability. Steel round bars provide structural integrity to reinforced concrete structures such as buildings, bridges, roads etc. Their round shape allows for ease of fabrication and manufacturing of other steel products through processes like rolling, forging etc. The round shape also increases their load carrying capacity.
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:
With rapid urbanization and infrastructure development taking place globally, the demand for steel round bars is expected to grow substantially. Sustainable infrastructure development is among the top priorities of governments worldwide to drive economic growth. The ambitious infrastructure development plans announced by governments especially in developing countries will propel utilization of steel. Further, repair and renovation of aging infrastructure in developed nations will further boost steel consumption. The global steel round bars market is thus well positioned to witness strong growth over the coming years backed by robust infrastructure spending worldwide.
Porter’s Analysis
Threat of new entrants: The steel round bars market has moderate threat of new entrants due to high capital requirements to build steel manufacturing plants and equipment. Bargaining power of buyers: Buyers have moderate bargaining power due to presence of several established players providing steel round bars. Bargaining power of suppliers: Suppliers have low to moderate bargaining power owing to availability of substitute raw materials and shifting of production to regions with lower costs. Threat of new substitutes: Threat from substitutes is low as steel round bars have few close substitutes and are majorly used for construction applications requiring high strength. Competitive rivalry: Intense competition exists among major players to gain higher market share.
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. Key players focus on product innovation, expanding their production capacities and global footprint through strategic partnerships to gain major market share.
Regional analysis: Asia Pacific dominates the global steel round bars market and is expected to continue its dominance over the forecast period. This can be attributed to high construction activities in emerging economies such as China and India.
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 infrastructure development and construction activities across the globe.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
