Steel round bars are long cylindrical bars made by rolling hot billets into cylindrical shafts. They are widely used for manufacturing bolts, nuts, nails, screws, hooks, and various tools due to their high strength-to-weight ratio and sturdiness. The global construction industry has been growing rapidly owing to rising infrastructural development activities across both developed and emerging economies. This has propelled the demand for steel bars from the construction sector. The global steel round bars market is estimated to be valued at US$ 242.09 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 key trends:
The rising demand from the construction industry has been a key growth driver for the global steel round bars market over the recent past. Rapid urbanization and industrialization along with increasing public and private investments in building construction activities are fueling the need for steel bars. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to $15.5 trillion worldwide by 2030. This rising quantum of construction projects worldwide will continue to boost the consumption of steel round bars in the coming years. The market is also witnessing new product development and product customization based on specific construction requirements, which is further propelling the demand.
Segment Analysis
The global steel round bars market is dominated by hot-rolled steel bars segment. Hot-rolled steel bars account for over 60% of the overall market share as they are widely used in construction activities and can be easily rolled to desired shapes and lengths as per requirements of manufacturers. This cost-effective production process coupled with the ability to provide improved dimensional accuracy and surface finish according to industry standards has made hot-rolled steel bars the first choice among end-use industries.
Key Takeaways
The global steel round bars market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: The Asia Pacific region holds the major share in the global steel round bars market and is expected to maintain its dominance during the forecast period as well. Surging infrastructural development projects related to roads, bridges, metros, housing, and commercial buildings in major countries like China, India is driving the consumption of steel round bars in this region. In addition, strong growth in industrial and manufacturing sectors in Asia Pacific countries is further propelling the product demand.
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. Among them, ArcelorMittal holds the leading position with its extensive global production capacity and supply chain network across major steel consuming countries.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it