The North America Steel Rebar Market is expected to grow at a CAGR of 6% during the forecast period 2024-2029. The market value was at USD 212.53 billion in 2023, and the value is expected to reach USD 301.48 billion by the end of 2029.
North America is a hub for various production industries and construction and the steel demand is ever-increasing. The oil and gas industry presents one of the most lucrative opportunities for the steel rebar market, as this industry constantly requires non-corrosive materials for its functioning. The development of marine architecture is also a heavy contributor to the increased production of steel. Public infrastructure is also expected to grow at a rate of 5% CAGR followed by the residential building segment. These all account for the growing demand of the steel industry.
Covid-19 has had a severe impact on all the construction and production segments. All the activities have come to a halt. Productions are at an all-time low and investments have decreased significantly. Also, opening a new steel and rebar industry is a very cumbersome job. It requires heavy capital investments and the market is very volatile. The expected profits can take a long time to come and thus investors become reluctant to invest more.
North America, especially the USA is the hotspot for the COVID-19 virus with infection rates surging every week. Amidst this, the economies have contracted by 25% and it hurts every sector. The steel and Rebar Industry is also hard hit by the virus as production has dropped and the construction and manufacturing sectors are stagnant. The automobile sector is also affected and steel demand has gone down. This slowdown is expected to last till 2021 and recovery will start from then on.
The oxygen steelmaking segment is considered the largest in the regional market because of its features like high production rate, low nitrogen content steel, and less labor. Nonetheless, the electric arc furnace segment is foreseen to develop with a notable highest CAGR owing to its eco-friendly production that uses steel scrap to create products and offer energy efficiency.
North America steel rebar market is mainly separated into the regions of the United States of America and Canada. In the United States, Public infrastructure will grow at a significant rate of close to 5% CAGR followed by the residential buildings segment. The increasing construction of mega infrastructure projects supported by heavy funding will promote the need for steel rebar in the future.
Companies playing a prominent role in the north america steel rebar market include Nucor Corporation, Gerdau, Acerinox S.A, Acerinox’s Group and General Foundation CSIC, Posco Ss Vina, and Others.
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