LONDON--(BUSINESS WIRE)--The global TMT steel bar market is poised to reach USD 10.30 billion by 2023, according to a new report by Technavio, progressing at a CAGR of close to 9% during the forecast period. Request for Free Sample
“Apart from the growing demand from the construction industry, the increasing use of secondary steel and the rise in use of GFRP rebars for infrastructure development will boost market growth during the forecast period,” says a senior analyst at Technavio. Request Free Sample Pages
The market is driven by the demand from the rapidly growing global construction industry. In addition, growing demand for steel is anticipated to further boost the TMT steel bar market during the forecast period.
The global construction industry is the world’s largest consumer of base metal commodities, including steel. TMT steel bars are one of the major steel products that are used as reinforcement bars in the supportive frames of modern infrastructure. These bars deliver more strength to the structure as compared to the other conventional bars with the same amount of steel. Moreover, the high durability of these bars increases the longevity of the building and thus, reduces maintenance costs. They also offer greater flexibility with respect to making structural changes or extensions in existing buildings. Therefore, these bars are preferred in the construction of modern infrastructure, thereby driving the growth of the market.
Furthermore, steel is the cornerstone of the global construction industry. The growth in modern architectures and continuous technological innovations in the construction industry are driving the global steel market. TMT steel bars are one of the most promising construction materials delivered as finished steel products. Thus, the rising demand for steel in modern architecture, is expected to boost the global TMT steel bar market during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- ArcelorMittal SA
- Atlas TMT Bars Pvt. Ltd.
- Essar Steel
- Jindal Steel & Power Ltd.
- JSW Steel Ltd.
- Kamdhenu Ltd.
- MSP Steel & Power Ltd.
- Primegold International Ltd.
- Rashtriya Ispat Nigam Ltd.
- Tata Steel Ltd.
Market Segmentation by Category and Product Types:
The TMT Steel Bar Market can be broadly categorized into the following:
- Fe 415
- Fe500 and 500D
- Fe550 and 550D
- FE 600
Key Regions for the TMT Steel Bar Market:
Featuring a breakdown of region wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
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