The surging implementation of smart city programs across several countries will also have a remarkable impact on Steel Rebar Market growth, as regional governments have been making heavy investments in the construction of buildings, road, and highways. Taking into account growing demand for steel rebar, many fabrication companies have been working toward constructing new production facilities.
For instance, the U.S. based steel manufacturer, PennFab, recently commenced the production of rebar cages for highway signs, signal bridges, and catenary poles.Most of the prominent players in steel rebar market, in recent years, have been essentially concentrating on two pivotal factors to expedite the growth of this business space. One of them falls along the lines of expanding their consumer base, while the next-in-line tactic is their focus on the development of low-cost, novel, alternative products. An instance validating the aforementioned fact is that recently, the India based steel manufacturer, Jindal Steel & Power Limited, launched steel rebars with seismic resistance and higher strength. Considering the rising prices of steel rebars across several countries including Kuwait, Egypt, and China, most of the players in steel rebar industry have been working toward improving their production facilities to produce quality steel rebars at a competitive price.
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Lately, on account of the vivid environmental crackdown, the world’s largest steel producer – China, apparently declared to reduce its steel production capacity by 2020. In consequence, this has led to the shutdown of numerous induction furnaces, gradually resulting in the rise of steel rebar prices. Last year alone, the price of steel bars increased by around 38%. In essence, this decision taken by the Chinese government has helped many downsized companies to improve their market position with the production of steel rebars.
The year 2017 witnessed China manufacturing around 832 million tons of steel. Currently the country is looking forward to encouraging biggies to develop more electric furnaces in order to process scrap, which is likely to have a considerable impact on China steel rebar industry trends. The APAC region has been depicting an increase in industry size, despite rising product prices. It has been observed that driven by the growing steel product requirement from the industrial, automotive, and construction sectors, Japan market has been consistently generating a substantial valuation. As per statistics, in 2016, APAC accounted for 65% of the overall industry share. Escalating investments in urban development projects mainly across India and China will also boost product demand over the years ahead.
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It has been observed that the increasing deployment of regulatory programs related to smart cities and industrialization will generate lucrative opportunities for giants in market for future. Smart cities have emerged as one of the visionary projects for several regional governments for a high quality and sustainable life comprising mobility, infrastructure, resource availability, technology, connectivity, and environment. In fact, developing firms are giving preference for steel structures for drainage, sewage, and transmission to ensure less maintenance and zero wastage. Moreover, the intensive use of steel in city planning, building materials, and advanced architecture is likely to play a key role in the approval of project design.
Undeniably, the surging deployment of steel and the rise in the construction of myriad steel-based structures in long-term projects are likely to boost overall industry outlook. According to Global Market Insights, Inc., steel rebar market will generate revenue of more than USD 170 billion by the end of 2024.