The global steel rebars market provides
an analysis of the most important trends expected to impact the market outlook
from 2017-2021. Technavio defines an emerging
trend as a factor that has the potential to significantly impact the market and
contribute to its growth or decline.
The global steel rebars market is expected to grow due to the
increase in construction activities across the globe. APAC will see the major
growth due to the presence of countries such as China and India, which will
drive the demand in the region.
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The top three emerging market trends driving the global steel
rebars market according to Technavio research analysts are:
·
Increasing use of secondary steel
·
Increasing use of electric arc furnace
·
Increasing use of FRP rebars and hollow FRP rebars.
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Increasing use of secondary steel
The major raw materials used in the production of steel are iron
ore and steel scrap. The use of steel scrap as a raw material in the production
of the steel has increased as mining of iron is expensive, and the ores of iron
are depleting.
According to Kshama Upadhyay, a lead analyst at Technavio for metals
and minerals research, “The generation of scrap is expected to
increase as the life-cycle of many vehicles, home appliances, and machinery
comes to an end. In India, the proposed ban on vehicles that are 15 years old
will also result in the generation of a large quantity of steel scrap.
Furthermore, the replacement of older and less efficient machines and
demolition of old constructions will increase the generation of scrap in newly
industrialized countries.”
Increasing use of electric arc furnace
The processes used in the manufacture of steel are blast furnace
and electric arc furnace (EAF). Blast furnace requires a significant amount of
energy and uses iron ore and circulating superheated oxygen to produce molten
iron. EAF is less energy intensive and is more efficient than the blast
furnace. It uses steel scrap and the supplement to steel scrap, direct reduced
iron (DRI). The growth of steel scrap will also drive the use of EAF.
The other drivers for the growth of EAF are the low investment
cost, operational cost, and government policies. Induction furnace is also
being used, but the popularity of EAF is increasing as it can be customized
based on requirement and the availability of raw materials.
Increasing use of FRP rebars and hollow FRP rebars
Fiber-reinforced polymer (FRP) rebars are extensively being used
in various applications as they are lighter, rust-free, are resistant to road
salt and other chemicals, and have greater tensile strength.
The anti-rust and anti-corrosion nature of FRP rebars allow
their use in concrete that will be immersed in water. Moreover, they can be
used in the construction of roads and bridges and parking structures, which are
not maintained frequently. The lightweight nature of the rebar will reduce
labor and the requirement of construction equipment, and ease installation.
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