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Steel Round Bars Market Report Overview
The global steel round bars market size was valued at USD 47760 million in 2022 & the market is expected to reach USD 64016.46 million by 2031, exhibiting a CAGR expansion of 3.8% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the Steel Round Bars Market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Steel round bars are solid cylindrical metal bars made from steel. They are commonly used in various industries, including construction, manufacturing, automotive, and engineering. Steel round bars are known for their strength, durability, and versatility. These bars are typically created through a process called hot rolling, where steel billets are heated and then passed through rollers to form the desired shape and size. They are available in a range of diameters, typically measured in inches or millimeters. Steel round bars can be produced from different types of steel, including carbon steel, alloy steel, and stainless steel. The choice of steel depends on the specific application and required properties, such as strength, corrosion resistance, and machinability.
The market for steel round bars is influenced by factors such as economic growth, infrastructure development, industrial manufacturing, and construction activities. Demand for steel round bars is typically driven by industries such as construction, automotive, aerospace, machinery, and energy. The steel round bar market is a significant segment of the global steel industry. It encompasses the production, distribution, and consumption of steel round bars across various sectors and regions.
COVID-19 Impact
"Market Faced a Fall in Demand Due to Distribution in Supply Chain during the Pandemic"
There was no single sector unaffected by COVID-19. The Steel Round Bars Markets were affected as well. The COVID-19 pandemic did affect the Steel Round Bars Market. Lockdown measures, travel restrictions, and temporary closures of manufacturing facilities disrupted the global supply chain of steel round bars. This led to delays in production, shipping, and delivery, causing a shortage of steel round bars in some regions.
Latest Trends
"Introduction of Advanced Material and Technologies to add More Benefits in the Market "
The Steel Round Bars market is as dynamic as any other market. In the market, there is everyday development to add more benefits to it. Recently, in the market there has been a rise in demand of high strength steel. There has been an increasing demand for high-strength steel round bars, particularly in sectors such as automotive, aerospace, and infrastructure. High-strength steel offers improved performance, weight reduction, and cost-efficiency, making it an attractive choice for various applications.
Steel Round Bars Market Segmentation
- By Type Analysis
According to type, the market can be segmented into hot-rolled steel round bars, cold-rolled steel round bars, & forged steel round bars.
In terms of services, extra light is the largest segment, as it holds the maximum share of the market.
- By Application Analysis
Based on application, the market can be divided into transportation and automotive, industrial application, construction, & others.
Driving Factors
"The Rising Development of Construction and Infrastructure Activities has Increased the Demand in the Market"
The construction industry is a major driver of the steel round bar market. Demand for steel round bars is closely linked to infrastructure projects, including residential and commercial buildings, bridges, highways, and railways. Population growth, urbanization, and government investments in infrastructure development contribute to the demand for steel round bars. The manufacturing and industrial sectors are significant consumers of steel round bars. Steel round bars are used in various machinery, equipment, and components across industries such as automotive, aerospace, energy, oil and gas, and general manufacturing. Expansion and modernization of these sectors drive the demand for steel round bars.
"Rapid Industrialization and Economic Growth Influence the Demand in the Market"
Economic growth and industrialization drive the demand for steel round bars. Countries experiencing robust economic development and industrial expansion tend to have higher demand for steel round bars as they support the growth of various industries and infrastructure. Technological advancements and innovations in manufacturing processes, such as advanced rolling techniques and automation, enhance the efficiency and quality of steel round bars. This has led to a positive impact on the Steel Round Bars Market growth
Restraining Factors
"Environmental Regulations Can Lead to a Declining Trend in the Market "
The steel industry is under increasing pressure to comply with environmental regulations and address sustainability concerns. Strict emission standards, waste management requirements, and the need to reduce carbon emissions can lead to additional compliance costs for steel manufacturers. Meeting these regulations can pose challenges and impact the profitability of the steel round bar market. As a consequence, there will be a declining trend in the Steel Round Bars market.
Steel Round Bars Market Regional Insights
"North-America Region Dominates the Market Due to Infrastructure Networks"
North America has a well-established industrial base and extensive infrastructure networks. The region's construction, manufacturing, automotive, and energy sectors are significant consumers of steel round bars, driving the demand. North America is known for its technological advancements and innovation in the steel industry. The region has adopted advanced manufacturing techniques, automation, and research and development initiatives, which contribute to the competitiveness of North American steel producers in the global market. North America has a robust manufacturing sector that relies on steel round bars for various applications. The region's manufacturing capabilities and expertise in industries such as automotive, aerospace, machinery, and equipment contribute to the demand for steel round bars.
Key Industry Players
"Key Players Focus On Quality Control for Making Better Products"
Key players in the steel round bars market also focus on quality control, certification compliance, and adherence to industry standards. They continuously monitor market trends, customer preferences, and technological advancements to stay competitive. Additionally, they invest in marketing and promotional activities to create awareness, expand their customer base, and maintain strong relationships with customers. Key players invest in research and development to improve production processes, enhance product quality, and develop new grades and specifications of steel round bars.
LIST OF TOP STEEL ROUND BARS COMPANIES
- ArcelorMittal(Luxembourg)
- NSSMC
- Shandong Iron& Steel(China)
- CITIC Special Steel(China)
- Lingyuan Iron& Steel(China)
- Jiangsu Shagang Group(China)
- Hanggang
- Georgsmarienhütte GmbH
- Riva Group
- Grupo Simec
- Tata Steel
- Sandvik Materials Technology
- JFE Steel
- Sidenor
- OVAKO
- Saarstahl
- Dongbei Special Steel
- Outokumpu
- SCHMOLZ+BICKENBACH
- Steel Annahütte
Report Coverage
The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc.
Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 47760 Million in 2022 |
Market Size Value By |
US$ 64016.46 Million by 2031 |
Growth Rate |
CAGR of 3.8% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
|
By Type
|
|
|
By Application
|
Frequently Asked Questions
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What value are the global steel round bars industries expected to touch by 2031?
The global steel round bars industry is expected to touch USD 64016.46 million by 2031.
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What CAGR is the steel round bars industry expected to exhibit by 2031?
The global steel round bars industry is expected to exhibit a CAGR of 3.8% by 2031.
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What are the factors which help in pushing the steel round bars market?
The rising econic growth and industrialisation, and rising infrastructure activities are the driving factors of the steel round bars market.
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Which are the key players or most dominating companies functioning in the steel round bars market?
ArcelorMittal, NSSMC, Shandong Iron& Steel, CITIC Special Steel, Lingyuan Iron& Steel, Jiangsu Shagang Group, Hanggang, Georgsmarienhütte GmbH, Riva Group, Grupo Simec, Tata Steel, Sandvik Materials Technology, JFE Steel, Sidenor, OVAKO, Saarstahl, Dongbei Special Steel, Outokumpu, SCHMOLZ+BICKENBACH, and Steel Annahütte are the top companies operating in the steel round bars market.
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