US Steel Rebar Market Size, Share & Trends Analysis Report by Application (Construction, Infrastructure, Industry), Region (Northeast, Midwest, West) and Forecast segment, 2022-2030.
New York, Sept. 13, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “US Steel Rebar Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2022 – 2030” – https:/ /www.reportlinker.com/p06195313/?utm_source=GNW
U.S. steel rebar market growth and trends
The US steel rebar market size is expected to reach USD 9.28 billion by 2030, growing at a CAGR of 5.5% during the forecast period. Rising investments in construction and infrastructure projects are expected to propel the demand for steel rebar in the country during the forecast period.
For example, in January 2022, the US Department of Transportation announced that more than $27 billion should be allocated to state and tribal transportation facilities. The investment is expected to be used to repair 15,000 bridges across the country by 2026. Thus, it is expected to increase the consumption of the product over the forecast period.
Steel rebar is used to hold and reinforce concrete by tension. Concrete has high compressive strength but lacks tensile strength.
Casting the product into concrete allows it to withstand tensile loads, increasing the overall strength of the structure. Rising investment in commercial and residential buildings is expected to boost the demand for steel rebar in the United States over the forecast period.
Based on demands, the construction sector is expected to register the fastest growth between 2022 and 2030. State and local governments are focused on lowering home prices and providing affordable housing for their residents.
For example, in April 2022, the Charlotte City Council allocated $12.4 million to help fund several affordable housing development projects. The city is expected to gain 602 new homes in 2022.
Based on region, West held the largest revenue share of the market in 2021. Rising investment in the industrial segment is expected to drive the demand for rebar in the region during the forecast period .
For example, in June 2022, Treeline announced that it had acquired an 80-acre site in North Carolina for the construction of an industrial park. The company is expected to invest $18 million.
Growing demand from the construction and infrastructure industry has prompted major manufacturers to set up new manufacturing plants. For example, in December 2021, Nucor Corporation announced that it would invest $350 million to build a micro-factory in the South Atlantic region.
The plant is expected to have an annual capacity of 430,000 tonnes.
US Steel Rebar Market Report Highlights
• Based on applications, the infrastructure segment is expected to register the fastest CAGR of 5.8%, in terms of revenue, from 2022 to 2030. Increasing investment in modernizing aging infrastructure is expected to drive growth. market growth
• The construction industry is expected to maintain its dominance in the market from 2022 to 2030. Rising investment in residential construction is expected to propel the demand for the product during the forecast period
• Based on the region, the Northeast region is expected to register a CAGR of 6.1%, in terms of revenue, between 2022 and 2030. The increase in investment in the construction of industrial facilities such as warehouses, factories manufacturing and processing plants is driving product growth
• The Southwest is another vital market region. The expansion of the housing industry is expected to boost the demand for steel rebar in the region. For example, according to the US Census Bureau, housing permits for single-family construction in Texas increased 16.5% in February 2022, compared to February 2021.
Read the full report: https://www.reportlinker.com/p06195313/?utm_source=GNW
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