The rebar processing equipment market reached US$ 552.68 Million in 2019 and is expected to reach US$ XX Million by 2027, growing with a CAGR of 7.19% from 2020 to 2027
The rebar processing equipment market suffered a decline in every segment due to widespread of Covid-19, resulting from halts of all the construction works, shortage of raw material and workforce globally. After recommencing all the operations, the price of reinforcing bar globally observed a massive hike due to insufficient steel supply to meet the growing demand from the top steel-producing regions, hence impacting on the rebar processing equipment market.
On March 2021, China’s national price of HRB400 20mm diameter rebar reached its 9.5-year high at US$ 755 ton due to low production in 2020 and high demand generated in 2021. Europe and North America are the most impacted regions in terms of rebar market, with scrap prices hike of US$ 45-65 per ton in 2020, forcing the top companies to slow down production rates like Riva Group halted steelmaking operations at its Hennigsdorf site in Germany. The rebar prices are forecasted to observe a further elevation in 2021 due to the high demand from the steel manufactures and constructors, which will substantially increase the prices of end products from steel manufacturers and constructors for creating hype in the prices. The automatic rebar processing equipment will possess the vast demand in the future to incorporate the losses with higher production rates of machines and cost efficiency, needing the modification of processing machines with modern operating techniques and shifting towards automation with an introduction to cloud and computer numerical control applications
The highest demand for rebar processing equipment was observed in the Asia-Pacific due to the ongoing industrialization in developing nations. To make the most from the market, China ramps up its rebar production by around 5% year on year in 2020 to recover from the market and in turn creating opportunities for rebar processing equipment in the country. Use of rebar processing equipment has been moving to supply higher value-added products like corrosion-resistant steel rebars, epoxy-coated, galvanised and earthquake-resistant rebar. Scoping of new buildings, bridges and highway projects will dominate the market for secondary producers, using steel scrap for manufacturing. India also possesses a large share of the rebar processing equipment market with expansion in the networks. In, 2019 JSW Steel aimed to supply TMT Rebar worth US$ 80 million (Rs 600 crores) for expanding construction over 760 km of Metro lines in major cities
In 2021, India has also suffered a slowdown in housing and construction projects outside urban markets from last few months, with buyers and dealers reporting a shortage of long steel products, such as rods, bars and wires impacting the demand for rebar processing equipment market amid high opportunities from the country
The market will observe a significant growth in developing nations with the introduction to rental and second-hand rebar processing machines options for small budget projects by leading market players
Market Dynamics
Drivers
- Increasing demand of rebar from the construction sector
- Increasing number of accident cases during construction
Restraints
- Preference of manual labour due to high cost of machines
Opportunities
- Growing Software Applications
Geographical Analysis
The North America rebar processing equipment Market reached US$ 161.88 Million in 2019 and is projected to reach US$ 224.74 Million by 2027, growing with a CAGR of 4.9% from 2020 to 2027
In 2020, the U.S. has manufactured nearly 72 million metric tons of steel. Electric arc furnaces were the most widely used, accounting for 70% of all steel production. Furthermore, U.S. is the world’s largest steel importer of 2019 ranking. In 2019, the U.S. imported 26.3 million metric tons of steel, a 15% decrease from 30.8 million metric tons in 2018. Key steel product manufacturers in the North America region includes Sabre Steel, Inc, Regol-G Special Steel Services, Inc, Continental Steel & Tube Co, A-1 Alloys, Pinnacle Industrial Supply, Inc and others. Steel is mostly produced and supplied in either sheets, bars or rebars which further requires processing equipments.
Planning and execution of top construction projects of 2020 in North America, including Denver International Airport renovation, New York City transit upgrades, Foxconn's Wisconsin manufacturing campus, Las Vegas Convention Center people mover, U.S. -Mexico border wall and New Crystal Lagoons projects has created huge demand of rebar processing equipment
In 2019, nearly 17 million light vehicles were sold in the U.S. , accounting for about 97 percent of the roughly 17.5 million motor vehicles sold in the U.S. Steel and Iron hold nearly 70% of an automobile’s structure. Steel sheets are used in the basic vehicle frame and make hoods, bumpers and fuel tanks. Thus manufacturing of different types of automobiles has improved the demand for rebar processing equipment in the North American region
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