Technavio's latest market research report on the global steel rebars marketprovides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global steel rebars market from 2017-2021. (Graphic: Business Wire)
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.
"Hollow FRP rebars are an emerging trend which uses less material and are lighter and stronger than FRP rebars. Hollow FRP rebars have unique materials on the exterior surface, which help in the efficient attachment of the rebar," says Kshama.
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