Steel Round Bars Market Size, Share, Trends, Growth and Forecast 2032

Steel Round Bars Industry Prospective:

The global steel round bars market size was evaluated at $347 billion in 2023 and is slated to hit $413 billion by the end of 2032 with a CAGR of nearly 3.5% between 2024 and 2032.

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Steel Round Bars Market: Overview

Steel round bars are cylindrical in shape and finds massive usage in spectrum of end-use applications owing to their versatile nature, strength, and adaptability. Reportedly, these products are steel bar stock, elongated, and thick. Moreover, they are available in a plethora of sizes and grades for fulfilling specific business needs.   

Key Insights

• As per the analysis shared by our research analyst, the global steel round bars market is projected to expand annually at the annual growth rate of around 3.5% over the forecast timespan (2024-2032)
• In terms of revenue, the global steel round bars market size was evaluated at nearly $251 billion in 2023 and is expected to reach $333 billion by 2032.
• The global steel round bars market is anticipated to grow rapidly over the forecast timeline owing to rising urbanization and infrastructural growth along with surging per capita income.
• In terms of product type, the carbon steel round bars segment is slated to register the highest CAGR over the forecast period.
• Based on application, the construction segment is predicted to contribute majorly towards global market revenue in the ensuing years.
• Region-wise, the European steel round bars industry is projected to register the fastest CAGR during the assessment timespan.

Steel Round Bars Market: Growth Factors

Swift infrastructural expansion and use of product in constructions sector to scale up the global market expansion

Rapid infrastructural growth and flourishing residential & commercial construction activities will propel the growth of the global steel round bars market. Furthermore, an increase in the renovation activities along with flourishing automotive sector is expected to embellish the expansion of the market globally.

In addition to this, production of farming equipment and industrial equipment is anticipated to scale up the global market expansion in the years ahead. Flourishing energy sector along with favorable government schemes is anticipated to proliferate the global market size. Launching of green building initiatives and technological breakthroughs will augment the global market surge in the ensuing years.

Steel Round Bars Market: Restraints

Changing raw component prices will hinder the global industry expansion over forecast period

Fluctuating raw material costs and economic disruptions can obstruct the global steel round bars industry surge in the ensuing years. Moreover, trade disputes and an increase in the import duties & tariffs are projected to hinder the global industry expansion.

Steel Round Bars Market: Opportunities

A surging fund allocation for strong infrastructural growth will open new growth avenues for the global market

A rise in the investments in infrastructural development ventures such as bridges, roads, and public utilities along with swift urbanization in emerging countries will prompt the growth of the global steel round bars market. Furthermore, focus on creating renewable energy projects and breakthroughs in the automotive sector will prop up the global market expansion in the years ahead.

Steel Round Bars Market: Challenges

Strict laws aimed at reducing GHG emissions from atmosphere can challenge the global industry

Technological obsolescence and overcapacity issues in steel production sector are some of the key factors that will challenge the global steel round bars industry growth in the ensuing years. Moreover, strict environmental laws for promoting green products and sustainable business practices are likely to put brakes on the global industry surge in the years ahead.  

Steel Round Bars Market: Report Scope

Steel Round Bars Market: Segmentation

The global steel round bars market is divided into product type, application, and region.                                             

In terms of product type, the steel round bars market across the globe is segmented into carbon steel round bars, stainless steel round bars, and alloy steel round bars segments. Apparently, the carbon steel round bars segment, which garnered nearly 34% of the global market earnings in 2023, is set to record fastest CAGR in the next couple of years owing to its cost-efficiency, ductility, versatility, and strength.

Based on the application, the global steel round bars industry is divided into general engineering, construction, aerospace, automotive, and machinery segments. Apparently, the construction segment, which led the global industry share in 2023, is projected to contribute lucratively towards the global market expansion in the upcoming years and this can be subject to large-scale use of steel round bars in construction sector.

Steel Round Bars Market: Regional Insights

Asia-Pacific is projected to maintain leading status in the global market over the analysis timespan

Asia-Pacific, which accounted for about two-fifths of the global steel round bars market size in 2023, is expected to establish a leading position in the global market during the forecast timeline. Additionally, the regional market surge in the coming seven years can be due to swift industrialization, infrastructural growth, and urbanization.

Furthermore, countries such as South Korea, China, and India are likely to be the key regional revenue pockets. Flourishing automotive sector and an increase in the construction activities will embellish the growth of the market in the region.

European steel round bars industry is anticipated to register the highest CAGR in the expected timeline. The geometric expansion of the industry in Europe can be credited to swift focus on sustainability activities and circular economy. Furthermore, demand for high-quality recycled steel products and need for minimizing carbon emissions will steer the regional industry surge in the ensuing years.

Steel Round Bars Market: Competitive Space

The global steel round bars market profiles key players such as:

• ThyssenKrupp AG
• POSCO
• Skyway Steel Industries
• Sagar Steel Corporation
• Fortran Steel
• Tata Steel
• ArcelorMittal
• Ambica Steels Limited
• Champak Steel and Engg. Co.
• Timex Metals
• KISCO
• Gerdau S.A.
• Shashwat Stainless Steel
• Nucor Corporation
• Nippon Steel Corporation
• JSW Steel
• Steel Authority of India Limited
• Hindustan Ferro Alloy Industries Pvt. Ltd.

The global steel round bars market is segmented as follows:

By Product Type

• Carbon Steel Round Bars
• Stainless Steel Round Bars
• Alloy Steel Round Bars

By Application

• General Engineering
• Construction
•  Aerospace
•  Automotive
•  Machinery

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa