U.S. Steel Merchant And Rebar Market To witness Huge Expansion By 2030 U.S. Steel Merchant And Rebar

Rahul Nikade

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U.S. Steel Merchant And Rebar Market To witness Huge Expansion By 2030

U.S. Steel Merchant And Rebar Industry

The U.S. steel merchant and rebar market size is anticipated to reach USD 14.29 billion by 2030 and is expected to expand at a compound annual growth rate (CAGR) of 5.4% during the forecast period, according to a new report by Grand View Research, Inc. A gradual recovery in the construction sector is projected to be a key driver for market growth. According to Grand View Research, the construction industry in the U.S. is anticipated to experience moderate growth in 2024, which will create more demand for steel merchants and rebars.

In recent years, the U.S. economy has encountered a variety of challenges, including increasing energy prices, labor shortages, elevated mortgage rates, rising inflation, and geopolitical tensions. Despite these difficulties, the country’s economy managed to avoid entering a recession. This resilience can largely be attributed to substantial private and public investments in infrastructure and manufacturing, as well as a strong and stable consumer base that supported economic activities.

According to recent macroeconomic forecasts by the Federal Reserve, inflation in the U.S. is expected to gradually decrease, with an estimated average of 2.5% in 2024 and 2.2% in 2025. This anticipated decline in inflation is likely to create a more favorable environment for investments in the construction sector, providing additional opportunities for growth. However, the U.S. Bureau of Labor Statistics has indicated that labor shortages are expected to persist over the long term. Due to the ongoing shortage of skilled workers and an increasing number of individuals leaving the construction industry, the overall growth rate of the labor force is projected to remain sluggish in the coming years.

According to information reported by the White House, total federal investment spending in the U.S. amounted to USD 1,178 billion in 2022. However, this figure saw a decline in 2023, dropping to USD 840 billion. Based on the proposed budget for 2024, investment spending is expected to rise by 2.4%. This increase in federal spending is anticipated to support the development of new infrastructure projects, including the construction of bridges, highways, ports, communication networks, and transportation systems. These upcoming infrastructure initiatives are expected to drive demand for steel merchants and rebar, contributing to the growth of the U.S. steel merchant and rebar industry over the forecast period.

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U.S. Steel Merchant And Rebar Market Segments Highlights:

By end-use, the construction segment dominated with 52.4% of the revenue share in 2023, owing to low to moderate construction activities in residential and non-residential segments
The infrastructure segment is expected to grow at the fastest CAGR over the forecast period
By product, rebar held the largest revenue share in 2023. Infrastructure spending on bridges and highways is expected to remain a positive factor for the market
Stability in the construction sector in second half of 2024 is likely to drive demand for rebar and related building materials. Public and private investments are expected to rise in 2024 compared with 2023
In December 2023, Nippon Steel Corporation announced its plans to acquire U.S. Steel. This is expected to benefit both companies, helping them expand their geographic footprint and reach more customers in near future

U.S. Steel Merchant And Rebar Market Report Segmentation

Grand View Research has segmented the U.S. steel merchant and rebar market based on product and end-use:

U.S. Steel Merchant And Rebar Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)