Concrete Reinforcing Bar Market

The global market for concrete reinforcing bars is expected to see a steady increase in consumption over the next eight years, with a forecasted CAGR of +1.9% for volume and +4.5% for value from 2022 to 2030. China leads in consumption volume, while Turkey leads in market value. Production, imports, and exports have seen fluctuations over the years, with notable growth rates in certain countries. Overall, the market is projected to see gradual growth in the coming years.

Market Forecast

Driven by increasing demand for concrete reinforcing bars worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market volume to 185M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $213.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Concrete Reinforcing Bars

Global concrete reinforcing bar consumption reduced modestly to 160M tons in 2022, almost unchanged from the year before. The total consumption volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Global consumption peaked at 166M tons in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

The global concrete reinforcing bar market revenue totaled $150.2B in 2022, stabilizing at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at $177.3B in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Consumption By Country

China (29M tons) constituted the country with the largest volume of concrete reinforcing bar consumption, comprising approx. 18% of total volume. Moreover, concrete reinforcing bar consumption in China exceeded the figures recorded by the second-largest consumer, the United States (13M tons), twofold. The third position in this ranking was taken by India (12M tons), with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +3.3%. In the other countries, the average annual rates were as follows: the United States (+3.3% per year) and India (+3.0% per year).

In value terms, Turkey ($51.2B) led the market, alone. The second position in the ranking was taken by China ($20.2B). It was followed by the United States.

In Turkey, the concrete reinforcing bar market expanded at an average annual rate of +2.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+2.6% per year) and the United States (+2.5% per year).

The countries with the highest levels of concrete reinforcing bar per capita consumption in 2022 were Turkey (139 kg per person), Malaysia (73 kg per person) and Japan (52 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Malaysia (with a CAGR of +6.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Concrete Reinforcing Bars

In 2022, the amount of concrete reinforcing bars produced worldwide reduced modestly to 157M tons, falling by -3.2% on 2021 figures. The total output volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 7.5% against the previous year. Global production peaked at 167M tons in 2018; however, from 2019 to 2022, production failed to regain momentum.

In value terms, concrete reinforcing bar production declined to $168.7B in 2022 estimated in export price. Overall, production, however, enjoyed pronounced growth. The pace of growth was the most pronounced in 2017 when the production volume increased by 51% against the previous year. Global production peaked at $323.5B in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (30M tons), Turkey (17M tons) and India (13M tons), with a combined 38% share of global production. The United States, Japan, Brazil, Russia, Mexico, Iran, Nigeria, Malaysia and Vietnam lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Malaysia (with a CAGR of +10.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Concrete Reinforcing Bars

In 2022, the amount of concrete reinforcing bars imported worldwide shrank to 27M tons, which is down by -7.1% against the previous year. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 18%. Over the period under review, global imports attained the maximum at 32M tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, concrete reinforcing bar imports rose markedly to $22.3B in 2022. In general, total imports indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +78.2% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 69%. Global imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports By Country

The countries with the highest levels of concrete reinforcing bar imports in 2022 were Hong Kong SAR (1.9M tons), the United States (1.5M tons), Iraq (1.4M tons) and Germany (1.4M tons), together finishing at 23% of total import. Canada (765K tons), Romania (749K tons), Yemen (741K tons), South Korea (696K tons), the UK (577K tons), Belgium (550K tons), Kazakhstan (513K tons), China (510K tons) and Singapore (506K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by China (with a CAGR of +18.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($1.4B), Hong Kong SAR ($1.4B) and the United States ($1.4B) were the countries with the highest levels of imports in 2022, with a combined 18% share of global imports. Iraq, Canada, Romania, Belgium, the UK, South Korea, Yemen, Singapore, Kazakhstan and China lagged somewhat behind, together comprising a further 23%.

China, with a CAGR of +13.6%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average concrete reinforcing bar import price amounted to $828 per ton, growing by 14% against the previous year. Over the period under review, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, concrete reinforcing bar import price increased by +61.9% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by 43%. Global import price peaked in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($1,000 per ton), while Iraq ($549 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+2.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Concrete Reinforcing Bars

In 2022, after four years of growth, there was significant decline in shipments abroad of concrete reinforcing bars, when their volume decreased by -21.8% to 25M tons. Overall, exports saw a slight decline. The pace of growth appeared the most rapid in 2021 when exports increased by 17%. As a result, the exports reached the peak of 32M tons, and then dropped remarkably in the following year.

In value terms, concrete reinforcing bar exports declined to $20.9B in 2022. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 70%. As a result, the exports attained the peak of $22.5B, and then reduced in the following year.

Exports By Country

Turkey was the main exporting country with an export of about 5.7M tons, which resulted at 23% of total exports. Russia (1.5M tons) ranks second in terms of the total exports with a 6.1% share, followed by China (5.7%) and Italy (5.7%). Vietnam (1,025K tons), Malaysia (834K tons), the United Arab Emirates (815K tons), Japan (764K tons), Germany (756K tons), Portugal (690K tons), Poland (622K tons), Oman (620K tons) and Spain (586K tons) took a little share of total exports.

Exports from Turkey decreased at an average annual rate of -4.0% from 2012 to 2022. At the same time, Oman (+57.1%), Malaysia (+24.1%), Vietnam (+21.9%), China (+18.4%), the United Arab Emirates (+12.0%), Russia (+7.3%) and Japan (+1.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in the world, with a CAGR of +57.1% from 2012-2022. By contrast, Italy (-1.7%), Portugal (-2.8%), Germany (-2.9%), Poland (-6.5%) and Spain (-11.2%) illustrated a downward trend over the same period. China (+4.8 p.p.), Vietnam (+3.7 p.p.), Russia (+3.6 p.p.), Malaysia (+3 p.p.), Oman (+2.5 p.p.) and the United Arab Emirates (+2.4 p.p.) significantly strengthened its position in terms of the global exports, while Poland, Spain and Turkey saw its share reduced by -1.6%, -4.1% and -6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($4.2B) remains the largest concrete reinforcing bar supplier worldwide, comprising 20% of global exports. The second position in the ranking was held by Italy ($1.4B), with a 6.8% share of global exports. It was followed by China, with a 6.1% share.

From 2012 to 2022, the average annual growth rate of value in Turkey amounted to -2.5%. In the other countries, the average annual rates were as follows: Italy (+2.4% per year) and China (+19.5% per year).

Export Prices By Country

In 2022, the average concrete reinforcing bar export price amounted to $843 per ton, with an increase of 19% against the previous year. Over the period under review, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, concrete reinforcing bar export price increased by +72.0% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 45% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($1,092 per ton), while Malaysia ($592 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+4.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform