Hot-Rolled Steel Bars and Rods Market to Grow at a CAGR of 3.2% through 2030 Driven by Increasing Demand from Construction and Automotive Industries

14 March 2023

IndexBox, a leading market research firm, has published a new report on the global hot-rolled steel bars and rods market. The report provides a comprehensive analysis of the market, including current trends, market size, growth rate, key players, and future projections. The report is available for purchase on the IndexBox website. Trial access to market data is also available on the platform.

The report forecasts the market to grow at a CAGR of 3.2% from 2022 to 2030. The growth is attributed to the increasing demand for steel products in the construction, automotive, and manufacturing industries. The report also highlights the key growth drivers and challenges facing the industry, such as the volatility of raw material prices, rising competition, and stringent regulations.

Factors affecting the demand for hot-rolled steel bars and rods include the increasing adoption of lightweight and energy-efficient materials in construction and automotive industries. The report provides an overview of the major consuming industries and how they affect the industry, including the construction, automotive, and manufacturing sectors.

However, the market faces challenges such as fluctuations in raw material prices and environmental concerns associated with the manufacturing process. Moreover, the increasing adoption of alternative materials such as composites and plastics in the manufacturing of automotive components is expected to pose a threat to the market growth.

The largest market for hot-rolled steel bars and rods is Asia Pacific, with China being the leading producer and consumer of the product. The report provides an in-depth analysis of the market in Asia Pacific, including the growth prospects and key statistics.

The report also includes profiles of the largest manufacturers in the industry, such as ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, and POSCO. These companies are analyzed based on their financial performance, product portfolio, and business strategies.

According to Aleksandr Romanenko, CEO of IndexBox, "Our report provides a comprehensive analysis of the global hot-rolled steel bars and rods market, including key trends, market size, growth rate, and future projections. We believe that this report will be valuable for industry players, investors, and other stakeholders who want to gain a better understanding of the market."

Keywords: hot-rolled steel, steel bars, steel rods, market analysis

 

Source:.globenewswire.com