28-Oct-2021 | Zion Market Research
Major companies in Construction Sealant Market are ArcelorMittal, Gerdau, Nippon Steel and Sumitomo Metal Corporation, Tata Steel, Mechel PAO, Nucor Corporation, Celsa Steel, Ansteel Group, among others. These players are set to bolster the development of global Latin America Steel Rebars Market.
According to analysts at Zion Market Research, the global Latin America Steel Rebars Market accounted for USD 6,271 Million in 2020 and is expected to reach USD 12,056 Million in 2028 growing at a CAGR of 7% between 2021 and 2028.
This review is based on a report by Zion Market Research, titled “Latin America Steel Rebars Market By Type (Deformed, Mild), By Process (Basic Oxygen Steelmaking, Electric Arc Furnace, Others), and By End User (Residential, Infrastructure, Commercial): Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”
Government Investments in Building & Construction Activities to Spur Growth
Infrastructure is the key to growth of the country’s economy. The infrastructure sector plays a crucial role in propelling the country's development. The governments across Latin America are playing an active role in helping the industry grow by making favorable legislation and initiating policies that ensure time-bound infrastructure development. Significant investments in infrastructure projects in Latin American countries have propelled overall investments during 2019 leveraging a whooping growth for Latin America overall steel bar market.
Various countries including Brazil and Argentina have been emphasizing the development of new ports or expanding existing ones to cope up with increasing trade volume and vessel count. Developing international trade arising from a shift of low-cost manufacturing activities from China to other neighboring East and South Asian countries is anticipated to generate some additional seaborne trade flows towards Latin America. Road and highway initiatives have the potential to generate growth and boost seaborne trade volumes through increased demand for raw materials and semi-finished and finished products, which, in turn, will accelerate the global port building projects and eventually, driving the steel bar market.
Presence of big players to Support Latin America Dominance
The Latin America steel bar market is expected to register a healthy growth rate during the forecast period. The U.S.-China trade war has led to some marginal gains for economies in this region. Argentina and Brazil are the leading economies that govern Latin America's economic outlook. On the other hand, Columbia, Peru, and Chile exhibited a higher growth rate of around 2.5% in 2020. Despite the overall slowdown, Latin America is observing new investments. China has invested more than USD 140 billion in the region since 2005, with Venezuela, Brazil, Ecuador, and Argentina accounting for the most substantial investments. Several of these investments are part of China's Belt and Road Initiative (BRI). These developments will propel construction activities in the region and, in turn, surge the demand for steel bars for completion of infrastructure projects under the BRI.
Browse the full “Latin America Steel Rebars Market By Type (Deformed, Mild), By Process (Basic Oxygen Steelmaking, Electric Arc Furnace, Others), and By End User (Residential, Infrastructure, Commercial): Latin America Industry Perspective, Comprehensive Analysis and Forecast, 2021 – 2028.” Report at https://www.zionmarketresearch.com/report/latin-america-steel-rebars-market
The Latin America Steel Rebars Market is segmented as follows:
By End User
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