The Infinium Global Research analyzes the Rebar Processing Equipment Market over the period of 2020 to 2026. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global rebar processing equipment market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of rebar processing equipment. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the rebar processing equipment market during the period. The global rebar processing equipment market is projected to grow at a CAGR of 5.8% over the forecast period of 2020-2026.
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Rebar processing equipment performs several functions such as cutting, bending, straightening, and de-coiling on the reinforced bar known as rebar. Rebar finds many applications in construction and steel manufacturing sectors. Rebar processing equipment also offers several application areas according to shapes, size, and quantities. Moreover, growing automation and integration of new techniques for processing equipment is majorly driving the adoption of rebar processing equipment. The convenience and efficiency provided by the equipment is anticipated to boost the market growth during the forecast period. Furthermore, the technological development in the field of automation is likely to augment the demand for rebar processing equipment.
The recent outbreak of COVID-19 is creating supply disruptions in the market due to production stoppage and workforce dislocation. Several construction sites are abandoned during the pandemic due to government restrictions and growing concern regarding transmission among the labors. Moreover, the production facilities of other end-users such as steel industry have reduced their capacities during the pandemic. This, in turn, is likely to hinder the market growth for rebar processing equipment over shorter period. However, the infrastructure development of private and government organizations in emerging countries such as China, India is projected are expected to be a key contributor to this market after COVID 19 pandemic.
Construction/Engineering Sector to Remain the Largest Users of Rebar Processing Equipment
Rebar processing equipment is used by various manufacturing sectors such as steel producers, steel product manufacturers, and construction/engineering contractors. Among these end-users, construction/engineering contractors segment generated the highest revenue in the global market. Rebar processing equipment find it major application in construction/engineering and has large demand from construction/engineering contractors. For instance, rebar processing equipment is widely used for bending and straightening of reinforced bars. Moreover, the development of smart cities in emerging economies, and the rise in demand for steel products in the infrastructure and real estate sector are anticipated to increase the demand.
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Asia Pacific to be the Dominant Region in Rebar Processing Equipment Market
Geographically, Asia Pacific generated the largest revenue in the rebar processing equipment market in 2019 and is expected to continue its dominance over the forecast years. Rapid infrastructure development, increasing demand for technologically advanced equipment by construction and steel manufacturing sectors is expected to increase demand for the rebar processing equipment market in the Asia Pacific region. Furthermore, the region is anticipated to offer several growth opportunities to market vendors in the forecast period due to rapid industrialization in emerging countries. Moreover, the North American region is anticipated to grow in the near future owing to rising construction activities in the countries.
Companies Operating in the Rebar Processing Equipment Market to Reduce Production Amidst COVID-19
The Rebar processing equipment market is fragmented and intensely competitive with the presence of several local and multinational players. The major players including Jaypee Group, Schnell Spa, Ltd., Gensco Equipment are continuously focusing on product enhancement and facilitate other organic strategies to gain a competitive edge in the market. For instance, in May 2020, Akron Rebar Company made a multi-million-dollar investment in cutting-edge equipment to increase its capacity and speed, to position the organization for strong, long-term growth.
However, the production of rebar processing equipment is reduced during the COVID-19 pandemic owing to labor unavailability and workforce dislocation. In such an instance, manufacturers are mainly focusing on product innovation and technological development. Growth in Industrial technology consequently increases the demand and need for new equipment. Further, key players are expecting steady growth in the forecast period. Infinium Global Research’s recent report on the global Rebar processing equipment Market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the market and also estimates the impact of recent developments on the global market.
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