Portland, OR -- (SBWIRE) -- 06/22/2018 -- The Balkans TMT steel bar market was valued at $1,769 million in 2017, and is anticipated to reach $4,065 million by 2024, registering a CAGR of 12.5% from 2018 to 2024. In terms of volume, this market accounted for 2,669 thousand tons in 2017 and is anticipated to reach 5,435 tons by 2024, registering a CAGR of 10.6% from 2018 to 2024.

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TMT steel bars are superior quality reinforced steel bars that are routinely used in the infrastructure & construction industry, owing to their significant physical properties such as ductility, toughness, corrosion resistance, and others.

Market Growth Factors:

The Balkans TMT steel bar market is anticipated to grow considerably in the near future, owing to different factors such as infrastructural development in the Balkans and advantages offered by TMT bars over torsional bars. Furthermore, support and cooperation from the EU for the development of the coal and steel industries in the Balkans supplement the growth of the market. However, technical constraints associated with higher grade TMT bars are anticipated to hamper the market growth. On the contrary, rise in investment by countries such as China in Balkan heavy industry is anticipated to provide potential growth opportunities to the market players during the forecast period.

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Segment Overview:

According to grade, in 2017, the FE-415 grade TMT steel bars accounted for more than two-thirds share of the market, in terms of volume. By application, the residential application segment garnered nearly one-fourth of the market share by value in 2017, and is projected to exhibit prominent growth rate, owing to surge in construction of housing & residential projects in the Balkans.

Depending on the diameter segment, the TMT bars having diameter of 12 mm & above generated the highest revenue in 2017, due to their widespread application in reinforced concrete columns.

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Key Findings of the Balkans TMT Steel Bar Market :

- The Fe 415 grade TMT steel bars accounted for the largest revenue in the Balkans TMT steel bar market in 2017.

- Commercial application is anticipated to grow with the highest CAGR throughout the forecast period.

- By volume, Albania accounted for nearly one-sixth share of the Balkans TMT steel bar market in 2017.

- Kosovo is anticipated to grow at the highest rate during the analysis period, followed by Bosnia and Herzegovina.