The construction industry has witnessed considerable growth in the Balkans, which is anticipated to fuel the adoption of TMT steel bars. Furthermore, the demand for reinforced steel bars has increased in this region, and this trend is expected to continue throughout the forecast period, thereby providing lucrative growth opportunities for TMT steel bars manufacturers.

According to a new report published by Allied Market Research, titled, "Balkans TMT Steel Bar Market by Diameter, Application, Grade, and Country: Opportunity Analysis and Industry Forecast, 20182024, the 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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Albania was the leading revenue contributor to the Balkan market in 2017, owing to high adoption rate of TMT steel bars and rise in construction projects such as the National Arena Stadium in Tirana, construction of the Trans Adriatic Pipeline, and others. However, Kosovo is expected to grow at the highest CAGR of 15.0% from 2018 to 2025, due increase in government and private sector initiatives to improve the energy infrastructure, connectivity & transportation, and development in this region.

The report provides an extensive competitive analysis and profiles of the key market players such as ArcelorMittal Zenica, Balkan Steel Engineering Ltd., Essar Steel, HBIS Group, HUS Ltd., Metalopromet d. o. o. Kula, MMD, SIDERAL S.H.P.K., SIJ Group, and TATA Steel. The other players in the value chain (not included in the report) include Eurometal Bulgaria Ltd., Ovako Bulgaria, and Metalfer Group.

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.

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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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.