The global structural steel market was valued at US$ 123.5 billion in 2020 and is expected to reach over US$ 226.91 billion by 2030, poised to grow at a CAGR of 6.3% from 2021 to 2030.
Structural steel is one of the most reused materials across the globe, as it 100% recyclable. Carbon steel, high strength low-alloy steel, high treated carbon steel, and high treated constructional alloy steel are the several types of steel available in the market. Structural steel can get embrittled as a result of thermal deterioration and exhaustion, as well as corrosion damage, when exposed to factors such as pressure, temperature, radiation, cyclic loads, and environment.
Structural steel is a shear strength material. It has high strength, that has a lot of strength per unit of mass. As a result, unlike other buildings materials, steel parts will be small and lightweight regardless of the entire structure’s size. Structural steel can be easily made and mass-produce in large quantities. The structural steel components can be manufactured off-site and then assembled on-site. This saves time and improves the overall construction process’ efficiency.
Structural steel is an extremely adaptable material. It may be molded into whatever shape you want without losing its qualities. It can be made into sheets or wires, depending on the design. In comparison to other building materials, the structural steel is comparatively inexpensive. The structural steel is quite long-lasting material. If properly maintained, a well-built building with structural steel can survive up to 30 years.
One of the primary factors driving the growth of the structural steel market is the increase in building and construction expenditure around the world. The structural steel market is expected to grow due to increased adoption of the product due to several benefits such as lightweight, elasticity, ease of fabrication, uniformity, toughness, high strength, recyclability, as well as an increase in residential and non-residential construction projects.
The structural steel market is also influenced by increased demand for flat products such as cold and hot rolled coil and stainless steel in the manufacturing industry, as well as significant utilization in the construction industry.
Furthermore, the rising consumer awareness, fast industrialization and urbanization, and rising high sectional steel building construction all benefits the structural steel market growth. Moreover, in order to improve production efficiency, technological developments, and new product launches will provide lucrative opportunities to the growth of the structural steel market during the forecast period.
The demand for structural steel is expected to be driven by infrastructure developments in both developing and developed regions. One of the primary factors driving product demand is the increased housing needs as a result of global population growth.
Due to its great strength, the structural steel is commonly utilized in industrial structures and buildings, which is useful not only for structural integrity but also for reducing the possible impact of repairs. Because of its high durability and outstanding strength-to-weight ratio, it is also ideal for constructing big bridges that can handle the weight of vehicles.
Scope of the Structural Steel Market
|Market Size in 2020||US$ 123.5 Billion|
|Growth Rate From 2021 to 2030||CAGR of 6.3%|
|Revenue Projection in 2030||US$ 226.91 Billion|
|Fastest Growing Market||North America|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Application, Geography|
|Companies Mentioned||Baogang Group, Gerdau S.A., Nippon Steel Corporation, Tata Steel, ArcelorMittal, Evraz PLC, JSW Steel, POSCO, SAIL, Anshan Iron & Steel Group Corporation|
Based on the product, the high sectional steel dominates the structural steel market during the forecast period. The high sectional steel is hot rolled long products. This type of structural steel is used in the construction of highways, buildings, bridges, and public utilities.
On the other hand, the light sectional steel is expected to grow at rapid pace during the forecast period. The increased product usage of light sectional steel will result from an increase in smart city projects sponsored by government and private entities funding.
Based on the application, the non-residential segment dominated the market with highest market share of over 52% in 2020. The rising infrastructural advancements of non-residential structures, such as commercial, industrial, and institutional buildings, might be linked to the segment’s growth. Furthermore, the demand for structural steel is being driven by the increased investments in the creation of smart cities is likely to support market growth during the forecast period.
On the other hand, the residential segment is fastest growing segment in the structural steel market. Due to light weight and high strength qualities, the structural steel is widely used in housing and residential constructions, reducing the foundation load and sub-structure expenses.
Based on the region, the Asia-Pacific segment accounted the market with revenue share of 66% in 2020. The Asia-Pacific’s growing population is responsible for the expansion of the structural steel market in the region. The governments are developing housing policies and building smart cities in the region in order to address the region’s growing population. The increased demand for non-residential buildings, such as commercial buildings for corporate and government offices, is also being driven by the expanding population. These factors are projected to boost the growth of structural steel market in the Asia-Pacific region.
On the other hand, the North America is estimated to hit CAGR of 3.4% during the forecast period. The COVID-19 epidemic caused significant economic losses in the North America region, particularly in the U.S. and Mexico. However, during the second quarter of 2020, the building and construction business in this region is expected to recover in the upcoming years. The infrastructure deterioration is predicted to be a major driver of increased product demand in the region.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting different marketing strategies, such as new product launch, investments, partnerships, and mergers & acquisitions. The companies are also spending on the development of improved products. Moreover, they are also focusing on competitive pricing.
In January 2019, the Hesteel acquired the 70% of Tata Steel for infrastructure and construction projects.
The various developmental strategies such as acquisition, business expansion, investments, new product launches, partnerships,joint venture, and mergers fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global structural steel market include:
Segments Covered in the Report
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