Structural Steel Market (By Product: High Sectional steel, Light Sectional Steel, and Rebar; By Application: Residential, Non-residential, Commercial, Institutional, and Offices) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 – 2030
The global structural steel market was valued at US$ 130.63 billion in 2021 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.
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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.
Report Coverage | Details |
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 |
Largest Market | Asia-Pacific |
Fastest Growing Market | North America |
Base Year | 2021 |
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.
Segments Covered in the Report
By Product
By Application
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Structural Steel Market
5.1. COVID-19 Landscape: Structural Steel Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Structural Steel Market, By Product
8.1. Structural Steel Market, by Product Type, 2021-2030
8.1.1. High sectional steel
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Light sectional steel
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Rebar
8.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Structural Steel Market, By Application
9.1. Structural Steel Market, by Application, 2021-2030
9.1.1. Residential
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Non-Residential (Industrial, Commercial, Institutional, Offices)
9.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Structural Steel Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.2. Market Revenue and Forecast, by Application (2019-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.6.2. Market Revenue and Forecast, by Application (2019-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.6.2. Market Revenue and Forecast, by Application (2019-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.6.2. Market Revenue and Forecast, by Application (2019-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.4.2. Market Revenue and Forecast, by Application (2019-2030)
Chapter 11. Company Profiles
11.1. Baogang Group
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Gerdau S.A.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Nippon Steel Corporation
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Tata Steel
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. ArcelorMittal
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Evraz PLC
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. JSW Steel
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. POSCO
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. SAIL
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Anshan Iron & Steel Group Corporation
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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