The
global Structural Steel Market size was valued at USD
174.51 Billion in 2030 and is likely to register a compound annual growth rate
(CAGR) of 5.9% from 2024 to 2030. The market growth is attributed to the growth
in the construction sector and rising demand for steel as a green and
sustainable material. Structural steel is utilized for construction-related
applications. Its high carbon content offers high strength and low ductility.
It is available in the form of various shapes such as I-beam, Z-shape, angle,
tee, bar, and rod, depending upon the applications. It can be customized into a
variety of shapes in different thicknesses and sizes owing to its ductility.
Based on application, the market is segmented into residential and
non-residential, where the latter dominates the market, in terms of revenue
share.
Growing
spending on the commercial sector & infrastructural developments across
various nations is augmenting the product demand in non-residential
applications. The segment is further divided into industrial, commercial,
offices, and institutional. Structural steel is widely used in numerous
industrial sectors owing to its high strength-to-weight ratio. In the
construction industry, it is utilized in designing and building industrial
spaces, such as warehouses, bridges, and factories. Growth in the manufacturing
sector is expected to propel the need for new factories and plants. For
instance, after the emergence of the COVID-19 pandemic, various new facilities
were established to meet the rising demand for PPE in the U.S.
Asia
Pacific was the dominant regional market in 2020 and this trend is anticipated
to continue over the forecast period. The growing construction spending in the
developing economies of the region is anticipated to augment the product
demand. For instance, in August 2021, India announced that it aims at spending
INR 100 trillion (USD 1.35 trillion) on infrastructure development for boosting
economic growth and jobs in the country. The competitive rivalry is extremely
high in the market due to the presence of several small- and large-scale
players spread across the world. The companies are striving to recover from
their losses caused by the COVID-19 pandemic and are taking initiatives, such
as mergers & acquisitions and capacity expansions, to further widen their
reach.
List of Key Players of Structural Steel Market
- Arcelor
Mittal S.A.
- Baogang
Group
- Evraz plc
- Gerdau S.A
- Nippon Steel
Corporation
- JSW Steel
Limited
- Tata Steel
Limited
- SAIL
Related Press
Release@ Structural Steel Market Report
Structural Steel Market Report Highlights
- Based on
region, Asia Pacific dominated the global market in 2022 on account of the
growing infrastructural developments in the region
- The
non-residential application segment is anticipated to register the fastest
CAGR, in terms of revenue, over the forecast period due to the rising
renovation activities and spending on infrastructure development
- The
industrial sub-segment led the non-residential application in 2022.
Increasing construction of lightweight industrial building systems that
make use of thin sheet-covered surfaces is the recent technological
development, which is driving the demand for high-strength structural
steel
- Middle East
& Africa is expected to grow at a considerable CAGR, in terms of
revenue, over the forecast period. The growth can be attributed to the
upcoming infrastructure-related projects in the Middle East
Structural Steel Market Report Scope
|
Report Attribute |
Details |
|
Market size value in 2023 |
USD 117.12 billion |
|
Revenue forecast in 2030 |
USD 174.51 billion |
|
Growth Rate |
CAGR of 4.5% from 2023 to 2030 |
|
Market size volume in 2023 |
129,348.2 kilotons |
|
Volume forecast in 2030 |
193,616.8 kilotons |
|
Growth Rate |
CAGR of 5.5 % from 2023 to 2030 |
|
Historical data |
2018 - 2022 |
|
Forecast period |
2024 - 2030 |
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Structural Steel Market Segmentation
Grand
View Research has segmented the global structural steel market report on the
basis of product, application and region
Structural Steel Product Outlook (Volume, Kil0tons;
Revenue, USD Million; 2018 - 2030)
- Angles
- Channels
- Rounds
- Squares
- Beams
Structural Steel Application Outlook (Volume, Kil0tons;
Revenue, USD Million; 2018 - 2030)
- Residential
- Non-residential
- Institutional
- Commercial
- Offices
- Others
Structural Steel Regional Outlook (Volume, Kil0tons;
Revenue, USD Million; 2018 - 2030)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Russia
- Turkey
- Poland
- Asia Pacific
- China
- Japan
- Taiwan
- Hong Kong
- Thailand
- Malaysia
- Singapore
- Indonesia
- Vietnam
- Philippines
- India
- Australia
- New Zealand
- Central
& South America
- Brazil
- Chile
- Colombia
- Middle East
& Africa
- UAE
- Saudi
Arabia
- Iran
- South
Africa
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