Structural Steel Market By Product Type (High Sectional steel, Light Sectional Steel, Rebar), By Type (Hot-Rolled Steel, Cold-Rolled Steel), By Application (Residential, Non-residential): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global structural steel market was valued at $106,370.3 million in 2022, and is projected to reach $177,433.9 million by 2032, registering a CAGR of 5.3% from 2023 to 2032.
Structural steel is a type of steel used in construction for creating load-bearing structures. It is a versatile and widely used material due to its high strength, durability, and flexibility in design.
According to the World Green Building Council, LEED-certified buildings consume 11% less water and 25% less energy in the U.S. Considering of its recyclability, structural steel is regarded as a green construction material, and an increase in the number of green buildings is expected to drive market development in the future. Green buildings assist in preventing negative environmental consequences, thus there is a growing emphasis on their construction throughout the country. California has the largest part of the entire green construction segment in the U.S., in terms of area, and the state is expected to attain zero net energy by 2030.
Some significant factors that impact the growth of the global Structural Steel market include, increase in construction and infrastructure activities in developed nations. Another significant driver of the structural steel industry is the growing number of high-rise structures being constructed. The product has a high strength-to-weight ratio, allowing it to withstand huge loads while resisting compression, tension, and bending forces, making it a suitable material for bearing the weight of tall structures and transmitting the load to the base. Moreover, a rise in demand for strong and advanced steel material in construction sector is expected to provide future growth opportunities in the market.
The heavy sectional steel sector has gained in popularity owing to its strength, load-bearing capacity, and ability to withstand massive loads while retaining structural stability. It is commonly employed in circumstances where structural integrity and durability are critical. Their cylindrical design offers high strength-to-weight ratios, making them suitable for multi-axis loading applications.
Structural steel structures have greater maintenance costs than conventional buildings. For instance, if a steel column is broken, the entire column must be replaced, whereas traditional columns may be repaired using certain processes. Similarly, steel buildings require anti-rusting coatings and paint more frequently to avoid rust. These anti-rust coatings and paints raise the cost of maintaining steel structures, stifling the structural steel market's growth. For Instance, In July 2021, British Steel Introduces Weathering Steel Structural Sections for Construction, which are self-protecting, robust, and beautiful. Weathering steel is suitable for a wide range of outdoor constructions in exposed places, including bridges, buildings, and catenary gantries on railway lines. Hence such factors are providing lucrative growth in the market.
The structural steel market is segmented on the basis of product type, type, application, and region. By product type, the market is categorized into high sectional steel, light sectional steel, and rebar. Depending on type, it is fragmented into hot-rolled steel, and cold-rolled steel. On the basis of application, it is categorized into residential, and non-residential. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competition AnalysisKey companies profiled in the structural steel industry include Arcelor Mittal S.A., Baogang Group, Evraz plc, Gerdau S.A, Nippon Steel Corporation, JSW Steel Limited, Tata Steel Limited, SAIL, Wuhan Iron & Steel (Group) Corp and Baosteel Group Corporation.
Key Benefits for StakeholdersThe report provides an extensive analysis of the current and emerging Structural Steel market trends and dynamics.
In-depth Structural Steel market analysis is conducted by constructing market estimations for key market segments between 2022 and 2032.
Extensive analysis of the Structural Steel market is conducted by following key product positioning and monitoring of top competitors within the market framework.
A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
The global Structural Steel market forecast analysis from 2022 to 2032 is included in the report.
The key players within the structural steel market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the Structural Steel industry.
Key Market SegmentsBy Product TypeHigh Sectional steel
Light Sectional Steel
Rebar
By TypeHot-Rolled Steel
Cold-Rolled Steel
By ApplicationResidential
Non-residential
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Middle East and Africa
Saudi Arabia
UAE
South Africa
Nigeria
Rest Of Mea
Key Market Players
Arcelor Mittal
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