Global Structural Steel Market Analysis 2022
The Global Structural Steel Market is expected to reach $171.61 billion by 2028 growing at a CAGR of 7.4% from 2021 to 2028. The structural steel is a type of steel which is particular used for building construction. They come in variety of shapes and size depending upon their applications. The properties of structural steel such as durability, high tensile strength, easy fabrication makes them suitable for a wide range of application. Owing to this, they are widely used in both residential and non-residential constructional projects.
Factors such as increasing construction spending globally, increasing infrastructural development activities in developed and developing economies, growing residential & non-residential construction activities, and rising demand of steel products as construction materials are driving the growth of the market. However, a fluctuation in raw material prices is restraining the growth of the market.
Based on application, the residential segment is estimated to have a lucrative growth, due to growing construction of public facilities and new houses under urban development programs and increasing erect model of development to rebuild old residential apartments lying in a decrepit condition will drive product demand. Structural systems including beams and columns are utilized in residential buildings. It is used from building a single-family house to a big mixed-space building. Excellent flexibility & adaptability in modular construction, it can be dismantled, moved easily, and maintain the asset value of the building.
The key vendors mentioned are Tata Steel Limited, Baogang Group, POSCO, Baosteel Group Corporation, JSW Steel Limited, Arcelor Mittal S.A., Hebei Steel Group, Gerdau S.A, VISA Steel, Novolipetsk Steel, Shagang Group Co., Ltd., Hesteel Group Company Limited, Hyundai Steel Co., Ltd. (HSC), Bohai Steel Group Co. Ltd, Nippon Steel & Sumitomo Metal Corporation (NSSMC), Benxi Beiying Iron & Steel Group Co. Ltd., Anyang Iron & Steel Group Co. Ltd, and Steel Authority of India Limited.
Steel Types Covered:
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