Major players in the structural steel industry have focused on business expansion strategies to gain maximum share in the market. This further results in consolidation of the structural steel market.
WILMINGTON, Del., Feb. 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, Structural Steel Market by Product Type (High Sectional Steel, Light Sectional Steel, and Rebar), Type (Hot-Rolled Steel and Cold-Rolled Steel), and Application (Residential and Non-residential): Global Opportunity Analysis and Industry Forecast, 2023-2032. According to the report, 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.
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Prime determinants of growth
The growing construction and infrastructure industry is significantly contributing toward the market growth. However, countries such as the U.S., Germany, and few developing countries are focused on developing new technologies in the steel industry to sustain their market share during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $106,370.3 million |
Market Size in 2032 | $177,433.9 million |
CAGR | 5.3 % |
No. of Pages in Report | 189 |
Segments covered | Product Type, Type, Application, and Region. |
Drivers | Increase in number of metal industries |
Opportunities | Advanced technologies in steel manufacturing |
Restraints | Volatile price of raw materials |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic had a negative impact on the structural steel market, owing to the temporary closure of manufacturing firms during the lockdown.
- The production and sale of structural steel was hampered due to the closure of manufacturing plants across the globe, especially in the initial period of the pandemic.
The rebar segment dominated the market in 2022, and light sectional steel segment it is expected to grow at a significant CAGR during the forecast period.
By product type, the market is categorized into high sectional steel, light sectional steel, and rebar. The rebar segment accounted for a higher market share in 2022, accounting for more than half of the market revenue. The heavy sectional steel sector has grown in the market owing to its strength, load-bearing capability, and ability to carry enormous loads while maintaining structural stability. It is widely used in situations where structural integrity and endurance are important. Their hollow construction ensures high strength-to-weight ratios, making them ideal for multi-axis loading applications.
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The hot-rolled steel segment dominated the market in 2022, and is expected to grow at a significant CAGR during the forecast period.
Depending on type, the structural steel market is categorized into hot-rolled steel and cold-rolled steel. The hot-rolled steel segment accounted for more than four-fifths of the market revenue. Increased population in growing economies such as China, India, and other developing countries has contributed to urbanization, which is expected to stimulate residential construction and demand for structural steel. According to the United Nations (UN), over 68% of the world's population is expected to live in cities by 2050. This is anticipated to lead to an increase in construction activity in residential, infrastructural, and non-residential sectors globally. Such factors will fuel the structural steel market growth.
The non-residential segment dominated the market in 2022. Residential segment is expected to grow at a significant CAGR during the forecast period.
By application, the structural steel market is divided into residential and non-residential. The non-residential segment accounted for a more four-fifths of the market share in terms of revenue in 2022. In addition, there is an increase in number of construction industries in countries like South Korea, France, Italy, Singapore and Indonesia. The growth is due to the rise in investment by the government on the public sector projects. For instance, in March 2022, Vinci Autoroutes announced the completion of a $561 million project to build a new 24km-long bypass in France. Hence, increase in construction activities fosters the structural steel market growth.
The Asia-Pacific dominates the market share in terms of revenue in 2022
The structural steel market is analyzed across North America, Europe, Asia-Pacific, and Latin America, and MEA. In 2022, Asia-Pacific accounted for half of market share, and it is expected to grow at a significant CAGR throughout the forecast period. China holds the maximum share in the structural steel market industry in the Asia-Pacific region. The structural steel market in Asia-Pacific has gained traction in the recent years, owing to ongoing construction development in China, Japan and India. For instance, rising expenditure for infrastructure development is boosting the structural steel market in Asia Pacific. In august 2021, Indian government has announced $1.4 trillion investment for infrastructure development. All such factors are expected to create growth demand for structural steel and thus will drive the market growth in Asia-Pacific.
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Leading Market Players: -
- 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
- Baosteel Group Corporation.
The report provides a detailed analysis of these key players in the structural steel market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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