The Structural Steel Market is estimated to be valued at US$ 77.93 million in 2023 and is expected to exhibit a CAGR of 5.74% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Structural steel refers to a type of steel that is commonly used in construction projects due to its high strength, durability, and versatility. It is widely used in the construction of various structures such as buildings, bridges, highways, and industrial plants. The market for structural steel is driven by the increasing construction activities, particularly in emerging economies, and the growing infrastructure development projects. The use of structural steel enables faster construction and reduces the overall cost, making it a preferred choice for construction companies. Moreover, the rising demand for sustainable and eco-friendly construction materials is further propelling the market growth.
The growth of the structural steel market can be attributed to two main drivers. Firstly, the increasing investments in the construction sector, particularly in residential and commercial projects, are driving the demand for structural steel. The rapid urbanization and population growth are leading to the construction of new buildings, which is fueling the market growth. Secondly, the government initiatives to improve infrastructural facilities, such as road networks, bridges, and airports, are boosting the demand for structural steel. Furthermore, the growing awareness about the benefits of using structural steel, such as its sustainability and recyclability, is creating opportunities for market expansion.
The segment analysis of the structural steel market reveals that the market can be divided into various segments based on application, type, and region. In terms of application, the construction segment dominates the market due to the increasing infrastructure development projects worldwide. The construction segment is expected to grow at a significant rate during the forecast period, driven by rising urbanization, population growth, and government initiatives to boost infrastructure development. Additionally, the transportation segment is also expected to contribute significantly to market growth, fueled by the increasing demand for automotive and aerospace industries.
Political: The political stability and government policies play a crucial role in the growth of the structural steel market. Favorable government initiatives, such as investments in infrastructure development and regulations promoting sustainable construction practices, are expected to drive market growth.
Economic: The economic factors, such as GDP growth, disposable income, and investments in construction and infrastructure projects, influence the demand for structural steel. The market is expected to witness growth in emerging economies with high construction activity and economic development.
Social: The social factors impacting the market include urbanization, population growth, and changing consumer preferences. The increasing need for sustainable and energy-efficient construction solutions is also driving the demand for structural steel.
Technological: Technological advancements, such as the development of high-strength steel and automated manufacturing processes, have positively influenced the structural steel market. These advancements have led to improved quality, efficiency, and cost-effectiveness of structural steel products.
The global structural steel market is expected to witness high growth, exhibiting a CAGR of 5.74% over the forecast period. This growth can be attributed to increasing construction activities, especially in emerging economies, driven by urbanization, population growth, and government investments in infrastructure development.
Regionally, Asia Pacific is the fastest-growing and dominating region in the structural steel market. The region has witnessed substantial growth in construction and infrastructure development projects, supported by favorable government policies and increasing urbanization.
Key players operating in the structural steel market include ArcelorMittal, Nippon Steel Corporation, Shougang, Tata Steel, Hyundai Steel, Anyang Iron & Steel Group Co., Ltd., British Steel, China Ansteel Group Corporation Limited, Emirates Steel, Evraz Plc, and Gerdau S/A. These key players dominate the market due to their strong global presence, extensive product offerings, and strategic initiatives such as mergers, acquisitions, and collaborations.