Structural Steel Market

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The global Structural Steel Market is valued at USD 111.38 Billion in 2024 and is projected to reach a value of USD 206.8 Billion by 2035 at a CAGR (Compound Annual Growth Rate) of 5.80% between 2025 and 2035.

Demand for structural steel will continue to be driven mostly by infrastructure developments in developing and developed countries. One of the main reasons for this is the increased demand for housing to accommodate the worlds expanding population. The United Nations predicts that by 2100, the worlds population will have increased to 11.2 billion, which should increase the need for more homes and, in turn, boost the expansion of the housing industry. Market growth in the United States can be attributed to consumers' increasing demand for eco-friendly products. As reported by the World Green Building Council, there is an 11% decrease in water usage and a 25% decrease in energy consumption in LEED-certified buildings in the United States. Focus in the country is shifting toward the construction of green buildings because of their positive effects on the environment. The state of California is predicted to reach zero net energy consumption by the year 2030, and the state now has the largest percentage of the entire green buildings segment in the United States in terms of area. The principal drivers for the growth of the structural steel market are increasing demand from key regional markets such as Asia Pacific and Latin America due to growing infrastructure needs; increasing construction activities owing to rising economic conditions; and advances in engineering technology that are yielding innovative structures made up of stronger materials. The escalating cost of raw materials is another key restraining factor expected to restrain growth in the structural steel market over the forecast period. The U.S. Department of Housing and Urban Developments (HUD) $2 billion commitment to urban infrastructural overhaul will increase demand for steel in buildings across the country. The European Unions €315 billion investment plan for 2020-2027 also supports the structural steel market growth, as it focuses on upgrading infrastructure across all sectors, including transportation, energy, communication, and waste management.

The increase in vehicular traffic is also boosting the demand for structural steel, as it is necessary for buildings, bridges, and other infrastructure that support large vehicles. Conversely, the transportation sector witnessed a slowdown due to stricter environmental regulations and constrained financing options. The structural steel market is boosted by rising consumer awareness, increased industrialization, urbanization, and an increased number of buildings built. Profitable prospects will be extended to market players from 2021 to 2028 due to technological developments and new products designed to increase manufacturing efficiency. However, the market expansion is predicted to be hindered by the fact that more people need to learn about the benefits of using structural steel in the building sectors. It is expected that the need for more technical skills will be a problem for the structural steel market between 2021 and 2028.

Growth Opportunities Today

The growth in construction activities across regions will likely fuel the demand for structural steel in the coming years. Furthermore, increased investment in infrastructure projects such as airports, roads, and power plants is propelling market growth in several countries, such as China, India, and Brazil. This growth can be attributed to the increasing demand for infrastructure and construction projects and the rise in the popularity of green buildings. In addition, the increasing awareness about energy conservation and sustainable building practices is expected to drive market growth.

Top Market Trends

• Advancements in technology are contributing to the growth of the structural steel market.
• Rise in offshore production: Offshore production is rising, with China and India leading the pack. This is due to several reasons, including rising demand for steel products in these countries and lower labor costs.
• Safety has become a major concern for manufacturers, especially as technological advances tend to lead to greater risks associated with construction projects. To mitigate these risks, companies are increasingly turning to innovative structural solutions that meet safety requirements while meeting budget constraints.
• Growth in modular construction: Modular construction is becoming increasingly popular, partly thanks to its environmental friendliness. This trend will likely continue as developers try to reduce overall construction costs while taking advantage of new technologies.
• Increased use of recycled material: Recycled material is used increasingly in structural steel products. This is due to concerns about global warming and pollution and increased awareness among consumers about sustainable practices.
• The rising popularity of green infrastructure is fuelling demand for environmentally friendly steel structures.
• Increased Demand for Steel in Construction Projects: Theres been an increase in demand for structural steel in construction projects over the past few years. This is due to increased economic growth, population growth, and more people moving into urban areas. As a result, more buildings are being constructed using structural steel, which requires more. And since structural steel is such a reliable material, contractors are happy to use it more often. This means that theres likely to be even greater demand for it in the future.
• Increased Use of Prefabricated Structural Steel Components: Another trend affecting structural steel is the increasing use of prefabricated components made from this material. These components are easier and faster to install than traditional structures made out of concrete or wood. They're also more affordable than these other options, which makes them attractive to some contractors. And since they're easier to build, they can be put up faster too – which means less time spent on delays or cancellations due to weather conditions or other problems.

Market Segmentation

The global Structural Steel Market is segmented based on Product, Application, and Region. Based on Product, the market is segmented into High Sectional, Light Sectional, and Rebar. Furthermore, based on the Applications, the market is segmented into Residential and Non-Residential. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Product

The high sectional segment is expected to grow at the highest CAGR during the forecast period due to increasing demand for high-rise structures and other infrastructure projects. The light sectional segment is projected to witness the highest growth rate in terms of volume, owing to growing construction activities in developed countries such as the United States and China. The rebar segment is expected to register the highest growth rate in value. Increasing oil & gas industry demand is anticipated to drive growth over the forecast period.

Based on Application

The residential segment is projected to account for the largest structural steel market share during the forecast period. This growth is mainly due to the increased demand for high-rise buildings and villas in developing countries. The non-residential segment is projected to account for the second-largest structural steel market share during the period. This growth is mainly due to the increasing infrastructure and industrial projects demand.

Based on Region

The market in North America is projected to grow at a higher rate than other regions due to the increasing demand for high-quality construction materials and new innovative projects. In Europe, the market is expected to grow slower due to stringent environmental regulations and low awareness about structural steel. The Asia Pacific region is projected to be the fastest-growing region during the forecast period, followed by the Latin American, Middle East & African regions. In Asia Pacific, the structural steel market is estimated to grow 8.6% during the forecast period. In Latin America, the structural steel market is estimated to grow at a rate of 5%. The growth in the Middle East & Africa region is due to increased investment in infrastructure sectors and increased demand for construction materials from oil and gas companies.

Competitive Landscape

The key players in the Global Structural Steel market include- Clariant AG (Switzerland) and others.

Recent Developments

• September 2024, Grippon Infrastructures introduced JSWs advanced Magsure coating for steel structures. Magsure features a superior aluminum, magnesium, and zinc coating on cold-rolled steel and sets a new benchmark in the steel structure industry.
• August 2024, Stecol International Private Limited (SIPL) launched a new product called Essar Structural. This launch enhanced its offerings for the infrastructure industry and helped India realize Prime Minister Narendra Modis vision of 'AatmaNirbhar Bharat'. This new product contributed to the nations increasing need for structural steel for the rising infrastructure developments in the country.
• November 2023: Pipe & Steel Industrial Fabricators Inc. announced a USD 4.3 million investment to expand its Livingston Parish manufacturing facilities. This project aimed to improve efficiency, job safety, and cost-effectiveness for clients. It included equipment and technology upgrades, adding 14,000 square feet to the pipe fabrication facility, 8,000 square feet to the structural steel shop, and a new covered painting and blasting area. The state provided a competitive incentive package to support this expansion initiative.
• August 2022, APL Apollo launched next-gen steel building solutions for structural steel tubes.

Segmentation of the Global Structural Steel Market