The Global Structural Steel Market is valued at USD 101.85 Billion in 2022 and is projected to reach a value of USD 150.49 Billion by 2030 at a CAGR of 5.00% over the forecast period.
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 world's expanding population. The United Nations predicts that by 2100, the world's 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 Development's (HUD) $2 billion commitment to urban infrastructural overhaul will increase demand for steel in buildings across the country. The European Union's €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
Structural Steel Market Size, 2022 To 2030 (USD Billion)
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: There's 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 there's 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.
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- Market Sentiment Analysis
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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.
Below tree is interactive. You can click the nodes to get more information.
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.
The key players in the Global Structural Steel market include- Clariant AG (Switzerland), BASF SE (Germany), Huntsman International LLC (US), Bayer AG (Germany), The DOW Chemical Company (US), Solvay (Belgium), Nufarm (Australia), Evonik Industries AG (Germany), Croda International PLC (UK), Helena Agri-Enterprises LLC (US), Ashland Inc. (US), Land O’ Lakes Inc. (US), FMC Corp. (US), ADAMA Ltd. (Israel), Stepan Company (US), Baogang Group (China), Gerdau S.A. (Brazil), Nippon Steel Corporation (Japan), Tata Steel (India), Arcelor Mittal (Luxembourg), Evraz PLC (UK), JSW Steel Ltd. (India), POSCO (South Korea), Steel Authority of India Ltd. (India), Anshan Iron & Steel Group Corporation (China) and others.
- Galvanized Metal Company (GMC) is a leading producer and seller of galvanized metal products worldwide. GMC's primary focus areas are utilities, infrastructure, and defense sectors. The company has production facilities across North America, Europe, Asia Pacific, and South Africa. It also has joint ventures with two Chinese companies — Changchun Longsheng Metallic Material Co., Ltd., which manufactures galvalume sheet products; and Shanghai Ruihai International Holding Co., Ltd., which produces galvanized coil products.
- The European Union (EU) published a report predicting that the global market for structural steel will grow at a rate of 6.4% per annum between 2021 and 2023. This is due to the increasing demand for high-quality steel in buildings, bridges, and other infrastructure projects.
- The United States (US) Department of Commerce has announced its intent to impose tariffs on imported steel products from Canada, Mexico, and the EU. This move is designed to protect US manufacturers of steel products from unfair competition.
- In recent years, significant progress has been made in developing innovative technologies that can improve the performance of structural steel products. These include advanced heat treatment techniques such as cold work hardening and hot working, which various manufacturers are adopting to improve the durability and performance of their products. Additionally, developments in 3D printing technology have led to the development of customized structurally tailored components that can enhance performance and reduce overall manufacturing costs.
Segmentation of the Global Structural Steel Market
- Product (High Sectional Steel, Light Sectional Steel, Rebar)
- Application (Residential, Non-Residential)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Clariant AG (Switzerland)
- BASF SE (Germany)
- Huntsman International LLC (US)
- Bayer AG (Germany)
- The DOW Chemical Company (US)
- Solvay (Belgium)
- Nufarm (Australia)
- Evonik Industries AG (Germany)
- Croda International PLC (UK)
- Helena Agri-Enterprises LLC (US)
- Ashland Inc. (US)
- Land O’ Lakes Inc. (US)
- FMC Corp. (US)
- ADAMA Ltd. (Israel)
- Stepan Company (US)
- Baogang Group (China)
- Gerdau S.A. (Brazil)
- Nippon Steel Corporation (Japan)
- Tata Steel (India)
- Arcelor Mittal (Luxembourg)
- Evraz PLC (UK)
- JSW Steel Ltd. (India)
- POSCO (South Korea)
- Steel Authority of India Ltd. (India)
- Anshan Iron & Steel Group Corporation (China)
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