In terms of revenue, the Global Structural Steel Market is expected to reach USD 130.8 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 5.00% from 2022 to 2028.
The demand for Structural Steel is expected to be primarily driven by infrastructure expansion in developed and emerging nations. In addition, one of the main variables influencing product demand is the expanding housing needs brought on by the world's growing population. By 2100, the world's population is predicted to reach 11.2 billion, according to forecasts made by the UN, which is expected to increase demand for new homes and indirectly support market expansion. In addition, the United States market is driven by the rising demand for sustainable materials. As a result of its capacity to be recycled, Structural Steel is regarded as a green building material. In the years to come, market growth is predicted to be fueled by the nation's growing number of green structures. According to the area, California dominates the U.S. market for green buildings, and by 2030, it's anticipated that the state will be energy-neutral. The COVID-19 pandemic, however, hindered business expansion in 2020.
Key Highlights from Report
- Based on Product, the High Sectional segment dominates the Structural Steel market with the maximum market share and will continue its dominance in the forecast period. Due to the rising demand for high-rise buildings and other infrastructure projects, this has occurred.
- Among Applications, the Residential segment accounted for the highest CAGR in the forecast period owing to the rising market for villas and high-rise structures in developing nations.
- In terms of region, Asia Pacific holds the significant market share within the Structural Steel market. This is mostly because house development operations in emerging economies are increasing.
The rise in building and construction spending globally is one of the key reasons behind the Structural Steel market's expansion. Furthermore, the market for Structural Steel is anticipated to expand due to rising consumer demand for the material and its several advantages, including its light weight, flexibility, ease of production, uniformity, toughness, high strength, and recyclability. In addition, increased demand in the industrial sector for flat products like cold and hot rolled coil and stainless steel, as well as significant use in the building sector, impacts the Structural Steel market.
Additionally, rapid industrialization, urbanization, and the rise in high-sectional steel building construction all contribute to the growth of the Structural Steel market. Additionally, technical advancements and introduction of new products throughout the projected period will present attractive prospects for developing the Structural Steel market to increase production efficiency. Therefore, the construction of new infrastructure in developing and developed regions is anticipated to be the main factor driving the demand for Structural Steel. In addition, the rising housing requirements brought on by the increase in world population is one of the main variables influencing product demand.
Due to its high strength, Structural Steel is frequently used in industrial structures and buildings, which is advantageous for maintaining structural integrity and minimizing the effects of potential repairs. It is also perfect for building large bridges that can support the weight of vehicles due to its exceptional strength-to-weight ratio and high level of durability.
Geographically, Asia Pacific market is anticipated to see significant market development with the highest growth rate during the forecast period. The Asia Pacific region's expanding Structural Steel market is a result of the region's expanding population. The governments are creating housing policies and designing smart cities to address the region's expanding population. The growing population is another factor driving the demand for non-residential structures like office buildings for businesses and governments. These elements are anticipated to stimulate the market for Structural Steel in the Asia Pacific region.
The Global Structural Steel Market is Segmented as follows
- High Sectional Steel
- Light Sectional Steel
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Structural Steel Market is
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)
The Global Structural Steel Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis