Burlingame, March 20, 2024 (GLOBE NEWSWIRE) -- The global structural steel market is estimated to be valued at US$ 77.93 Mn in 2023 and is expected to reach US$ 121.83 Mn by 2030, exhibiting a compound annual growth rate (CAGR) of 5.74% from 2023 to 2030. According to a new study conducted by Coherent Market Insights, Inc. The growth of the structural steel market can be attributed to the increasing infrastructure development activities across the globe. Structural steel has gained significant popularity in various construction projects due to its superior strength, durability, and flexibility. The rising investment in commercial and residential construction projects, coupled with the growing need for sustainable and cost-effective building materials, is driving the demand for structural steel. Additionally, the advantages offered by structural steel, such as ease of installation, recyclability, and fire resistance, further contribute to its market growth. Moreover, favorable government initiatives and regulations promoting the use of green and sustainable building materials are expected to augment the market growth in the coming years.
Market Trends:
The trend of using prefabricated structural steel is gaining traction in the construction industry. Prefabricated steel components offer numerous benefits such as reduced construction time, cost-effectiveness, enhanced productivity, and improved safety on-site. Builders and contractors are increasingly adopting prefabricated steel structures to streamline the construction process and achieve faster project completion. Moreover, the customization and flexibility provided by prefabricated structural steel components are driving their demand in various commercial as well as residential construction projects.
Structural Steel Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2022 | $77.93 million |
| Estimated Value by 2031 | $121.83 million |
| Growth Rate | Poised to grow at a CAGR of 5.74% |
| Historical Data | 2018–2021 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application, By Type |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Increasing industrialization across developing countries • Eco-friendly nature of structural steel |
| Restraints & Challenges | • High costs of the material • Insufficient Resistance to Natural Environments |
There is a rising demand for high-strength structural steel in various applications, including bridges, high-rise buildings, and industrial structures. High-strength structural steel offers superior load-bearing capacity, allowing architects and engineers to design tall and complex structures with fewer structural elements. The growing focus on constructing sustainable and energy-efficient buildings has further boosted the demand for high-strength structural steel, as it enables the use of lighter and more slender sections, reducing material consumption and overall carbon footprint.
Read complete market research report, "Global Structural Steel Market, By Application, By Type, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Market Opportunities
Structural steel finds extensive application in various sectors such as infrastructure, industrial, commercial, and residential. Among these, the infrastructure segment is expected to dominate the market. With rapid urbanization and increasing government initiatives to improve public infrastructure, there is a growing demand for structural steel in the construction of bridges, highways, and buildings. The durability, strength, and cost-effectiveness of structural steel make it an ideal choice for infrastructure projects. As a result, the infrastructure segment is projected to hold a dominant position in the market.
The structural steel market offers two main types: hot-rolled steel and cold-rolled steel. Hot-rolled steel holds a significant market share due to its superior mechanical properties and affordability. It is widely used in construction, shipbuilding, and manufacturing industries. Cold-rolled steel, on the other hand, offers enhanced surface finish and dimensional accuracy, making it suitable for applications requiring precision. With the increasing focus on quality and aesthetics, the demand for cold-rolled steel is expected to grow in the coming years.
Key Developments
In July 2022, APL Apollo launches next-gen steel building solutions for structural steel tubes
In November 2022, Tata Steel launched the fourth edition of MaterialNEXT, the Company’s flagship open innovation event in the emerging materials domain. The focal theme for this edition is ‘Materials to Wonder’ with an objective to crowdsource ideas around emerging materials and their unique applications.
Key players operating in the structural steel market include Arcelormittal, Nippon Steel Corporation, Shougang, Tata Steel, Hyundai Steel, and Anyang Iron & Steel Group Co. These companies have a strong presence in the market and contribute to its growth through continuous product innovation and strategic partnerships. Additionally, they focus on expanding their market reach through mergers and acquisitions.
Detailed Segmentation:
By Application:
- Infrastructure
- Industrial
- Commercial
- Residential
By Type:
- Hot-rolled Steel
- Cold-rolled Steel
By Geography:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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