Dublin, Dec. 06, 2022 (GLOBE NEWSWIRE) -- The "Structural Steel Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
Structural steel is carbon steel, meaning carbon content is up to 2.1% by weight. Therefore, we can say that coal is the essential raw material for structural steel after iron ore. Many times, structural steel is used in various construction activities. Structural steel comes in numerous shapes, giving architects and civil engineers freedom in designing.
Structural steel is used to construct warehouses, aircraft hangers, stadiums, steel and glass buildings, industrial sheds, and bridges. In addition, structural steel is wholly or partially used to construct residential and commercial buildings. Structural steel is an adaptable and convenient construction material that helps in manufacturing versatility and provides structural strength without excessive weight, from commercial to residential to road infrastructure.
Structural steel is also used in various industries such as power generation, electricity transmission & distribution, mining, etc. Most of the substructure components in the mines are supported by structural steel beams and columns. Structural steel is used to construct all workshops, offices, and mine structural sections such as mining screens, fluidized bed boilers, and structures.
Structural steels are often specified by industry or national standards such as the American Society for Testing and Materials (ASTM), British Standards Institution (BSI), International Standards Organisation (ISO), and so on. In most situations, standards specify fundamental requirements, such as chemical composition, tensile strength, and load-carrying capacity.
Many standards across the world specify structural steel forms. In brief, standards specify angles, tolerances, dimensions, and cross-sectional measurements of steel called structural steel. Many sections are manufactured by hot or cold rolling, while others are formed by welding flat or curved plates together. The structural steel beams and columns are connected by using welding or bolts. Steel structures are widely used in the construction of industrial sheds due to their ability to withstand enormous loads and vibrations.
Additionally, ships, submarines, supertankers, ladders, steel floors and grating, steps, and manufactured steel pieces are examples of maritime vehicles that use structural steel. Structural steel can withstand external pressures and is quickly produced. These characteristics make structural steel suitable for use in the naval industry. Therefore, many structures that support the marine industry, such as docs and ports, use a wide range of steel structures.
| Report Attribute | Details |
| No. of Pages | 223 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value (USD) in 2021 | $205.36 Billion |
| Forecasted Market Value (USD) by 2027 | $298.12 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
Market Trends and Opportunities
Growing Market of Light Gauge Steel Framing
- Light gauge steel frame (LGSF) structure is a new-generation construction technology widely used in residential and commercial construction in the structural steel market. This technology uses cold-formed steel. Generally, a light gauge steel frame is applied for roof systems, wall systems, roof panels, floor systems, decks, and the entire building. Designing LGSF structures offers great flexibility in the design. Compared to conventional RCC and wooden structures, the LGSF can be used for long distances, providing flexibility in design. Using steel in construction permits designers and architects to design freely by taking advantage of the high strength of steel. This flexibility of LGSF offers a large floor area compared to RCC structures. The LGSF technology is cost-effective for constructing residential and commercial buildings; therefore, the demand for LGSF structures is expected to grow in emerging economies due to the low disposable income of people.
Growing Demand for Sustainable Construction Materials
- The demand for sustainable construction materials is increasing rapidly in the global structural steel market as these materials are environmentally friendly and help the construction industry to practice sustainable development. Structural steel is one of the sustainable construction materials for the construction industry that has been used in many buildings and industrial shed projects. Structural steel is widely used in industrial sheds; structural steel components get damaged because of continuous wear and tear due to various manufacturing activities. Therefore, structural steel components are regularly replaced and repaired to maintain structural integrity. Structural steel is a highly recyclable construction material that is generally used in industrial sheds and some residential structures. Additionally, structural steel buildings' life is more than regular bricks and concrete structures. Steel structures take less time to construct, and the wastage of materials is less due to the pre-engineered nature of construction.
Industry Challenges
Expensive Maintenance
- The maintenance cost of structural steel buildings is higher than conventional buildings. For example, if the steel column gets damaged, you need to replace the whole column, but for conventional columns, there are some procedures to repair that damage. Similarly, steel structures need anti-rusting coating and paint more often to prevent steel structures rust. These anti-rust coats and paints increase the maintenance cost for steel structures; thereby, the expensive maintenance causes a hindrance to the growth of the structural steel market.
VendorLandscape
The major players in the structural steel market have formed strategic partnerships with various building and industrial shed construction companies and the various industries that use structural steel. This gives companies a competitive advantage that boosts their market share.
The key companies have developed aftermarket services that create value for their customers. Companies in the structural steel industry compete strategically. The growth in sustainable processes and initiatives has challenged all companies globally. Investments in R&D, technological advancement, and environmental and economic challenges drive the demand for innovative and sustainable structural steel products.
Some key players in the global structural steel market include ArcelorMittal (Luxembourg), Tata Steel (India), Nippon (Japan), Hyundai Steel (South Korea), and Shougang (China). These players have adopted strategies such as expansion, acquisitions, new product development, joint ventures, and others to increase their revenues in the structural steel market.
Furthermore, other prominent companies such as Anyang Iron & Steel Group (China), British Steel (UK), Emirates Steel (UAE), Evraz (UK), and others have invested significant capital in R&D to develop structural steel products that will appeal to the customers. Therefore, these other prominent companies are giving tough competition to major companies.
Key Vendors
- ArcelorMittal
- Nippon Steel Corporation
- Shougang
- TATA Steel
- Hyundai Steel
Other Vendors
- Anyang Iron & Steel Group Co., Ltd.
- British Steel
- China Ansteel Group Corporation Limited
- Emirates Steel
- Evraz PLC
- Gerdau S/A
- HBIS Group Co., Ltd
- JSW Steel
- Nucor
- POSCO
- SSAB
- Steel Authority of India Limited (SAIL)
- Tangshan Jun Nan Trade Company Limited
- Voestalpine AG
Key Questions Answered:
1. How big is the structural steel market?
2. What is the projected market size of the global structural steel market by 2027?
3. What is the growth rate of the global structural steel market?
4. Which region dominates the global structural steel market?
5. What are the primary trends in the structural steel market?
6. Who are the key players in the global structural steel market?
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.3.1 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Premium Insights
6.1 Introduction
6.1 Market Synopsis
6.1.1 Enablers
6.1.2 Opportunities
6.1.3 Challenges
6.2 Segment Review
6.2.1 Application
6.2.2 Type
6.3 Geography
6.4 Companies & Strategies
7 Market at a Glance
8 Introduction
8.1 Overview
9 Market Opportunities & Trends
9.1 Innovation & Technological Advances in Steel Industry
9.2 Residential & Infrastructure Development
9.3 Demand for Sustainable Construction Materials
10 Market Growth Enablers
10.1 Rapid Industrialization of Emerging Economies
10.2 Growth of Light Gauge Steel Framing Market
11 Market Restraints
11.1 Expensive Maintenance
11.2 Fluctuations in Raw Material Prices
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
12.4 Value Chain Analysis
12.4.1 Raw Material Suppliers
12.4.2 Manufacturers
12.4.3 Distributors
12.4.4 End-Users
12.5 Macro Economic Factors
13 Application
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Infrastructure
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Market by Geography
13.4 Industrial
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Market by Geography
13.5 Commercial
13.5.1 Market Overview
13.5.2 Market Size & Forecast
13.5.3 Market by Geography
13.6 Residential
13.6.1 Market Overview
13.6.2 Market Size & Forecast
13.6.3 Market by Geography
14 Type
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Hot-Rolled Steel
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Market by Geography
14.4 Cold-Rolled Steel
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Geography
15 Geography
16 APAC
17 North America
18 Europe
19 Latin America
20 Middle East & Africa
21 Competitive Landscape
21.1 Competition Overview
22 Key Company Profiles
22.1 Arcelormittal
22.1.1 Business Overview
22.1.2 Financial Overview
22.1.3 Product Offerings
22.1.4 Key Strategies
22.1.5 Key Strengths
22.1.6 Key Opportunities
22.2 Nippon Steel Corporation
22.2.1 Business Overview
22.2.2 Financial Overview
22.2.3 Product Offerings
22.2.4 Key Strategies
22.2.5 Key Strengths
22.2.6 Key Opportunities
22.3 Shougang
22.3.1 Business Overview
22.3.2 Financial Overview
22.3.3 Product Offerings
22.3.4 Key Strategies
22.3.5 Key Strengths
22.3.6 Key Opportunities
22.4 Tata Steel
22.4.1 Business Overview
22.4.2 Financial Overview
22.4.3 Product Offerings
22.4.4 Key Strategies
22.4.5 Key Strengths
22.4.6 Key Opportunities
22.5 Hyundai Steel
22.5.1 Business Overview
22.5.2 Financial Overview
22.5.3 Product Offerings
22.5.4 Key Strategies
22.5.5 Key Strengths
22.5.6 Key Opportunities
23 Other Prominent Vendors
23.1 Anyang Iron & Steel Group Co. Ltd.
23.1.1 Company Overview
23.1.2 Product Offerings
23.2 British Steel
23.2.1 Company Overview
23.2.2 Product Offerings
23.3 China Ansteel Group Corporation Limited
23.3.1 Company Overview
23.3.2 Business Overview
23.3.3 Product Offerings
23.4 Emirates Steel
23.4.1 Company Overview
23.4.2 Product Offerings
23.5 Evraz plc
23.5.1 Company Overview
23.5.2 Business Overview
23.5.3 Product Offerings
23.6 Gerdau S/A
23.6.1 Company Overview
23.6.2 Business Overview
23.6.3 Product Offerings
23.7 Hbis Group Co. Ltd
23.7.1 Company Overview
23.7.2 Business Overview
23.7.3 Product Offerings
23.8 Jsw Steel
23.8.1 Company Overview
23.8.2 Business Overview
23.8.3 Product Offerings
23.9 Nucor
23.9.1 Company Overview
23.9.2 Business Overview
23.9.3 Product Offerings
23.10 Posco
23.10.1 Company Overview
23.10.2 Product Offerings
23.11 Ssab Ab
23.11.1 Company Overview
23.11.2 Business Overview
23.11.3 Product Offerings
23.12 Steel Authority of India Limited
23.12.1 Company Overview
23.12.2 Business Overview
23.12.3 Product Offerings
23.13 Tangshan Jun Nan Company Limited
23.13.1 Company Overview
23.13.2 Product Offerings
23.14 Voestalpine AG
23.14.1 Company Overview
23.14.2 Business Overview
23.14.3 Product Offerings
24 Report Summary
25 Quantitative Summary
26 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/ln54wj
Attachment
