Rockville, March 06, 2023 (GLOBE NEWSWIRE) -- Growing demand for high-quality construction materials for use in both non-residential and residential buildings, including institutions, commercial buildings, and offices, is driving the market for structural steel. Fact.MR, a provider of market research and competitive intelligence, reveals in its newly published report that the global structural steel market is estimated to expand at a CAGR of 4.8% to reach a market valuation of US$ 166 billion by the end of 2033.
In recent years, there has been a significant increase in residential as well as non-residential construction activities. Increasing demand for different steel products and building materials is expected to create opportunities for market players in these sectors. Moreover, technological advancements in pre-engineered and prefabricated building projects in the construction industry are also contributing to the rising demand for structural steel, globally.
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Emerging economies such as India are predicted to propel the demand for infrastructural developments. One of the key trends in the construction industry includes emphasizing the innovation of green construction materials for a sustainable development approach. These materials are eco-friendly, recyclable, and can help in the reduction of greenhouse gas emissions. The expanding construction industry contributes to the rising demand for stainless steel, which can generate higher revenue in the target industry. Further, the increasing infrastructure development and construction activities in countries around the world, including China, India, and others are forecasted to bring novel opportunities for market players.
Government bodies around the world are taking initiatives to improve housing conditions, which have generated higher demand for structural steel in the end-use industry, i.e., the construction industry. Large walls, facades, and other materials are manufactured with structural steel. Structural steel plays a crucial role in the construction of large canals, factories, bridges, frames, bars, columns, beams, and warehouses. Furthermore, structural steel is also utilized in the construction of trains, ships, trucks, and rail tracks owing to its corrosion resistance, tensile strength, and ductility.
On the flip side, lack of awareness or minimal awareness related to the advantages of structural steel is expected to restrain its adoption to some extent. Moreover, constant fluctuations in the prices of raw materials are also expected to dent market expansion over the years ahead.
Key Takeaways from Market Study
- The global structural steel market is valued at US$ 103.8 billion in 2023.
- Sales of structural steel are anticipated to reach US$ 166 billion by the end of 2033.
- The global market is projected to expand at a CAGR of 4.8% from 2023 to 2033.
- Demand for structural steel is forecasted to advance at a CAGR of 4% in Canada.
- The residential segment is predicted to expand at a CAGR of 5% over the decade.
- Sales of structural steel are expected to progress at a CAGR of 3.2% in Germany.
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Competitive Landscape
Leading companies supplying structural steel are spending on strengthening their supply chain management systems to expand their footprints across the globe. Further, they are involved in technological advancements to produce more effective and quality products. Minimal environmental impact during the manufacturing of structural steel is also ensured by them.
Key manufacturers of structural steel are investing in new developments and upgrading their existing production systems.
For instance:
- In July 2021, ArcelorMittal announced an upgrade to its existing plant in Spain with a zero-carbon emission facility. This facility is predicted to manufacture around 1.5 tons of zero-carbon-emission steel on an annual basis by the end of 2025.
- On November 12, 2019, POSCO launched its premium brand INNOVILT. It aims to produce steel products for different construction industries. INNOVILT focuses on various architectural services, including houses, commercial buildings, and infrastructure like bridges and roads.
Key Market Players
- Anshan Iron & Steel Group Corporation
- JSW Steel Limited
- Hyundai Steel Co., Ltd. (HSC)
- Hebei Steel Group
- Gerdau S.A.
- Evraz Group
- Baosteel Group Corporation
- Bohai Steel Group Co. Ltd
Segmentation of Structural Steel Industry Research
- By Type:
- Carbon-manganese Steel
- HSLA (High Strength, Low Alloy Steel)
- Heat Treated Carbon Steel
- Heat Treated Alloy Steel
- By Application:
- Non-residential
- Residential
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global structural steel market for the period from 2023 to 2033.
The study divulges essential insights into the market based on type (carbon-manganese steel, HSLA (high strength, low alloy steel), heat-treated carbon steel, heat-treated alloy steel) and application (non-residential and residential), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Check out more related studies published by Fact.MR Research:
High Speed Steel Market Demand: The global high speed steel market demand is projected to expand at a CAGR of close to 7% throughout the assessment period of 2021 to 2031, and cross a valuation of US$ 4.5 Bn in 2031. M grade high speed steel to dominate demand with over 40% market share over the next ten years.
Advanced High Strength Steel (AHSS) Market Sales: The global advanced high strength steel (AHSS) market sales is set to reach a valuation of US$ 20.3 billion in 2022 and expand rapidly at a CAGR of 7.9% to end up at US$ 44.2 billion by 2032. Sales of advanced high strength steel (AHSS) accounted for nearly 2% share of the global steel market at the end of 2021.
Armour Steel Plate Market Size: The global armour steel plate market size is expected to value at US$ 1.3 billion in 2022 and further expand at a CAGR of 3.8% to reach US$ 1.9 billion by the end of 2032. Sales of armour steel plate accounted for nearly 0.7% of the global special steel market at the end of 2021. Construction and defense are two dominant end-users that account for major revenue generation opportunity.
Duplex Stainless Steel Market Share: Duplex stainless steel market share is expected to grow with impressive growth rate, backed by its physical properties and increasing application usage. Furthermore, mounting demand for high strength stainless steel tanks in chemical industry to create numerous opportunities for duplex stainless steel market over the forecast period.
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