The global structural steel market size was valued at US$ 77.93 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.74% from 2023 to 2030. Strong growth of construction industry coupled with the increasing focus on high-rise buildings are prime factors propelling market growth. Moreover, growing advancement in engineering technology is further projected to augment market growth over the forecast period.
Global Structural Steel Market: Regional Insights
Based on geography, the global structural steel market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific is estimated to hold the largest share of the global structural steel market over the forecast period. The region is expected to witness robust growth due to the rising population and government initiatives for improving housing conditions. In addition, the increase in infrastructure development is likely to boost the market growth.
Europe is also anticipated to witness substantial growth in the structural steel market during the forecast period. This market is expected to benefit from the increased reconstruction and renovation activities in Germany.
North America is also expected to experience significant growth in the structural steel market. The region is expected to experience a surge in the construction industry due to a rapidly developing economy and the rise in spending on building and infrastructure projects.
Figure 1. Global Structural Steel Market, By Regional, 2022
Global Structural Steel Market Drivers:
Increasing industrialization across developing countries to augment market growth
According to a report from International Monetary Fund (IMF), in 2021, around 37 emerging countries accounted for 80% of the global population, and approximately 70% of the global gross domestic product (GDP) growth was generated through emerging economies. Agriculture, oil & gas, automotive, textile and apparel, construction, manufacturing, and pharmaceutical industries are major industries that are witnessing strong demand. Thus, rapid industrialization will favor the market growth of structural steel.
Eco-friendly nature of structural steel to foster market growth
A major advantage of using structural steel in construction is that 90% of all steel that's used in a structure can be recycled and reused. This means that no new material will be needed to build the structure, making it a very environmentally friendly way to create buildings. Unlike wood and other materials, steel does not decompose when left in the ground for a long period of time. This makes it ideal for use in large outdoor structures, such as bridges and towers. It is a great material to work with as it is relatively easy to fabricate, and it can be shaped into just about any desired shape. This allows architects to design structures that they can't with other materials.
Global Structural Steel Market Opportunities:
Increasing use of structural steel over other construction materials is expected to provide significant growth opportunities. Often architects and contractors are using structural steel over other building materials, such as brick or wood because of the many benefits it offers. The flexibility of steel allows architects to design structures that are not restricted by a traditional rectangular shape. It can be rolled, curved or integrated into irregular shapes and it is also relatively fast to fabricate, making it an excellent choice for projects that need to be completed quickly.
Growing number of partnership and acquisition in the market is expected to serve additional market opportunities for key players. For instance, in February 2022, Trimble announced that Zamil Steel, a global marketer in Engineering and manufacturing of various high-quality steel products and the Middle East’s premier supplier of Pre-Engineered steel buildings and structural steel products, has chosen its software, including Tekla PowerFab, to transform steel fabrication in its factories in India, Saudi Arabia, Egypt, and Vietnam.
|Base Year:||2022||Market Size in 2022:||US$ 77.93 Mn|
|Historical Data for:||2018 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||5.74%||2030 Value Projection:||US$ 121.83 Mn|
Arcelormittal, Nippon Steel Corporation, Shougang, Tata Steel, Hyundai Steel, Anyang Iron & Steel Group Co., Ltd., British Steel, China Ansteel Group Corporation Limited, Emirates Steel, Evraz Plc, And Gerdau S/A
|Restraints & Challenges:||
Global Structural Steel Market Trends:
Growing focus on energy efficient infrastructure
Structural steel is fire-resistant and can withstand extreme temperatures. This makes it a safe building material that can be used in a variety of construction environments, from residential to commercial. Typical applications of structural steel include bridges, pylons, and other structures that support heavy weights. It is also a popular choice for energy efficient infrastructure such as oil and gas pipelines. Hence, growing trend of energy efficient infrastructure is propelling market growth.
Long-term durability and affordability
The cost of producing structural steel is much lower than other building materials. This makes it an attractive option for building budgets, especially as it’s tensile and compression strengths mean that it can be used to create buildings with a high strength to weight ratio, which is the best way to reduce overall construction costs.
Global Structural Steel Market Restraints:
High costs of the material is hampering market growth
Due to its high strength and durability, steel structures are usually more expensive than other materials like engineered wood or concrete. This is because steel can be a costly material to transport and requires specialized knowledge for fabrication. Hence, high cost is a major factor restricting market growth.
Insufficient Resistance to Natural Environments
Another major issue with structural steel is its inability to withstand the rigor of nature. Depending on where the steel structure is located, this can pose a problem if it is exposed to extreme weather conditions or even the presence of animals or insects. However, increasing industrialization and urbanization will open new avenue for the market growth.
Figure 2. Global Structural Steel Market, By Application, 2022
Global Structural Steel Market Segmentation:
The global structural steel market report is segmented into Application, Type, and Geography
Based on Application, the market is segmented into Infrastructure, Industrial, Commercial, and Residential. Out of which, Infrastructure is expected to dominate the global market over the forecast period. Structural steel is a common building material that is used to create strong and durable structures. Structural steel can be made into many different shapes, and it is typically used in the construction of high-rise buildings as well as other structures such as bridges and towers.
Residential segment is also expected to witness significant growth in the near future and this is owing to the growing demand for high-rise residential buildings.
Based on Type, the market is segmented into Hot-rolled Steel and Cold-rolled Steel. Out of which, Hot-rolled Steel is expected to dominate the global market over the forecast period. They require less processing which makes them less expensive. They are ideal for applications where dimensional tolerances are less critical than total material strength is not a big problem.
Cold-rolled Steel segment is also expected to witness significant growth in the near future and this is owing to their better dimensional and mechanical properties.
Global Structural Steel Market: 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.
Global Structural Steel Market: Key Companies Insights
The global structural steel market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global structural steel market are Arcelormittal, Nippon Steel Corporation, Shougang, Tata Steel, Hyundai Steel, Anyang Iron & Steel Group Co., Ltd., British Steel, China Ansteel Group Corporation Limited, Emirates Steel, Evraz Plc, And Gerdau S/A
*Definition: Structural steel is the most commonly used building material across all areas of construction. It has many advantages over other materials such as concrete, wood and masonry, and it can be fabricated into an endless variety of shapes and sizes.
Structural steel is one of the most popular and efficient materials used in the construction industry. It offers a number of benefits that other materials cannot match, including its high strength-to-weight ratio and flexibility. It also helps to reduce the cost of a building project and is environmentally friendly because it can be recycled without compromising its strength. The main purpose of structural steel is to provide stability for buildings and other structures. It is used in a wide variety of applications, from railways and bridges to factories and warehouses. It is an alloy that is primarily made from iron and carbon. The addition of small amounts of other elements, such as chromium, manganese and aluminum, can improve the properties of the metal. Unlike many other metals, which are used for a wide range of applications, structural steel is specialized. It can be forged into various shapes, and it can be adapted to have different properties to meet specific design requirements.
The increasing demand for structural steel products in the construction industry is projected to drive market growth. Another factor that is driving growth of the market is the growing demand for pre-engineered and prefabricated construction projects. This is largely due to the increasing popularity of this product among construction companies and their customers. The growing need for high-quality and long-lasting infrastructure is also projected to increase the demand for structural steel in the near future. This is attributed to the increasing need for infrastructure in countries with fast-growing economies such as China and India. Besides, rising demand for structural steel from the automotive industry is further projected to boost growth of this market.
On the other hand, fluctuating price of raw materials is expected to restrict the market growth.
Key features of the study:
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