The Structural Steel Market is estimated to be valued at US$ 77.93 million in 2022 and is expected to exhibit a CAGR of 5.74% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Structural Steel Market involves the production and use of steel products for various construction purposes. Structural steel is widely used in the construction industry for its high strength, durability, and versatility. It is primarily used in the construction of buildings, bridges, industrial facilities, and infrastructural projects. The increasing construction activities and growing infrastructure development across the globe are driving the demand for structural steel. The market is also witnessing growth due to the widespread adoption of sustainable construction practices, which favor the use of structural steel due to its recyclability and energy efficiency.
The growth of the Structural Steel Market is driven by two major factors. Firstly, the increasing construction activities in both developed and developing countries are fueling the demand for structural steel. Rapid urbanization, population growth, and the need for modern infrastructure are driving the construction sector, thus boosting the market growth. Secondly, the growing focus on sustainable construction practices is creating opportunities for the market. Structural steel is known for its recyclability and energy efficiency, making it a preferred choice for green building initiatives. Additionally, the use of advanced technologies, such as 3D printing and digital modeling, is improving the efficiency and accuracy of structural steel construction, further driving market growth.
The structural steel market can be segmented based on product type, application, and end-use industry. Among product types, the dominating segment is the carbon structural steel. This is due to its wide range of applications in various industries such as construction, infrastructure, and manufacturing. Carbon structural steel offers high tensile strength, durability, and resistance to corrosion, making it suitable for building structures, bridges, and machinery.
Political: The political stability of a country plays a crucial role in the growth of the structural steel market. Government regulations related to construction and infrastructure development can impact the demand for structural steel.
Economic: Economic factors such as GDP growth, disposable income, and construction spending influence the demand for structural steel. A growing economy with increased construction activities drives the market growth.
Social: The increasing urbanization and population growth create a demand for residential and commercial buildings, which drives the demand for structural steel. The preference for eco-friendly and sustainable construction materials also influences the market.
Technological: Advancements in technology have led to the development of new manufacturing processes for structural steel, improving its quality and efficiency. Technological advancements also enable the use of structural steel in innovative applications such as high-rise buildings and automotive structures.
The Global Structural Steel Market Growth is expected to witness high, exhibiting a CAGR of 5.74% over the forecast period. This growth can be attributed to the increasing construction and infrastructure development activities worldwide. Governments are investing in the development of smart cities and sustainable infrastructure, driving the demand for structural steel.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the structural steel market. The rapid urbanization, population growth, and industrialization in countries like China, India, and Japan are fueling the demand for structural steel. Additionally, the increasing investments in infrastructure development projects further boost the market growth in this region.
Key players operating in the structural steel market include 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. These key players have a strong global presence and focus on strategic partnerships, product innovation, and expansion to maintain their market position in the competitive structural steel market.