The construction sector is dynamic, and the structural steel market has changed significantly in recent years. With its recyclability and reuse, structural steel supports these sustainability aims. This trend is encouraging structural steel producers and suppliers to adopt eco-friendly raw material and production methods.
The use of innovative structural steel manufacturing and construction technologies is another industry trend. The industry is using BIM, automation, and robotics to improve efficiency, accuracy, and project schedules. For detailed 3D modeling and simulation of steel buildings before construction, architects and engineers use BIM. This speeds up the design process and helps detect and resolve difficulties early, reducing delays and costs. Smart solutions and digital platforms may become more prevalent in the structural steel sector as technology advances.
Economic changes worldwide also influence the structural steel market. Construction activity rises during economic growth, increasing structural steel demand. Economic downturns can delay projects and cut construction spending, hurting the market. Thus, structural steel stakeholders regularly watch economic trends and alter their strategy. The structural steel market can adapt to shifting economic conditions and identify development possibilities in tough times.
Regional trends show construction moving to emerging markets. Asia, Africa, and Latin America are seeing rapid urbanization, population growth, and infrastructure development, increasing structural steel demand. These regions are building more high-rise buildings, bridges, and industrial facilities, driving structural steel market growth. Established markets in North America and Europe are still important, but emerging markets provide new expansion and investment opportunities.
Industry norms and regulations affect the structural steel market. Safety, quality, and sustainability are becoming more important to governments and regulators in construction. Due to higher construction norms and standards, structural steel manufacturing and use have changed. Market companies must follow these regulatory changes to stay compliant and competitive.
Sustainability concerns, technical advances, economic swings, regional movements, and regulatory changes are transforming the structural steel business. This industry's stakeholders must adapt to these trends to seize opportunities and overcome obstacles. As the building industry evolves, the structural steel market will shape city skylines and national infrastructure.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | The factors driving the market growth include rapid urbanization, significant expansion in the construction sector, and a growing emphasis on innovation in green construction materials. |
Market Dynamics | Recyclable, Environmentally friendly Reduces the greenhouse gas emissions |
Structural Steel Market Size was valued at USD 110.80 billion in 2023. The Structural Steel industry is projected to grow from USD 117.50 Billion in 2024 to USD 187.94 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.05% during the forecast period (2024 - 2032). The market drivers is fueled by several key factors, including the growing demand for energy conservation, waste reduction in construction, strict regulations on carbon emissions, and the urgency to address rapid deforestation. These drivers push the industry towards sustainable practices and solutions, creating opportunities for innovative and eco-friendly products and technologies.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The demand for stainless steel, a key structural steel component, is rising due to the growth of manufacturing industries. Structural steel's recyclability aligns with the demand for green building construction, further boosting its market. Countries like India and China, experiencing significant construction and infrastructure development, contribute to the expansion of the structural steel market. Government initiatives to enhance housing conditions drive the demand for structural steel in construction. Additionally, utilizing structural steel in large facades and walls contributes to the market's robust growth. This factor drives Market CAGR.
Additionally, the significant increase in residential and no building across the globe and the use of structural steel in constructing these buildings is considered the major driver for the structural steel market. The growth in manufacturing industries creates demand for flat products like stainless steel, which can drive the structural steel market. The increasing demand for green building construction is also increasing the market for structural steel as this structural steel is recyclable. Further, the growing construction activities and infrastructure development in countries like India and China can considerably increase the market for structural steel. The government initiative for improving housing situations across different countries has increased the demand for structural steel in the construction industry. Structural steel is used in large facades, walls, and other materials. Real estate companies are constructing various office areas, which also act as a growth driver for the structural steel market. Thus, these factors drive the Structural Steel market revenue.
The Structural Steel market segmentation is based on heavy sectional steel, light sectional steel, and rebar products. The heavy sectional steel segment dominated the market due to its strength, load-bearing capacity, and suitability for supporting substantial loads and providing structural stability. It is commonly employed in applications where structural integrity and durability are paramount.
The Structural Steel market segmentation, based on application, includes residential, non-residential and infrastructure. The non-residential segment dominates the market and is often influenced by the construction of commercial buildings, industrial facilities, and institutional structures. Structural steel is favored in these applications due to its strength, versatility, and ability to support large spans and heavy loads.
Figure 1: Structural Steel Market, by Application, 2023 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Structural Steel Market area will dominate this market because the market in this region is primarily driven by rapid industrial growth in conjunction with technological advancements in the region's construction industry. China has emerged as the most profitable country in this Region due to its rapid GDP growth, which has fueled demand for construction activities. Moreover, China’s Structural Steel market held the largest market share, and the Indian Structural Steel market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: STRUCTURAL STEEL MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Structural Steel market accounts for the second-largest market share. The global market for structural steel is witnessing substantial growth driven by the rise in residential and no building construction activities worldwide. There is also a growing emphasis on innovation in green construction materials, further propelling the market. The German Structural Steel market holds the largest market share among European countries, while the UK Structural Steel market is experiencing rapid growth.
The North America Structural Steel Market is expected to grow at the fastest CAGR from 2024 to 2032. Increased construction spending also drives demand in the region's structural steel market. The Region suffered a heavy economic loss, especially in the U.S. and Mexico, due to the COVID-19 pandemic.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Structural steel market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Structural Steel industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Structural Steel industry to benefit clients and increase the market sector. The Structural Steel industry has offered some of the most significant advantages in recent years. Major players in the Structural Steel market include Arcelor Mittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, POSCO, Wuhan Group, Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, Hyundai Steel Co. Ltd., Bohai Group.
Anshan Iron and Steel Group Corporation, a state-owned steel maker in China, is currently undergoing a potential merger with Benxi Iron & Steel Group. This strategic move by Anshan Iron & Steel Group is set to enhance the presence and global expansion of major players in the industry, providing new opportunities for growth and development.
Hesteel Group Company Limited, a prominent Chinese iron and steel conglomerate, recently acquired a 70% stake in Indian steel producer Tata Steel. This strategic move allows Hesteel to expand its international market share, particularly in Southeast Asia, with a growing focus on construction and infrastructure projects. Formerly known as Hebei Iron and Steel Group Co., Ltd., Hesteel Group is recognized for its iron and steel manufacturing industry expertise.
Sept 2020: Atlantech Online announced they had lit Anthem Row with fiber. The tenants on 700 K Street, NW, and 800 K Street, can now enjoy high-speed Internet bandwidth at affordable prices. Atlantech's Hosted PBX Service service can be utilized by tenants adding to the company's legacy.
Oct 2020: Vonage has teamed up with Hacktoberfest to promote and honor contributions to the Open Source community. As part of their initiative, Vonage provides access to their libraries, code snippets, and demos on GitHub, supporting developers in their Open Source projects.
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)