Global Structural Steel Market Report and Forecast 2024-2032

Global Structural Steel Market Size

The global structural steel market stood at a value of around USD 113.37 billion in 2023. The market is further expected to grow at a CAGR of 5.7% in the forecast period of 2024-2032 to attain a value of USD 186.87 billion by 2032.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Non-Residential Segment to Account for a Substantial Market Share of the Global Structural Steel Industry

Based on application, the non-residential segment is predicted to occupy a substantial market share in the structural steel  industry. The segment growth can be associated with the increasing infrastructural developments of non-residential buildings globally, such as institutional, commercial, and industrial buildings. Moreover, the increasing construction of other building structures such as highways and bridges is also driving the demand for structural steel. In addition, government initiatives and increasing investments in the construction of smart cities are also expected to aid the market growth in the forecast period.

The Asia Pacific to Dominate the Global Structural Steel Industry

The Asia Pacific is expected to lead the global market for structural steel in the forecast period. This growth can be attributed to the rising population in the region. In order to meet the housing requirements of the increasing population, the governments are devising housing strategies and the construction of smart cities in the region. The growing population  is also leading to an increased demand for non-residential buildings such as commercial buildings for employment purposes. These factors are expected to catalyse the market growth of the global structural steel  industry in the Asia Pacific.

In April 2021, Anshan Iron & Steel Group, a leading steel manufacturer based in China, announced a potential merger underway with Benxi Iron & Steel Group. Such developments are expected to further increase the penetration and global reach of key players operating in the industry.

Structural Steel Industry Segmentation

Structural steel is a carbon steel used in a variety of shapes in the critical infrastructure construction process. It is mainly used as a reinforcement material along with concrete to counter its low tensile strength: the resistance to lengthwise stress and ductility, which is the extent to which a material can sustain deformation under tensile stress, which allows the steel to redistribute stress. Appropriate industry standards define structural steel based on its chemical composition and tensile properties, which can be altered to meet specific building requirements. Major shapes of structural steel include universal beams, angled sections, and universal columns, among others.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

By application, the market is categorised into:

• Non-Residential
• Residential

Among these, the non-residential segment is further divided into industrial, commercial, offices, and institutional.

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Rapid Urbanisation and Increased Housing Demands to Drive the Market Growth of the Global Structural Steel Industry

The rapid population growth is being observed worldwide, leading to an increased demand for residential and non-residential infrastructure construction. According to UN statistics, the world population is expected to increase from 7.7 billion to 9.7 billion by 2050. Among these, 61% of the world's population resides in Asia, with China and India accounting for more than 1 billion people. As a result, the growing urbanisation is furthering the demand for infrastructural development for housing and commercial buildings. Similarly, the growing trends for the construction of high-rise buildings and skyscrapers are also expected to increase the demand for structural steel in the forecast period. These factors are estimated to impact the market growth positively in the forecast period.

Key Industry Players in the Global Structural Steel Market

The report gives a detailed analysis of the following key players in the global structural steel market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Anshan Iron & Steel Group Corporation
• Anyang Iron & Steel Group Co. Ltd.
• Arcelor Mittal S.A.
• Tata Steel Limited
• McFarlane Mfg.
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report