Structural Steel Market - Global Outlook & Forecast 2022-2027

List of Tables

The structural steel market is expected to grow at a CAGR of 6.41% during 2022-2027.

MARKET INSIGHTS

Structural steel is carbon steel, meaning carbon content is up to 2.1% by weight. Therefore, we can say that coal is the essential raw material for structural steel after iron ore. Many times, structural steel is used in various construction activities. Structural steel comes in numerous shapes, giving architects and civil engineers freedom in designing. Structural steel is used to construct warehouses, aircraft hangers, stadiums, steel and glass buildings, industrial sheds, and bridges. In addition, structural steel is wholly or partially used to construct residential and commercial buildings. Structural steel is an adaptable and convenient construction material that helps in manufacturing versatility and provides structural strength without excessive weight, from commercial to residential to road infrastructure.
Structural steel is also used in various industries such as power generation, electricity transmission & distribution, mining, etc. Most of the substructure components in the mines are supported by structural steel beams and columns. Structural steel is used to construct all workshops, offices, and mine structural sections such as mining screens, fluidized bed boilers, and structures. Structural steels are often specified by industry or national standards such as the American Society for Testing and Materials (ASTM), British Standards Institution (BSI), International Standards Organisation (ISO), and so on. In most situations, standards specify fundamental requirements, such as chemical composition, tensile strength, and load-carrying capacity.
Many standards across the world specify structural steel forms. In brief, standards specify angles, tolerances, dimensions, and cross-sectional measurements of steel called structural steel. Many sections are manufactured by hot or cold rolling, while others are formed by welding flat or curved plates together. The structural steel beams and columns are connected by using welding or bolts. Steel structures are widely used in the construction of industrial sheds due to their ability to withstand enormous loads and vibrations.
Additionally, ships, submarines, supertankers, ladders, steel floors and grating, steps, and manufactured steel pieces are examples of maritime vehicles that use structural steel. Structural steel can withstand external pressures and is quickly produced. These characteristics make structural steel suitable for use in the naval industry. Therefore, many structures that support the marine industry, such as docs and ports, use a wide range of steel structures.

MARKET TRENDS & OPPORTUNITIES

Growing Market of Light Gauge Steel Framing

Light gauge steel frame (LGSF) structure is a new-generation construction technology widely used in residential and commercial construction in the structural steel market. This technology uses cold-formed steel. Generally, a light gauge steel frame is applied for roof systems, wall systems, roof panels, floor systems, decks, and the entire building. Designing LGSF structures offers great flexibility in the design. Compared to conventional RCC and wooden structures, the LGSF can be used for long distances, providing flexibility in design. Using steel in construction permits designers and architects to design freely by taking advantage of the high strength of steel. This flexibility of LGSF offers a large floor area compared to RCC structures. The LGSF technology is cost-effective for constructing residential and commercial buildings; therefore, the demand for LGSF structures is expected to grow in emerging economies due to the low disposable income of people.

Growing Demand for Sustainable Construction Materials

The demand for sustainable construction materials is increasing rapidly in the global structural steel market as these materials are environmentally friendly and help the construction industry to practice sustainable development. Structural steel is one of the sustainable construction materials for the construction industry that has been used in many buildings and industrial shed projects. Structural steel is widely used in industrial sheds; structural steel components get damaged because of continuous wear and tear due to various manufacturing activities. Therefore, structural steel components are regularly replaced and repaired to maintain structural integrity. Structural steel is a highly recyclable construction material that is generally used in industrial sheds and some residential structures. Additionally, structural steel buildings' life is more than regular bricks and concrete structures. Steel structures take less time to construct, and the wastage of materials is less due to the pre-engineered nature of construction.

INDUSTRY CHALLENGES

Expensive Maintenance

The maintenance cost of structural steel buildings is higher than conventional buildings. For example, if the steel column gets damaged, you need to replace the whole column, but for conventional columns, there are some procedures to repair that damage. Similarly, steel structures need anti-rusting coating and paint more often to prevent steel structures rust. These anti-rust coats and paints increase the maintenance cost for steel structures; thereby, the expensive maintenance causes a hindrance to the growth of the structural steel market.

SEGMENTATION ANALYSIS

INSIGHTS BY APPLICATION

The structural steel market is segmented into infrastructure, industrial, commercial, and residential under the application segment. Infrastructure is expected to be the largest application segment in the structural steel market. It is expected to grow at a CAGR of 6.65% during the forecast period. Structural steel is utilized in various infrastructures, including trains, bridges, towers, tunnels, airports, ports, electricity grids, and other constructions. In recent years, the demand for the infrastructure sector is expected to grow significantly due to rapid industrial development and increasing population. Therefore, the demand for structural steel for the infrastructure segment is also projected to grow. Governments and developers use structural steel for infrastructure projects because of its cost, time efficiency, and sustainable properties. Infrastructure development is critical for a country's economic success; thus, governments invest heavily in infrastructure projects such as trains, roads, electricity, water, and sanitation.

Segmentation by Application

Infrastructure
Industrial
Commercial
Residential

INSIGHTS BY TYPE

Hot rolled steel is the largest segment amongst others in the structural steel market and is expected to reach 235.29 billion by 2027. Hot rolled steel is widely used in structural steel construction. Hot-rolled steel is more accessible to manufacture than cold-rolled steel, and the cost of manufacturing is also lower than cold-rolled steel.

Therefore, many contractors, architects, and building designers are using hot-rolled steel, which saves significant money in building construction. Hot rolled steel utilizes compressive forming processes such as rolling, metal extrusion, forging, etc. Because metal can be formed at high temperatures without additional delays, it can be produced in more significant quantities than cold-rolled steel.

Segmentation by Type

Hot-Rolled Steel
Cold-Rolled Steel

GEOGRAPHICAL ANALYSIS

The global structural steel market has many established companies operating in major parts of the world. APAC is one of the largest structural steel markets, growing with a CAGR of 6.68%. The growth is attributed to the infrastructure and industrial development in this region increasing rapidly due to the high population, abundant availability of raw materials, friendly government policies, increased FDI, and availability of skilled and unskilled labor. Asia Pacific region is home to various developing countries such as India, China, South Korea, and Indonesia. Governments of these developing countries have come up with monetary and fiscal policies attracting investment in industrial and infrastructure activities and boosting economic development. Similarly, the growing population is strengthening the commercial and residential sectors due to growing economic activities.

Even though APAC is a dominant market in the world, many other countries with high scope of development in structural steel will challenge APAC's dominance. Regions such as North America and Europe have the most developed countries with well-established industries that require significant infrastructure to support the daily operations of various sectors. Additionally, the growing awareness of sustainable development in developed countries is expected to boost the structural steel market in North America and Europe.

Segmentation by Geography

North America
- U.S.
- Canada
Europe
- Russia
- Germany
- Itay
- France
- Spain
- U.K.
- Rest of Europe
APAC
- China
- India
- Japan
- South Korea
- Rest of APAC
Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
Latin America
- Brazil
- Mexico
- Rest of Latin America

VENDOR LANDSCAPE

The major players in the structural steel market have formed strategic partnerships with various building and industrial shed construction companies and the various industries that use structural steel. This gives companies a competitive advantage that boosts their market share. The key companies have developed aftermarket services that create value for their customers. Companies in the structural steel industry compete strategically. The growth in sustainable processes and initiatives has challenged all companies globally. Investments in R&D, technological advancement, and environmental and economic challenges drive the demand for innovative and sustainable structural steel products.

Some key players in the global structural steel market include ArcelorMittal (Luxembourg), Tata Steel (India), Nippon (Japan), Hyundai Steel (South Korea), and Shougang (China). These players have adopted strategies such as expansion, acquisitions, new product development, joint ventures, and others to increase their revenues in the structural steel market. Furthermore, other prominent companies such as Anyang Iron & Steel Group (China), British Steel (UK), Emirates Steel (UAE), Evraz (UK), and others have invested significant capital in R&D to develop structural steel products that will appeal to the customers. Therefore, these other prominent companies are giving tough competition to major companies.

Key Vendors

ArcelorMittal
Nippon Steel Corporation
Shougang
TATA Steel
Hyundai Steel

Other Vendors

Anyang Iron & Steel Group Co., Ltd.
British Steel
China Ansteel Group Corporation Limited
Emirates Steel
Evraz PLC
Gerdau S/A
HBIS Group Co., Ltd
JSW Steel
Nucor
POSCO
SSAB
Steel Authority of India Limited (SAIL)
Tangshan Jun Nan Trade Company Limited
Voestalpine AG

KEY QUESTIONS ANSWERED

1. How big is the structural steel market?
2. What is the projected market size of the global structural steel market by 2027?
3. What is the growth rate of the global structural steel market?
4. Which region dominates the global structural steel market?
5. What are the primary trends in the structural steel market?
6. Who are the key players in the global structural steel market?

Product Code: ARZ220917

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION
- 4.1.1 INCLUSIONS
- 4.1.2 EXCLUSIONS
- 4.1.3 MARKET ESTIMATION CAVEATS
4.2 BASE YEAR
4.3 SCOPE OF THE STUDY
- 4.3.1 MARKET SEGMENTATION BY GEOGRAPHY

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS
5.2 CURRENCY CONVERSION
5.3 MARKET DERIVATION

6 PREMIUM INSIGHTS

6.1 INTRODUCTION
6.1 MARKET SYNOPSIS
- 6.1.1 ENABLERS
- 6.1.2 OPPORTUNITIES
- 6.1.3 CHALLENGES
6.2 SEGMENT REVIEW
- 6.2.1 APPLICATION
- 6.2.2 TYPE
6.3 GEOGRAPHY
6.4 COMPANIES & STRATEGIES

7 MARKET AT A GLANCE

8 INTRODUCTION

8.1 OVERVIEW

9 MARKET OPPORTUNITIES & TRENDS

9.1 INNOVATION & TECHNOLOGICAL ADVANCES IN STEEL INDUSTRY
9.2 RESIDENTIAL & INFRASTRUCTURE DEVELOPMENT
9.3 DEMAND FOR SUSTAINABLE CONSTRUCTION MATERIALS

10 MARKET GROWTH ENABLERS

10.1 RAPID INDUSTRIALIZATION OF EMERGING ECONOMIES
10.2 GROWTH OF LIGHT GAUGE STEEL FRAMING MARKET

11 MARKET RESTRAINTS

11.1 EXPENSIVE MAINTENANCE
11.2 FLUCTUATIONS IN RAW MATERIAL PRICES

12 MARKET LANDSCAPE

12.1 MARKET OVERVIEW
12.2 MARKET SIZE & FORECAST
12.3 FIVE FORCES ANALYSIS
- 12.3.1 THREAT OF NEW ENTRANTS
- 12.3.2 BARGAINING POWER OF SUPPLIERS
- 12.3.3 BARGAINING POWER OF BUYERS
- 12.3.4 THREAT OF SUBSTITUTES
- 12.3.5 COMPETITIVE RIVALRY
12.4 VALUE CHAIN ANALYSIS
- 12.4.1 RAW MATERIAL SUPPLIERS
- 12.4.2 MANUFACTURERS
- 12.4.3 DISTRIBUTORS
- 12.4.4 END-USERS
12.5 MACRO ECONOMIC FACTORS

13 APPLICATION

13.1 MARKET SNAPSHOT & GROWTH ENGINE
13.2 MARKET OVERVIEW
13.3 INFRASTRUCTURE
- 13.3.1 MARKET OVERVIEW
- 13.3.2 MARKET SIZE & FORECAST
- 13.3.3 MARKET BY GEOGRAPHY
13.4 INDUSTRIAL
- 13.4.1 MARKET OVERVIEW
- 13.4.2 MARKET SIZE & FORECAST
- 13.4.3 MARKET BY GEOGRAPHY
13.5 COMMERCIAL
- 13.5.1 MARKET OVERVIEW
- 13.5.2 MARKET SIZE & FORECAST
- 13.5.3 MARKET BY GEOGRAPHY
13.6 RESIDENTIAL
- 13.6.1 MARKET OVERVIEW
- 13.6.2 MARKET SIZE & FORECAST
- 13.6.3 MARKET BY GEOGRAPHY

14 TYPE

14.1 MARKET SNAPSHOT & GROWTH ENGINE
14.2 MARKET OVERVIEW
14.3 HOT-ROLLED STEEL
- 14.3.1 MARKET OVERVIEW
- 14.3.2 MARKET SIZE & FORECAST
- 14.3.3 MARKET BY GEOGRAPHY
14.4 COLD-ROLLED STEEL
- 14.4.1 MARKET OVERVIEW
- 14.4.2 MARKET SIZE & FORECAST
- 14.4.3 MARKET BY GEOGRAPHY

15 GEOGRAPHY

15.1 MARKET SNAPSHOT & GROWTH ENGINE
15.2 GEOGRAPHIC OVERVIEW

16 APAC

16.1 MARKET OVERVIEW
16.2 MARKET SIZE & FORECAST
16.3 APPLICATION
- 16.3.1 MARKET SIZE & FORECAST
16.4 TYPE
- 16.4.1 MARKET SIZE & FORECAST
16.5 KEY COUNTRIES
16.6 CHINA
- 16.6.1 MARKET SIZE & FORECAST
16.7 INDIA
- 16.7.1 MARKET SIZE & FORECAST
16.9 JAPAN
- 16.9.1 MARKET SIZE & FORECAST
16.10 SOUTH KOREA
- 16.10.1 MARKET SIZE & FORECAST
16.11 REST OF APAC
- 16.11.1 MARKET SIZE & FORECAST

17 NORTH AMERICA

17.1 MARKET OVERVIEW
17.2 MARKET SIZE & FORECAST
17.3 APPLICATION
- 17.3.1 MARKET SIZE & FORECAST
17.4 TYPE
- 17.4.1 MARKET SIZE & FORECAST
17.5 KEY COUNTRIES
17.6 US
- 17.6.1 MARKET SIZE & FORECAST
17.7 CANADA
- 17.7.1 MARKET SIZE & FORECAST

18 EUROPE

18.1 MARKET OVERVIEW
18.2 MARKET SIZE & FORECAST
18.3 APPLICATION
- 18.3.1 MARKET SIZE & FORECAST
18.4 TYPE
- 18.4.1 MARKET SIZE & FORECAST
18.5 KEY COUNTRIES
18.6 RUSSIA
- 18.6.1 MARKET SIZE & FORECAST
18.7 GERMANY
- 18.7.1 MARKET SIZE & FORECAST
18.8 ITALY
- 18.8.1 MARKET SIZE & FORECAST
18.9 FRANCE
- 18.9.1 MARKET SIZE & FORECAST
18.10 SPAIN
- 18.10.1 MARKET SIZE & FORECAST
18.12 UK
- 18.12.1 MARKET SIZE & FORECAST
18.13 REST OF EUROPE
- 18.13.1 MARKET SIZE & FORECAST

19 LATIN AMERICA

19.1 MARKET OVERVIEW
19.2 MARKET SIZE & FORECAST
19.3 APPLICATION
- 19.3.1 MARKET SIZE & FORECAST
19.4 TYPE
- 19.4.1 MARKET SIZE & FORECAST
19.5 KEY COUNTRIES
19.6 BRAZIL
- 19.6.1 MARKET SIZE & FORECAST
19.7 MEXICO
- 19.7.1 MARKET SIZE & FORECAST
19.8 REST OF LATIN AMERICA
- 19.8.1 MARKET SIZE & FORECAST

20 MIDDLE EAST & AFRICA

20.1 MARKET OVERVIEW
20.2 MARKET SIZE & FORECAST
20.3 APPLICATION
- 20.3.1 MARKET SIZE & FORECAST
20.4 TYPE
- 20.4.1 MARKET SIZE & FORECAST
20.5 KEY COUNTRIES
20.6 SAUDI ARABIA
- 20.6.1 MARKET SIZE & FORECAST
20.7 UAE
- 20.7.1 MARKET SIZE & FORECAST
20.8 SOUTH AFRICA
- 20.8.1 MARKET SIZE & FORECAST
20.9 REST OF MEA
- 20.9.1 MARKET SIZE & FORECAST

21 COMPETITIVE LANDSCAPE

21.1 COMPETITION OVERVIEW

22 KEY COMPANY PROFILES

22.1 ARCELORMITTAL
- 22.1.1 BUSINESS OVERVIEW
- 22.1.2 FINANCIAL OVERVIEW
- 22.1.3 PRODUCT OFFERINGS
- 22.1.4 KEY STRATEGIES
- 22.1.5 KEY STRENGTHS
- 22.1.6 KEY OPPORTUNITIES
22.2 NIPPON STEEL CORPORATION
- 22.2.1 BUSINESS OVERVIEW
- 22.2.2 FINANCIAL OVERVIEW
- 22.2.3 PRODUCT OFFERINGS
- 22.2.4 KEY STRATEGIES
- 22.2.5 KEY STRENGTHS
- 22.2.6 KEY OPPORTUNITIES
22.3 SHOUGANG
- 22.3.1 BUSINESS OVERVIEW
- 22.3.2 FINANCIAL OVERVIEW
- 22.3.3 PRODUCT OFFERINGS
- 22.3.4 KEY STRATEGIES
- 22.3.5 KEY STRENGTHS
- 22.3.6 KEY OPPORTUNITIES
22.4 TATA STEEL
- 22.4.1 BUSINESS OVERVIEW
- 22.4.2 FINANCIAL OVERVIEW
- 22.4.3 PRODUCT OFFERINGS
- 22.4.4 KEY STRATEGIES
- 22.4.5 KEY STRENGTHS
- 22.4.6 KEY OPPORTUNITIES
22.5 HYUNDAI STEEL
- 22.5.1 BUSINESS OVERVIEW
- 22.5.2 FINANCIAL OVERVIEW
- 22.5.3 PRODUCT OFFERINGS
- 22.5.4 KEY STRATEGIES
- 22.5.5 KEY STRENGTHS
- 22.5.6 KEY OPPORTUNITIES

23 OTHER PROMINENT VENDORS

23.1 ANYANG IRON & STEEL GROUP CO., LTD.
- 23.1.1 COMPANY OVERVIEW
- 23.1.2 PRODUCT OFFERINGS
23.2 BRITISH STEEL
- 23.2.1 COMPANY OVERVIEW
- 23.2.2 PRODUCT OFFERINGS
23.3 CHINA ANSTEEL GROUP CORPORATION LIMITED
- 23.3.1 COMPANY OVERVIEW
- 23.3.2 BUSINESS OVERVIEW
- 23.3.3 PRODUCT OFFERINGS
23.4 EMIRATES STEEL
- 23.4.1 COMPANY OVERVIEW
- 23.4.2 PRODUCT OFFERINGS
23.5 EVRAZ PLC
- 23.5.1 COMPANY OVERVIEW
- 23.5.2 BUSINESS OVERVIEW
- 23.5.3 PRODUCT OFFERINGS
23.6 GERDAU S/A
- 23.6.1 COMPANY OVERVIEW
- 23.6.2 BUSINESS OVERVIEW
- 23.6.3 PRODUCT OFFERINGS
23.7 HBIS GROUP CO., LTD
- 23.7.1 COMPANY OVERVIEW
- 23.7.2 BUSINESS OVERVIEW
- 23.7.3 PRODUCT OFFERINGS
23.8 JSW STEEL
- 23.8.1 COMPANY OVERVIEW
- 23.8.2 BUSINESS OVERVIEW
- 23.8.3 PRODUCT OFFERINGS
23.9 NUCOR
- 23.9.1 COMPANY OVERVIEW
- 23.9.2 BUSINESS OVERVIEW
- 23.9.3 PRODUCT OFFERINGS
23.10 POSCO
- 23.10.1 COMPANY OVERVIEW
- 23.10.2 PRODUCT OFFERINGS
23.11 SSAB AB
- 23.11.1 COMPANY OVERVIEW
- 23.11.2 BUSINESS OVERVIEW
- 23.11.3 PRODUCT OFFERINGS
23.12 STEEL AUTHORITY OF INDIA LIMITED
- 23.12.1 COMPANY OVERVIEW
- 23.12.2 BUSINESS OVERVIEW
- 23.12.3 PRODUCT OFFERINGS
23.13 TANGSHAN JUN NAN COMPANY LIMITED
- 23.13.1 COMPANY OVERVIEW
- 23.13.2 PRODUCT OFFERINGS
23.14 VOESTALPINE AG
- 23.14.1 COMPANY OVERVIEW
- 23.14.2 BUSINESS OVERVIEW
- 23.14.3 PRODUCT OFFERINGS

24 REPORT SUMMARY

24.1 KEY TAKEAWAYS
24.2 STRATEGIC RECOMMENDATIONS

25 QUANTITATIVE SUMMARY

25.1 MARKET BY APPLICATION
- 25.1.1 INFRASTRUCTURE
- 25.1.2 INDUSTRIAL
- 25.1.3 COMMERCIAL
- 25.1.4 RESIDENTIAL
25.2 MARKET BY TYPE
- 25.2.1 HOT-ROLLED STEEL
- 25.2.2 COLD-ROLLED STEEL

26 APPENDIX

26.1 ABBREVIATIONS