Structural Steel Market Forecasts to 2028 - Global Analysis By Product (Light Structural Steel, Rebar), Type (Heat Treated Carbon Steel, Alloy Steel), Application (Station & Hangers, Infrastructure, Transportation) and By Geography

According to Stratistics MRC, the Global Structural Steel Market is accounted for $89.48 billion in 2021 and is expected to reach $146.53 billion by 2028 growing at a CAGR of 7.3% during the forecast period. Structural steel is used as a building material in the construction industry and is welded in different shapes and qualities. It has the shape and shape of a long beam of different cross-sectional shapes. Structural steel is used in various forms such as hollow structures, I-beams, T-shaped, and others. These steels have properties such as high tensile strength, strength, ductility and can be easily manufactured. Structural steel is mainly used as reinforcement to resist low tensile concrete.

Market Dynamics:

Driver:

Growth in residential developments

The growing vertical model of development to rebuild old residential apartments lying in a decrepit condition will drive product demand. Governments are likely to demolish old apartments to avoid accidents during natural calamities. Rising construction of civic amenities and new houses under urban development programs will fuel the structural steel market value. Structural systems including beams and columns are utilized in residential buildings. Increasing residential construction globally owing to rising income levels and urbanization has led to increase in construction projects.

Restraint:

Lack in awareness

On the other hand, lack in awareness about the advantages of this structural steel in the construction industries is expected to obstruct the market growth. The lack of technical expertise is projected to challenge the structural steel market in the forecast period.

Opportunity:

Rising heavy structural steel demand for construction purposes

Rise in infrastructure spending on highways, bridges, buildings and public utilities will supplement the overall structural steel market value. Upsurge in smart city projects supported by government and private financing will increase product utilization. A steel pipe is a cylindrical tube and is widely utilized in the steel industry. The primary use of steel pipes is in the transport of products including oil, gas, and water over long distances. Heavy structural steel product range includes universal beams, universal columns, parallel flange channels, universal joints, rails & equal angles.

Threat:

The fluctuating raw material cost

The fluctuating raw material cost is the most important factor which restrains the structural steel market growth. Thus, it leads to decreased structural steel market value. Structural steel requires expensive flame retardant treatment and is susceptible to corrosion in outdoor environments.

The non-residential segment is expected to have the highest CAGR during the forecast period

The non-residential segment is growing at the highest CAGR in the market. It is ideal for building large bridges owing to its high durability & excellent strength-to-weight ratio, which ensures withstanding the weight of cars & pedestrians. Increasing spending on data centers, healthcare facilities, big-box retail stores, stadiums, airports, and manufacturing facilities. These are the factors driving the market growth of this segment.

The residential segment is expected to be the largest during the forecast period

The residential segment is expected to be the largest share in the market. It is used from building a single-family house to a big mixed-space building. Excellent flexibility & adaptability in modular construction, it can be dismantled, moved easily, and maintain the asset value of the building. These are the factors expected to drive the market growth through the forecast period.

Region with highest share:

North America is projected to hold the largest share in the market. The region suffered a heavy economic loss, especially in the U.S. and Mexico, due to the COVID-19 pandemic. The aging of infrastructure is expected to remain a key factor for rising product demand in the region.

Region with highest CAGR:

The Asia Pacific is projected to have the highest CAGR in the market during the forecast period. Increased investments in the housing and commercial sectors of the developing economies, such as China and India, are anticipated to prove fruitful for market growth.

Key players in the market:

Some of the key players profiled in the Structural Steel Market include Baogang Group, Anshan Iron & Steel Group Corporation, Tata Steel Limited, Bohai Steel Group Co. Ltd, Hyundai Steel Co., Ltd. (HSC), Anyang Iron & Steel Group Co. Ltd, POSCO, Shagang Group Co., Ltd., Hesteel Group Company Limited, VISA Steel, Novolipetsk Steel, Hebei Steel Group, Steel Authority of India Limited, Baosteel Group Corporation, Gerdau S.A, JSW Steel Limited, Arcelor Mittal S.A., Nippon Steel & Sumitomo Metal Corporation (NSSMC), Benxi Beiying Iron & Steel Group Co. Ltd., and Hunan Valin Iron & Steel Group Co., Ltd.

Key developments:

In Feb 2022: Tata Steel's acquisition of NINL to strengthen long-steel output: Moody's. TSL expects to fund the acquisition through a combination of internal accruals and debt. Even so, with a rating downgrade leverage threshold, there is a sufficient buffer in TSL's financial metrics to accommodate the proposed acquisition.

In Jan 2019: Hesteel acquired a 70% stake in Indian steel producer Tata Steel to expand its international market share, primarily in Southeast Asia which has witnessed increased expenditure on construction & infrastructure projects.

Distribution Channels Covered:

• Offline Retail
• Online Retail

Products Covered:

• Heavy Structural Steel
• Light Structural Steel
• Rebar

Types Covered:

• Carbon-Manganese Steel
• High Strength, Low Alloy Steel (HSLA)
• Heat Treated Carbon Steel
• Heat Treated Alloy Steel

Applications Covered:

• Residential
• Bridges
• Industrial (Energy Development)
• Curvilinear Roofs
• Walls
• Large Facades
• Station & Hangers
• Infrastructure
• Transportation
• Construction
• Machinery
• Ship Building
• Non Residential

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances