Structural Steel - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Structural Steel Market is accounted for $100.30 billion in 2019 and is expected to reach $178.88 billion by 2027 growing at a CAGR of 7.5% during the forecast period. Some of the key factors propelling the market growth include increasing construction spending globally, increasing infrastructural development activities in developed and developing economies, growing residential & non-residential construction activities, and rising demand of steel products as construction materials. However, fluctuations in raw material prices are a major factor restraining growth of the global structural steel market.
The structural steel is a type of steel which is particular used for building construction. They come in variety of shapes and size depending upon their applications. The properties of structural steel such as durability, high tensile strength, easy fabrication makes them suitable for a wide range of application. Owing to this, they are widely used in both residential and non-residential constructional projects.
By application, residential segment is anticipated to witness significant rate during the forecast period, due to rising construction of civic amenities and new houses under urban development programs and 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. 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.
On the basis of geography, Asia Pacific region is expected to have considerable market growth during the forecast period, due to increasing housing construction activities in emerging economies. Unfractured projects in these countries are another promising area which is expected to drive the demand for structural steel products. A recent announcement by the Chinese government to spend on infrastructure projects including railways, the One Belt, and One Road link to Europe may stimulate the structural steel market during the forecast timeframe. Moreover, improved living standards, growing urbanization, and requirements for quality construction in the commercial & residential sectors are the major growth drivers in this region.
Some of the key players in structural steel market include Baogang Group, Hebei Steel Group, 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., Hunan Valin Iron & Steel Group Co., Ltd, 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, and Steel Authority of India Limited.
• Heavy structural Steel
• Light Structural Steel
• Non Residential
• Industrial (Energy Development)
• Station & Hangers
Steel Types Covered:
• Low-Alloy Structural Steel
• Heat-Resistant Steel
• Alloy Structural Steel
• Carbon Structural Steel
Distribution Channels Covered:
• Online Retail
• Offline Retail
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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