Structural Steel Market

According to Stratistics MRC, the Global Structural Steel Market is accounted for $126.3 billion in 2024 and is expected to reach $199.3 billion by 2030 growing at a CAGR of 7.9% during the forecast period. Structural steel is a versatile construction material known for its strength, durability, and adaptability in various building projects. It is used in the construction of skyscrapers, bridges, industrial facilities, and residential buildings due to its ability to withstand heavy loads and harsh environmental conditions. Structural steel offers design flexibility, allowing for innovative architectural designs and efficient construction methods. Its high strength-to-weight ratio makes it cost-effective and environmentally friendly by reducing material usage and construction timelines. As sustainability becomes increasingly important, structural steel continues to play a crucial role in modern construction practices worldwide.

According to the World Green Building Council, LEED-certified buildings use 11% less water and 25% less energy in the U.S. Green buildings help reduce harmful impacts on the environment, hence, focus on their construction is increasing in the country.

Market Dynamics: 

Driver: 

Increase in construction activity

Reinforced concrete is often preferred for its fire resistance and thermal mass, making it suitable for a variety of building applications. Aluminum offers benefits like lightweight properties and corrosion resistance, making it ideal for applications where weight reduction is crucial, such as in transportation and aerospace. Composite materials, combining steel with other elements, enhance strength and reduce weight, appealing to advanced construction projects. However, structural steel’s high strength, durability, and recyclability maintain its competitiveness. Innovations in steel production, such as high-strength and corrosion-resistant alloys, help mitigate the impact of these substitutes driving the market growth.

Restraint:

Volatility in raw material costs

Fluctuations in the prices of key raw materials like iron ore, coal, and scrap metal directly impact production costs for steel manufacturers. This volatility can lead to unpredictable pricing for structural steel products, making budgeting and project planning challenging for construction firms and developers. It may also discourage investment in long-term projects or expansions due to uncertainty in future costs and profitability. Small to medium-sized enterprises within the industry may be particularly vulnerable to these fluctuations, impacting their financial stability and ability to compete effectively.

Opportunity:

Growing demand for skyscrapers and other high-rise buildings

Structural steel is the preferred material for tall buildings due to its high strength-to-weight ratio, which allows for taller and lighter structures compared to traditional building materials like concrete. As urbanization and population density increase, particularly in rapidly developing regions, there is a heightened need for efficient use of urban space, driving the construction of high-rise buildings. This trend boosts demand for structural steel across the globe, as skyscrapers require large quantities of steel for their frames, columns, and beams. Moreover, advancements in steel manufacturing technologies, such as high-strength alloys and improved fabrication techniques, further support its use in tall building construction.

Threat:

Competition from substitute materials

Materials like reinforced concrete, aluminum, and composite materials offer advantages such as lighter weight, specific structural properties, and in some cases, lower costs or easier installation methods. This competition can lead to pricing pressures on structural steel products and force manufacturers to innovate continuously to maintain market share. Architects and engineers may opt for substitutes based on project-specific requirements or design preferences, reducing the overall demand for steel in construction.

Covid-19 Impact

The Covid-19 pandemic significantly impacted the structural steel market by disrupting global supply chains, delaying construction projects, and reducing demand from key sectors like commercial real estate and infrastructure. Lockdowns and restrictions led to labor shortages and logistical challenges, affecting manufacturing and delivery timelines. However, increased focus on healthcare infrastructure and resilient building materials boosted demand in certain regions. As economies recover, the structural steel market is expected to rebound, driven by infrastructure investments, urbanization trends, and the need for sustainable construction solutions post-pandemic.

The high sectional steel segment is expected to be the largest during the forecast period

The high sectional steel is expected to be the largest during the forecast period By offering superior strength-to-weight ratios and enhanced structural performance, high sectional steel enables engineers and architects to design and construct more efficient and sustainable buildings and infrastructure. This innovation has driven demand for structural steel in various industries, including construction, manufacturing, and infrastructure development. High sectional steel reduces material usage while maintaining or improving structural integrity, thereby lowering overall project costs and environmental impact driving the market growth.

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

The residential segment is expected to have the highest CAGR during the forecast period as it is widely utilized in housing and residential buildings. Its exceptional flexibility and adaptability make it suitable for modular construction, allowing for easy disassembly and relocation while maintaining the building's asset value. This versatile material can be employed in various residential building types, ranging from single-family houses to large mixed-use structures. Moreover, it also provides environmental benefits as it is 100% recyclable with no degradation.

Region with largest share:

North America is projected to hold the largest market share during the forecast period as the COVID-19 epidemic caused significant economic losses in the North America region, particularly in the U.S. and Mexico. However, during the second quarter of 2020, the building and construction business in this region is expected to recover in the upcoming years. The infrastructure deterioration is predicted to be a major driver of increased product demand in the region. However, 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:

Asia Pacific is projected to hold the highest CAGR over the forecast period owing to 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. Additionally, there is a need for huge investments to reduce the infrastructure gap in this region. From 2000, Japan has financed projects worth USD 230 billion, while China invested around USD 155 billion for the improvement of infrastructure in the Southeast Asian region. Such investments are expected to augment the product demand over the coming years.

Key players in the market

Some of the key players in Structural Steel market include Anshan Iron & Steel Group Co., Ltd., Arcelor Mittal S.A., Baogang Group, Baosteel Group Corporation, Bharat Process And Mechanical Engineers Limited, Bohai Steel Group Co. Ltd., Evraz plc, Geodesic Techniques Private Limited, Gerdau S.A, Hebei Steel Group, Indhya Engineering Associates, JSW Steel Limited, Nippon Steel Corporation, Onshore Construction Company Private Limited, SAIL, Sharp Tanks And Structurals Private Limited, Space Chem Engineers Private Limited, Tata Steel Limited, UB Engineering Limited and Wuhan Iron & Steel (Group) Corp

Key Developments:

In May 2024, U. S. Steel and Nippon Steel Corporation Announce Receipt of All Non-U.S. Regulatory Approvals -Approvals are Significant Milestones for Completion of the Transaction. In addition, the United Kingdom Competition and Markets Authority confirmed that it had no further questions regarding the proposed transaction in response to the submission of a voluntary briefing paper.

In April 2024, Nippon Steel and Siemens Gamesa Renewable Energy MOU of promoting Nippon Steel’s green steel, “NSCarbolex Neutral” for wind farm turbine towers in Japanese wind farm project

In April 2024, Nippon Steel’s Acquisition of U. S. Steel Approved by U. S. Steel Stockholders, the acquisition of United States Steel by Nippon Steel was approved by U. S. Steel’s stockholders at a special meeting of stockholders held on April 12, 2024 (local time).

Products Covered:
• Angles
• Channels
• Rounds
• Squares
• Beams 

Types Covered:
• High Sectional Steel
• Light Sectional Steel
• Rebar
• Hot-Rolled Steel
• Cold-Rolled Steel
• Other Types 

Applications Covered:
• Large Facades
• Walls
• Curvilinear Roofs
• Other Applications

End Users Covered:
• Construction Industry
• Manufacturing Industry
• Energy Industry
• Transportation
• Mining
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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 2022, 2023, 2024, 2026, and 2030
- 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
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances