Structural Steel Market Size Will Reach US$226.91 Billion By
Tokyo, Jan. 14, 2022 (GLOBE NEWSWIRE) — The world structural steel market was valued at US$130.63 billion in 2021. Structural steel is a type of steel that is welded in various forms and grades for use in the construction industry. It looks like an elongated beam with various section shapes. Most countries have a standard that governs its shapes, sizes, chemical composition and qualities.
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High strength, ease of fabrication, disaster resistance, ductility and rapid erection speed are some of the few advantages of structural steel. Airports, manufacturing plants, healthcare facilities, and retail outlets are some of the examples of non-residential structures where structural steel is used on a large scale.
The global structural steel market is expected to grow steadily over the next few years, driven by increasing disposable income and technological advancements in building and construction projects. The structural steel market is expected to increase significantly over the forecast period, owing to the growing demand for infrastructure in emerging markets such as India and China.
One of the trends in the construction industries that is expected to increase the demand for structural steel building designs throughout the forecast period is a greater focus on innovation in green building materials. These materials are recyclable, environmentally friendly and help reduce greenhouse gas emissions.
Report scope structural steel market
|Market size in 2021||US$130.63 billion|
|CAGR from 2021 to 2030||6.3||%|
|Biggest earner||Asia Pacific|
|Year of reference||2021|
|Forecast period||2021 to 2030|
|Companies covered||Baogang Group, Tata Steel, Gerdau SA, Nippon Steel Corporation, ArcelorMittal, Evraz PLC, JSW Steel, SAIL, POSCO, Anshan Iron & Steel Group Corporation|
Asia-Pacific is the largest structural steel market segment in terms of region. The growth of the structural steel market in Asia-Pacific is expected to be supported by increased investment in the housing and commercial sectors of emerging countries such as India and China.
The North America region is the fastest growing region in the structural steel market. The United States is the largest structural steel market in North America. Rising investment in construction and transportation projects is propelling the growth of structural steel market in North America.
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Rapid urbanization and industrialization
Urbanization and industrialization in developing regions such as Asia-Pacific and South Africa are creating new opportunities for the increasing adoption of structural steel in the market. This has led to some infrastructure projects which will contribute to the development of underdeveloped regions. The manufacturing industry has been growing in recent years due to rapid growth in urbanization and industrialization. The increasing construction of manufacturing facilities, factories, and production units is driving the growth of the market. Thus, rapid urbanization and industrialization are driving the growth of the structural steel market.
structural steeleasily gets corroded
Structural steel can easily be corroded. Corrosion of structural steel can be caused when it reacts to hydrogen or oxygen and bacteria or dust particles. Condensation of water vapor and moisture on structural steel surfaces can also lead to corrosion. Corrosive gases such as ammonia, chlorine, hydrogen oxides, and sulfur oxides can corrode parts of electronic equipment made of structural steel. Exposure to oxygen and hydrogen can also cause structural steel to corrode. As a result, structural steel corrosion is limiting the growth of the structural steel market over the forecast period.
Strong demand from various end users
Structural steel is in great demand for the construction of buildings, ships, bridges, houses, cafes, restaurants and hotels. Structural steel helps construction with ease and efficiency. The demand for structural steel is increasing due to infrastructure development in developing countries. Thus, the strong demand from various end users creates lucrative opportunities for the growth of the structural steel market.
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High maintenance costs
Structural steel requires high maintenance cost. The reason for this is that structural steel can easily be corroded. Exposure to certain chemicals, gases and bacteria causes metals to corrode. To avoid this, industries such as construction, transportation, and shipbuilding need to take great care of structural steel equipment. As a result, high maintenance costs pose a huge challenge for the growth of the structural steel market over the forecast period.
- Based on product, the high section steel segment dominated the global structural steel market in 2020 with the highest market share. The high strength of high section steel helps in the construction of ships and buildings to a great extent.
- Based on the application, the non-residential segment is estimated to be the most opportunistic segment during the forecast period. This is attributed to increased spending at healthcare facilities, data centers, big box outlets, airports, stadiums and manufacturing facilities. Structural steel is used in the construction of large-scale commercial buildings.
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Segments covered in the report
- High section steel
- Light profile steel
- North America
- Asia Pacific
- South Korea
- Rest of the world
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