Structural Steel Market Growth Analysis | 2023-2028

Market Insights

The Structural Steel Market was estimated at US$ 100.9 billion in 2022 and is expected to grow at a CAGR of 5.8% during 2023-2028 to reach US$ 141.9 billion in 2028.

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What is Structural Steel?

Structural steel refers to a versatile and durable construction material made primarily from iron, carbon, and other elements. It is engineered to provide strength, stability, and load-bearing capacity in various building and infrastructure projects. With exceptional properties like high tensile strength, ductility, and toughness, structural steel can withstand heavy loads and resist deformation under stress. Its malleability allows for shaping into beams, columns, and frameworks, facilitating efficient construction processes. Structural steel is widely used in commercial buildings, bridges, stadiums, and industrial structures, providing a cost-effective and sustainable solution for constructing safe and resilient frameworks that endure over time.

Market Dynamics

The demand for structural steel is influenced by several factors that shape the structural steel market. The primary factor contributing to this demand is the growth of the construction industry. The dynamics of the structural steel market are also influenced by economic conditions, technological advancements, sustainability trends, raw material prices, competition, and government policies.

The demand for structural steel increases with increased construction activities and a strong economy. Technological advancements improve production efficiency, while sustainability concerns and regulations promote the use of eco-friendly materials like structural steel.

Fluctuations in raw material prices affect costs, and competitive factors and market consolidation influence pricing and innovation. Moreover, government policies and regulations impact manufacturing processes and market demand. Together, these dynamics shape the growth, demand, and trends within the structural steel market.

Segments Analysis

By Product Type

Based on the product type, the market is segmented as heavy structural steel, light structural steel, and rebars. The heavy structural steel segment is expected to maintain its commanding position over the forecast period, driven by the increasing infrastructural spending across the globe.

By Application Type

Based on the application type, the market is segmented as residential, non-residential, and industrial. The residential segment is estimated to grow with the highest CAGR over the forecast period owing to rapid urbanization, especially in developing nations.

Regional Analysis

In terms of regions, Asia-Pacific is estimated to be the largest market for structural steel during the forecast period. The region’s market growth is attributed to the rapid residential, non-residential, and infrastructural developments in emerging economies, such as India and China. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.

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Key Players

Some of the major players in the Structural Steel Market are-

• ArcelorMittal S.A.
• Shagang Group Company Limited
• Hesteel Group Company Limited
• Nippon Steel & Sumitomo Metal Corporation
• POSCO
• VISA Steel
• Steel Authority of India Limited
• Anyang Iron & Steel Group Co., Ltd.
• China BaoWu Steel Group Corporation Limited.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players).
• SWOT analysis of key players (up to three players).

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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