Structural Steel Market Analysis | 2023-2028

“The Structural Steel Market was estimated at US$ 100.96 billion in 2022 and is expected to grow at a CAGR of 5.8% during 2023-2028 to reach US$ 141.99 billion by 2028.”

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Market Dynamics

Introduction

Structural steel is defined as one of the widely used and strong materials mainly composed of iron, carbon, and other components. This is designed to provide structure, support, and primarily, load bearing in numerous construction and civil projects. With superior characteristics such as tensile strength, ductility, and hardness of the structural steel it can comfortably endure large loads without distortion. This is flexible enough to be bent into beams, columns, and frameworks and it plays a role in enhancing construction processes.

Structural steel is popularly used in many commercial buildings, bridges, stadiums, and industrial structures due to its efficiency, especially on cost where it assures less cost but more quality structures in the long run.

Market Drivers

The demand for structural steel is influenced by several factors that shape the structural steel market.

• Construction Industry Growth: Construction application is the main market for structural steel since the construction industry is constantly growing all over the world.

• Economic Conditions: The construction industry requires the use of structural steel, and many activities of construction depend on the state of the economy.

• Technological Advancements: Advancements improve the flow of manufacturing and production making structural steel more available.

• Sustainability Trends: Utilities and legislations promoting the use of environmentally friendly products such as structural steel.

• Raw Material Prices: Changes in the prices of raw materials affect the price of structural steel.

• Competition and Market Dynamics: Competitive and market forces dictate the rates and kinds of innovations.

• Government Policies: Regulations and policies influence manufacturing processes and market demand for structural steel.

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Segments Analysis

By Product Type

“The heavy structural steel segment dominates the market during the forecast period.”

The market is segmented into 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

“The residential segment accounts for the highest growth during the forecast period.”

The market is segmented into 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

“Asia-Pacific is estimated to be the largest market 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

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.

The following are the key players in the structural steel market (arranged alphabetically).

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

Note: The above list does not necessarily include all the top players in the market.

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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

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.