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| Structural Steel Market |
Market Overview:
The global Structural Steel Market is estimated to be valued at US$77.93
million in 2023 and is expected to exhibit a CAGR of 5.74% over the
forecast period from 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights. Structural steel is a key construction material
widely used in various applications, including residential, commercial, and
industrial sectors. It offers several advantages such as high strength,
durability, and cost-effectiveness, making it a preferred choice in the
construction industry. The increasing demand for infrastructural development
and the growth of the construction industry, particularly in emerging
economies, are fueling the market growth.
Market Key Trends:
One key trend in the structural steel market is the increasing adoption of
green building practices. With growing environmental concerns, there is a
rising awareness about sustainable construction materials and practices.
Structural steel is considered a sustainable building material as it is
recyclable and has a lower carbon footprint compared to other materials.
Moreover, it is energy-efficient and offers design flexibility, making it ideal
for green building projects. The growing emphasis on sustainable construction
and the implementation of stringent environmental regulations are driving the
demand for structural steel in the market. This trend is expected to continue
over the forecast period, as more construction projects prioritize
sustainability.
Segment Analysis:
The structural steel market can be segmented based on product type,
application, and region. Based on product type, the market can be further
divided into light structural steel and heavy structural steel. In terms of
application, the market can be categorized into residential, commercial,
industrial, and infrastructure.
The dominating sub-segment in the structural steel market is the commercial
application segment. This can be attributed to the growing construction of
commercial buildings such as offices, shopping malls, and hotels worldwide. The
demand for structural steel in commercial construction is driven by factors
such as its strength, durability, and cost-effectiveness. Additionally, the
increasing trend of constructing green buildings is further propelling the
demand for structural steel, as it is a sustainable and recyclable material.
Key Takeaways:
The global Structural
Steel Market Growth is expected to witness high growth, exhibiting a CAGR of 5.74% over the forecast period of 2023 to 2030. This growth is
primarily driven by the increasing construction activities in urban areas,
particularly in developing economies. The rising population, urbanization, and
industrialization are creating a need for new residential, commercial, and
industrial buildings, leading to a higher demand for structural steel.
In terms of regional analysis, Asia Pacific is anticipated to be the
fastest-growing and dominating region in the structural steel market. This can
be attributed to the rapid urbanization and industrialization in countries like
China and India. These countries are witnessing significant investments in
infrastructure development and construction, which is driving the demand for
structural steel in the region.
Key players operating in the structural steel market include ArcelorMittal,
Nippon Steel Corporation, Shougang, Tata Steel, Hyundai Steel, Anyang Iron
& Steel Group Co., Ltd., British Steel, China Ansteel Group Corporation
Limited, Emirates Steel, EVRAZ Plc, and Gerdau S/A. These companies are
adopting various strategies such as mergers and acquisitions, collaborations,
and product innovations to strengthen their market position and expand their
product portfolio.
Overall, the structural steel market is expected to experience substantial
growth due to the increasing construction activities, especially in the
commercial sector. The Asia Pacific region is expected to dominate the market,
driven by rapid urbanization and infrastructure development. Key players in the
market are focusing on strategies to gain a competitive edge and meet the
growing demand for structural steel.