 |
| Global Structural Steel Market Size |
Structural steel is a popular material used in building construction due to its
high strength, corrosion resistance, and durability properties. It provides the
foundation for buildings through load-bearing beams, columns, trusses, and
other structural components. The rising investment in residential and
commercial construction projects around the world has augmented the demand for
structural steel.
The global
Structural Steel Market is estimated to be valued at US$ 82.4 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand from Construction Industry
The key trend fueling the growth of the structural steel market is the rising
demand from the construction industry. Construction activities are booming
globally due to rapid urbanization and increasing investment in infrastructure
projects like roads, bridges, hospitals, shopping malls, airports etc.
Structural steel finds widespread application in all types of construction for
making strong frameworks. Growing construction of commercial buildings and
infrastructure will augment the consumption of structural steel during the
forecast period.
SWOT Analysis
Strength: Structural steel has wide applications in construction industry. Its
high tensile strength and ductility make it ideal for building large
structures.
Weakness: Frequent price fluctuations in raw materials increase volatility in
structural steel market. Infrastructural development in many regions is still
at nascent stage.
Opportunity: Increasing investments in commercial real estate and
infrastructure sectors across developing nations drive demand. Governments
focus on public infrastructure will boost consumption.
Threats: Substitution threat from other materials like concrete poses
challenges. Stringent environmental regulations increase compliance costs for
steel manufacturers.
Key Takeaways
The Global
Structural Steel Market Size is expected to witness high growth.
Regional analysis: Asia Pacific region currently dominates the market and is
expected to maintain its leading position during the forecast period. Growing
construction spending in China and India will majorly contribute to regional
growth. Infrastructure development for upcoming mega events like Olympics and
Expo will further augment the structural steel consumption.
Key players: Key players operating in the structural steel market are
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. The market is
quite consolidated with top players accounting for over 50% of total market
share. However, growing construction activities in developing markets have
attracted many new regional players in recent years.
Discover More@ https://www.pressreleasebulletin.com/structural-steel-market-scope/