by The structural steel market includes products such as beams, columns, plates, pipes, and others that are used as primary load-bearing structural members in various construction projects including infrastructure, commercial, industrial, and residential. Structural steel is highly suitable for use in tall buildings and long-span bridges as it provides high strength-to-weight ratio and corrosion resistance. Growing infrastructure development activities across both developed and developing economies is expected to drive the demand for structural steel products for construction of buildings, bridges, rail & road networks, and other infrastructure projects. The government spending on infrastructure modernization and development projects for enhancing connectivity is augmenting the growth of the structural steel market.
The global Structural Steel Market is estimated to be valued at US$ 82.4 Million in 2023 and is expected to exhibit a CAGR Of 9.6% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The structural steel market is primarily driven by increasing infrastructure development projects globally. As mentioned in the heading, growing government expenditure on infrastructure modernization is one of the key factors augmenting the demand for structural steel. According to the World Bank, the global infrastructure investment needs are estimated to be US$ 94 trillion by 2040, which will spur the adoption of structural steel in construction of roads, bridges, buildings, and other infrastructure assets. Furthermore, rising population is increasing the demand for residential and commercial construction, which is propelling the structural steel consumption. The fuel efficiency and lightweight properties of structural steel make it suitable for long-span bridges and tall buildings. These advantages along with superior strength and corrosion resistance are further boosting the industrial and infrastructure applications of structural steel.
Segment Analysis
The structural steel market is segmented into steel rebar, beams, columns, and beams. The rebar segment dominates the market and accounts for over 35% share due to extensive use of steel bars in reinforcement applications across the construction industry including highways, bridges, and buildings. It provides high tensile strength and durability.
PEST Analysis
Political: Stringent government regulations regarding use of structural steel grades and quality standards are driving demand for certified products.
Economic: Growth in commercial and residential construction sectors along with infrastructure development projects are fueling market growth.
Social: Rising urbanization and focus on green construction are promoting use of structural steel over other materials.
Technological: Application of BIM and automation in fabrication are helping improve productivity and enable just-in-time deliveries.
Key Takeaways
The Global Structural Steel Market Demand is expected to witness high growth over the forecast period supported by increasing construction spending and mega infrastructure projects worldwide.
Regional analysis:
The Asia Pacific accounts for over 40% of the global structural steel demand led by China, which is the world’s largest steel producer and consumer. The region’s rapid industrialization and infrastructure projects related to transportation, energy and utilities will drive the need for structural steel.
Key players operating in the structural steel market are Johnson & Johnson, Bayer AG, GlaxoSmithKline Plc, Baby Foot, Sanofi S.A., Grace & Stella Co., PediFix Inc. Structural steel finds extensive application in commercial buildings, factories, warehouses due to properties such as high strength, durability and recyclability.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
