by Structural steel is an important construction material used as a building frame in commercial and industrial structures. Steel components such as steel beams, columns, joists, girders, and trusses are used as a skeleton to support floors, ceilings, and roofs. Structural steel offers several benefits over other construction materials including high strength, durability, light weight, resistance to fire and earthquakes, and ease of fabrication and installation. It is used in the construction of buildings like commercial malls and offices, sports stadiums, bridges and towers. It plays a vital role in supporting large column-free areas in modern construction design. Steel structures allow for fast on-site construction and pre-fabrication of components off site.
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 Dynamics:
One of the key drivers for the structural steel market is the rise in infrastructure development projects. Governments around the world are investing heavily in upgrading national infrastructure including public transit systems, airports, bridges, roads and other civic works. Structural steel forms an integral part of such infrastructure projects and consumes a large volume of steel. For instance, China’s Belt and Road initiative aims at connecting Asia with Africa and Europe through land and maritime networks and involves massive investments in bridges, roads and rail across several countries. In the US, President Biden’s infrastructure plan allocates $1 trillion towards upgrading bridges, roads and broadband networks which will drive demand for structural steel.
Another driver for the market is the inherent benefits of structural steel including high strength, corrosion resistance and light weight. Steel structures allow for thinner members and longer spans compared to alternatives. They enable cost savings through optimization of material usage and easier handling and construction. The design flexibility of steel allows complex architectural shapes and column-free internal spaces. This is useful in applications like stadiums, convention centers and large warehouses where open interiors are preferred without many vertical supports.
Segment Analysis
The structural steel market is segmented into common structural steel and alloy structural steel. Common structural steel dominates the market with around 70% share as it is cheaper and widely used for basic structural frames. Most common steel used is carbon steel that provides strength and durability needed for structures.
PEST Analysis
Political: supportive government policies for infrastructure development across regions boosts demand. However, taxes and tariffs impact overall project and material costs.
Economic: rising construction spending on commercial and industrial projects fuels market growth. But economic slowdowns can negatively impact new projects.
Social: rapid urbanization increases need for modern infrastructure and real estate development. However, rising environmental regulations mandate use of recycled steel.
Technological: adoption of advanced welding technologies helps improve production efficiency. But technically complex alloy steels are costly.
Key Takeaways
The Global Structural Steel Market Size is expected to witness high growth supported by increasing construction activities across regions. The Asia Pacific currently dominates nearly 50% of the global market led by strong growth in China, India and other Southeast Asian countries. China is the largest consumer of structural steel globally owing to widespread infrastructure development initiatives under the Belt and Road Initiative.
Regional analysis comprises: The Asia Pacific market is projected to be the fastest growing structural steel market during the forecast period led by China, India, Indonesia and Vietnam. China dominates Asia Pacific structural steel consumption due to large-scale ongoing infrastructure projects.
Key players related content comprises: 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. Arcelormittal and Nippon Steel Corporation lead the global structural steel production.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
