Structural Steel Market Size Is Anticipated To Reach USD 174.51 Billion By 2030


 San Francisco, 17 April 2024: The Report Structural Steel Market Size, Share & Trend Analysis Report By Product (Angles, Channels, Rounds), By Application (Non-residential (Industrial, Commercial, Institutional), Residential), By Region, And Segment Forecasts, 2024 - 2030

The global structural steel market size was valued at USD 174.51 Billion in 2030 and is likely to register a compound annual growth rate (CAGR) of 5.9% from 2024 to 2030. The market growth is attributed to the growth in the construction sector and rising demand for steel as a green and sustainable material. Structural steel is utilized for construction-related applications. Its high carbon content offers high strength and low ductility. It is available in the form of various shapes such as I-beam, Z-shape, angle, tee, bar, and rod, depending upon the applications. It can be customized into a variety of shapes in different thicknesses and sizes owing to its ductility. Based on application, the market is segmented into residential and non-residential, where the latter dominates the market, in terms of revenue share.

Growing spending on the commercial sector & infrastructural developments across various nations is augmenting the product demand in non-residential applications. The segment is further divided into industrial, commercial, offices, and institutional. Structural steel is widely used in numerous industrial sectors owing to its high strength-to-weight ratio. In the construction industry, it is utilized in designing and building industrial spaces, such as warehouses, bridges, and factories. Growth in the manufacturing sector is expected to propel the need for new factories and plants. For instance, after the emergence of the COVID-19 pandemic, various new facilities were established to meet the rising demand for PPE in the U.S.

Asia Pacific was the dominant regional market in 2020 and this trend is anticipated to continue over the forecast period. The growing construction spending in the developing economies of the region is anticipated to augment the product demand. For instance, in August 2021, India announced that it aims at spending INR 100 trillion (USD 1.35 trillion) on infrastructure development for boosting economic growth and jobs in the country. The competitive rivalry is extremely high in the market due to the presence of several small- and large-scale players spread across the world. The companies are striving to recover from their losses caused by the COVID-19 pandemic and are taking initiatives, such as mergers & acquisitions and capacity expansions, to further widen their reach.

Access Research Report of Structural Steel Market @ https://www.grandviewresearch.com/industry-analysis/structural-steel-market

Structural Steel Market Report Highlights

  • Based on region, Asia Pacific dominated the global market in 2022 on account of the growing infrastructural developments in the region
  • The non-residential application segment is anticipated to register the fastest CAGR, in terms of revenue, over the forecast period due to the rising renovation activities and spending on infrastructure development
  • The industrial sub-segment led the non-residential application in 2022. Increasing construction of lightweight industrial building systems that make use of thin sheet-covered surfaces is the recent technological development, which is driving the demand for high-strength structural steel
  • Middle East & Africa is expected to grow at a considerable CAGR, in terms of revenue, over the forecast period. The growth can be attributed to the upcoming infrastructure-related projects in the Middle East

Structural Steel Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 117.12 billion

Revenue forecast in 2030

USD 174.51 billion

Growth Rate

CAGR of 4.5% from 2023 to 2030

Market size volume in 2023

129,348.2 kilotons

Volume forecast in 2030

193,616.8 kilotons

Growth Rate

CAGR of 5.5 % from 2023 to 2030

Historical data

2018 - 2022

Forecast period

2024 - 2030

List of Key Players of Structural Steel Market

  • Arcelor Mittal S.A.
  • Baogang Group
  • Evraz plc
  • Gerdau S.A
  • Nippon Steel Corporation
  • JSW Steel Limited
  • Tata Steel Limited
  • SAIL

Access Press Release of Structural Steel Market @ https://www.grandviewresearch.com/press-release/global-structural-steel-market

 

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