by The global Structural Steel Market is estimated to be valued at US$ 77.93 million in 2022 and is expected to exhibit a CAGR of 5.74% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Structural steel is mainly used in the construction industry for various structural applications. It provides several advantages such as high strength, durability, fire resistance, and cost-effectiveness. The need for structural steel products is driven by the increasing construction activities worldwide. With the rapid urbanization and industrialization, there is a growing demand for infrastructure development, which in turn boosts the demand for structural steel products.
Market Key Trends:
One of the key trends in the Structural Steel Market is the growing adoption of sustainable and eco-friendly construction practices. Many countries have implemented strict regulations and guidelines for green building certifications, which promote the use of sustainable materials like structural steel. Structural steel is recyclable and has a high strength-to-weight ratio, making it an ideal choice for sustainable construction. Additionally, the use of structural steel in construction projects helps reduce energy consumption and carbon emissions.
Overall, the Structural Steel Market is expected to witness high growth due to increasing construction activities and the growing adoption of sustainable construction practices. This presents lucrative opportunities for key players in the market such as 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 to expand their market presence and cater to the rising demand for structural steel products.
PEST Analysis:
Political: The political factors influencing the structural steel market include government regulations and policies related to construction and infrastructure development. For example, government initiatives to promote sustainable construction practices can drive the demand for structural steel in green building projects.
Economic: The economic factors affecting the market include GDP growth, disposable income, and investment in infrastructure projects. Rapid urbanization and industrialization in emerging economies can significantly contribute to the growth of the structural steel market.
Social: Changing consumer preferences and lifestyle trends can influence the demand for structural steel. For instance, the increasing popularity of high-rise buildings and modern architectural designs creates a lucrative market for structural steel.
Technological: Technological advancements in the manufacturing and construction sectors can impact the structural steel market. Innovations such as 3D printing and robotic construction techniques can enhance the efficiency and effectiveness of structural steel fabrication and installation.
Key Takeaways:
The Global Structural Steel Market Demand is expected to witness high growth, exhibiting a CAGR of 5.74% over the forecast period from 2023 to 2030. This growth can be attributed to increasing infrastructure development projects, especially in emerging economies. For instance, the rising urban population and the need for affordable housing are driving the demand for structural steel in residential and commercial construction.
In terms of regional analysis, Asia Pacific is projected to be the fastest-growing and dominating region in the structural steel market. This can be attributed to rapid industrialization, urbanization, and infrastructure development initiatives in countries like China and India. These countries are investing heavily in the construction of transportation networks, power plants, and residential complexes, which boosts the demand for structural steel.
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 focusing on strategies such as mergers and acquisitions, product innovations, and partnerships to strengthen their market presence and cater to the growing demand for structural steel.
The increasing adoption of sustainable construction practices, along with supportive government regulations, is likely to further propel the market growth in the coming years. Additionally, the integration of advanced technologies in structural steel manufacturing and construction processes is expected to improve overall productivity and efficiency in the sector.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
