Structural Steel Market Outlook
According to the report by Expert Market Research (EMR), the global structural steel market size is projected to grow at a CAGR of 5.7% between 2024 and 2032. Aided by the increasing construction activities worldwide and the growing demand for sustainable building materials, the market is expected to grow significantly by 2032.
Structural steel, known for its high strength-to-weight ratio and durability, is a fundamental component in the construction industry. It is widely used in building infrastructures, including skyscrapers, bridges, industrial buildings, and residential constructions. The material’s adaptability, ease of installation, and recyclability make it an attractive choice for a broad range of architectural and engineering applications.
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The surge in the global structural steel market demand is primarily driven by the booming construction sector, particularly in emerging economies. Rapid urbanisation, increasing investments in infrastructure development, and the growing need for high-rise buildings are pivotal factors propelling market growth. Additionally, the shift towards eco-friendly and energy-efficient buildings has further accentuated the demand for structural steel, known for its sustainability and recyclability.
Advancements in steel-making technologies have led to the development of high-performance structural steel varieties. These innovations not only enhance the strength and durability of steel but also improve its resistance to environmental factors like corrosion and extreme weather conditions. This technological progress is crucial in expanding the applications of structural steel in challenging construction projects.
The structural steel market outlook is anticipated to be influenced by various the increasing adoption of advanced technologies like 3D printing and the integration of smart sensors in structural steel. These innovations are expected to enhance the efficiency of construction processes and enable the creation of smarter and more resilient buildings.
The market is characterised by its diverse regional presence. Asia Pacific accounts for a significant portion of the structural steel market share, thanks to rapid urbanisation and industrialisation in countries like China and India. North America and Europe also hold substantial market shares, driven by their well-established construction industries and stringent building codes that emphasise structural safety and sustainability.
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Innovation in steel grades and focus on customised structural steel solutions for specific construction needs are key strategies adopted by market leaders to cater to the evolving demands of the construction industry.
Structural Steel Market Segmentation
The market can be divided based on application and region.
Market Breakup by Application
- Non-Residential
- Industrial
- Commercial
- Offices
- Institutional
- Residential
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global structural steel market. Some of the major players explored in the report by Expert Market Research are as follows:
- Anshan Iron & Steel Group Corporation
- Anyang Iron & Steel Group Co. Ltd.
- Arcelor Mittal S.A.
- Tata Steel Limited
- McFarlane Mfg.
- Others
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