February 21, 2024

Steel Fabrication Is The Largest Segment Driving The Growth Of Structural Steel Market

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 Overview:
Structural steel is a metal that is commonly used as a building material for general construction. It is made up of various alloys of iron along with carbon and other metals. Structural steel is widely used in beams, columns, trusses, and other structural elements due to its high strength to weight ratio and resistance to corrosion.

Market key trends:
One of the key trends in the structural steel market is growing usage in construction applications. Structural steel is increasingly being used in commercial and industrial construction projects due to advantages such as lightweight, high tensile strength, ability to span large areas, cost-effectiveness, and recyclability. The booming construction industry across both developed and developing economies is driving the demand for structural steel. Furthermore, advancement in technologies enabling efficient steel fabrication and 3D modeling of structures is also fueling adoption of structural steel in construction.

SWOT Analysis

Strength: Structural steel is durable and strong which makes it suitable for any heavy construction projects. It has high strength-to-weight ratio which helps reduce material costs for construction projects.

Weakness: Structural steel has higher upfront costs compared to other materials such as concrete. Maintenance such as painting is also required to prevent rusting of the steel which increases operational costs.

Opportunity: Growing construction industry especially in developing countries of Asia and Africa provides major opportunities for growth of structural steel market. Rise in infrastructure projects related to roads, bridges, airports, commercial buildings etc. boost the demand.

Threats: Volatility in raw material prices especially of iron ore and coal can impact the operational costs. Trade policies or political instability in certain countries can disrupt the supply chain.

Key Takeaways

The Global Structural Steel Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing infrastructure development projects across the globe.

Regional analysis: Asia Pacific region dominates the structural steel market with over 35% share, led by China, India and other Southeast Asian countries. This is attributed to ongoing infrastructure development projects related to rail, road, metro and commercial buildings. North America and Europe are other major markets for structural steel due to established construction industry.

Key players: 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. The industry players are focused on expanding production capacities as well as global footprint through mergers and acquisitions to strengthen their market position.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it