Analysis of Structural Steel Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global structural steel market is anticipated to expand at a CAGR of 4.8% from 2023 to 2033, reaching a valuation of US$ 166 billion by the end of 2033. Further, the valuation of the global structural steel market is US$ 103.8 billion in 2023.
Structural steel refers to some specialized category of steel, which is developed especially for applications in the construction industry. In addition, it is also used for the production of highly durable products with high strength. They are produced in specialized shapes and structures for handling high pressure and stress and also provide low ductility.
Some specialized chemical and mechanical properties are used for the production of structural steel. The rising expenditure in the construction industry around the world acts as a noticeable factor to drive market growth.
The increasing adoption of structural steel is due to its numerous advantages. Uniformity, elasticity, lightweight, ductility, ease of fabrication, toughness, recyclability, and high strength are contributing to the rising adoption of structural steel. In addition, surging non-residential and residential construction activities are also accelerating the demand for structural steel.
The high use of structural steel in the construction industry along with the increasing demand for flat products such as cold and hot rolled coil as well as stainless steel in the manufacturing sector can further influence market opportunities. Moreover, the growing consumer awareness, rising construction of high-rise buildings, and rapid urbanization and industrialization are expected to propel the demand for structural steel.
New product launches, technological advancements, and mergers & acquisitions to improve production efficiency are estimated to generate more opportunities for market players.
For instance :
However, a lack of awareness about the advantages of structural steel in the construction industry can obstruct market growth. In addition, the lack of technical expertise is also anticipated to create challenges in the adoption of structural steel.
The recently published research report by Fact.MR, a provider of market research and competitive intelligence, provides a detailed analysis of the target market. Value chain optimization, production analysis, market share, trade regulations, import-export analysis, new developments, and the impact of localized and domestic market players are included in this report.
Structural Steel Market Size in 2023
US$ 103.8 Billion
Anticipated Market Value (2033)
US$ 166 Billion
Forecasted Market Growth Rate (2023 to 2033)
Canada Market Growth Rate (2023 to 2033)
Germany Market Growth Rate (2023 to 2033)
Key Companies Profiled
“Growing Popularity of Structural Steel as Green Construction Material”
Structural steel is becoming popular as a noticeable material for green construction owing to its characteristic of recyclability. Thus, the increasing number of green buildings around the world is estimated to boost the demand for structural steel over the coming years.
Green buildings help reduce the harmful effects of construction on the environment. As such, construction companies are concentrating on utilizing structural steel to achieve sustainability.
“Increasing Demand for High-Quality Construction Material”
Various non-residential and residential buildings, including institutions, offices, and commercial buildings are pushing the demand for high-quality construction materials upward. This factor further propels sales of structural steel. In the construction industry, for the construction of large structures, including canals, bridges, factories, and warehouses, structural steel is a prominent material used.
Structural steel is utilized for the creation of steel frames, bars, columns, and beams, which are used for the construction of large structures. Thus, the rising use of structural steel in the construction industry is expected to contribute to industry trends.
“Government Initiatives Improving Housing Situation”
Governments of various countries are taking initiatives to improve housing situations, which is expected to create opportunities for manufacturers operating in the target industry. Structural steel has various applications in the construction industry. Moreover, advancements in technologies and growing infrastructure are predicted to boost sales of structural steel.
“Rising Use of Structural Steel in Transportation Sector”
Structural steel is used significantly in the transportation industry to construct trains, trucks, ships, and railways due to its ductility, tensile strength, and corrosion resistance. It can be recycled in the near future and is affordable. Thus, based on these features, demand for structural steel is expected to increase in the transportation industry.
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“Lack of Awareness and Technical Expertise in Structural Steel”
There is limited or no awareness of the advantages of structural steel around the world. This limited knowledge can result in a lack of expertise in the target industry thus limiting the adoption of structural steel.
“Technological Advancements in Construction Industry in Asia Pacific”
Asia Pacific is projected to hold the largest share of global revenue throughout the forecast period. The market is driven primarily due to rapid industrial growth along with technological advancements in the construction industry. In addition, increased spending on construction activities can also fuel the demand for structural steel in Asia Pacific.
China is emerging as the most profitable market in the region owing to rapid GDP (gross domestic product) growth, which can stimulate the demand for various construction activities. Further, the exponential growth of the housing and residential sector in Asia Pacific is also generating higher demand for structural steel.
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“Rising Housing Construction Activities”
Sales of structural steel in Japan are projected to advance at a CAGR of 2.5% from 2023 to 2033. The increasing housing construction activities in Japan are projected to stimulate the demand for structural steel, and thus generate lucrative opportunities for market players.
“Increasing Number of Residential Housing Units in the Country”
The United States market had been valued at US$ 27.1 billion in 2022. Growing utilization of structural steel in different industries, including construction, oil & gas, shipbuilding, energy, etc. can stimulate its sales in the United States market. Further, increasing number of residential housing units is also predicted to stimulate the demand for structural steel in the construction industry.
Sales of structural steel in Canada are anticipated to progress at a steady CAGR of 4% through 2033.
“Growing Activities of Reconstruction and Renovations Fueling Demand for Structural Steel”
Demand for structural steel in Germany is forecasted to expand at a CAGR of 3.2% from 2023 to 2033. The rising reconstruction and renovation activities in Germany are estimated to stimulate the demand for structural steel in the construction industry over the forecast period.
“High Strength, Low Alloy Steel Becoming Popular around the World”
Based on type, the market is divided into carbon-manganese steel, heat-treated carbon steel, HSLA (high strength, low alloy steel), and heat-treated alloy steel. Among these, the HSLA segment is predicted to grow at a substantial rate over the forecast period.
“Increasing Demand for Structural Steel in Non-residential Sector”
Non-residential and residential are the two prominent end-use segments of structural steel around the world. The non-residential segment held more than 52% of the total revenue share in 2022. This segment is further divided into offices, industrial, institutional, and commercial sub-categories.
Increasing investments in healthcare facilities, data centers, big-box retail stores, airports, manufacturing facilities, and stadiums are expected to generate demand for structural steel. Structural steel is significantly used in industrial buildings owing to its extreme strength, which is beneficial for structural integrity as well as subsiding the potential impact of repairs.
Structural steel is ideal for the construction of large bridges. This is because of its excellent strength-to-weight ratio and high durability, which can withstand the weight of pedestrians and cars.
The residential application segment is estimated to advance at a CAGR of 5.1% through 2033. Structural steel is used widely in residential and housing buildings due to its high strength and lightweight characteristics, which can reduce sub-structure costs and minimize the load on the foundation.
Owing to excellent adaptability and flexibility in modular construction, structural steel can be easily moved and dismantled, thus helping in maintaining the asset value of the buildings. Moreover, it also ensures environmental benefits as it can be recycled with no degradation.
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Leading companies supplying structural steel are spending on strengthening their supply chain management systems to expand their footprints across the globe. Further, they are involved in technological advancements to produce more effective and quality products. Minimal environmental impact during the manufacturing of structural steel is also ensured by them.
Key manufacturers of structural steel are investing in new developments and upgrading their existing production systems.
For instance :
Key manufacturers of structural steel are Anshan Iron & Steel Group Corporation, JSW Steel Limited, Hyundai Steel Co., Ltd. (HSC), Hebei Steel Group, Gerdau S.A., Evraz Group, Baosteel Group Corporation, and Bohai Steel Group Co. Ltd.
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The valuation of the structural steel market stands at 103.8 billion in 2023.
The global structural steel market is forecasted to expand at a CAGR of 4.8% through 2033.
The market for structural steel is projected to reach US$ 166 billion by the end of 2033.
The structural steel market in Canada is set to advance at a CAGR of 4% through 2033.
Use of structural steel in the non-residential sector held more than 52% market share in 2022.
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