Structural Steel Market Size to Hit US$ 226.91 Billion by 2030
January 15, 2022
According to Precedence Research, the structural steel market size is expected to hit around US$ 226.91 billion by 2030 from valued at US$ 123.5 billion in 2020, growing at a CAGR of 6.3% from 2021 to 2030.
/EIN News/ -- Tokyo, Jan. 14, 2022 (GLOBE NEWSWIRE) -- The global structural steel market was valued at US$ 130.63 billion in 2021. The structural steel is a type of steel that is welded in various forms and grades for usage in the construction sector. It resembles an extended beam with various cross-sectional forms. Most of the countries have a standard that governs its shapes, sizes, chemical composition, and qualities.
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The high strength, ease of manufacturing, the disaster resistance, ductility, and quick erection speed are some of the few of the advantages of the structural steel. The airports, manufacturing plants, the healthcare institutions, and retail outlets are few of the examples of non-residential structures where the structural steel is used on the large scale.
The global structural steel market is expected to increase steadily in the next upcoming years, due to rising disposable income and technological advancements in building and construction projects. The structural steel market is predicted to increase significantly during the forecast period, due to rising infrastructure demand in emerging markets such as India and China.
One of the construction industries trends that is predicted to increase demand for structural steel building designs throughout the forecast period is a greater focus on innovation in green construction materials. These materials are recyclable, eco-friendly, and help to cut down on greenhouse gas emissions.
Report Scope of the Structural steel Market
|Market Size in 2021||US$ 130.63 Billion|
|CAGR from 2021 to 2030||6.3||%|
|Largest Revenue Holder||Asia Pacific|
|Forecast Period||2021 to 2030|
|Companies Covered||Baogang Group, Tata Steel, Gerdau S.A., Nippon Steel Corporation, ArcelorMittal, Evraz PLC, JSW Steel, SAIL, POSCO, Anshan Iron & Steel Group Corporation|
Asia-Pacific is the largest segment for structural steel market in terms of region. The Asia-Pacific structural steel market growth is expected to be aided by increased investments in the housing and commercial sectors of rising nations such as India and China.
North America region is the fastest growing region in the structural steel market. The U.S. is the largest market in the North America structural steel market. The rising investments on construction and transportation projects are propelling the growth of the structural steel market in North America region.
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Rapid urbanization and industrialization
The urbanization and industrialization in developing regions such as Asia-Pacific and South Africa is creating new opportunities for the rising adoption of structural steel in the market. This has led to certain infrastructure projects which will help into the development of underdeveloped regions. The manufacturing industry has seen growth in recent years due to rapid rise in urbanization and industrialization. The increasing construction of manufacturing facilities, factories, and production units is boosting the market growth. Thus, the rapid urbanization and industrialization is driving the growth of structural steel market.
Structural steeleasily gets corroded
The structural steel can easily be corroded. The corrosion of structural steel can be caused when it reacts to hydrogen or oxygen and bacteria or dust particles. The condensation of water vapor and humidity on structural steel surfaces can also lead to corrosion. The corrosive gases such as ammonia, chlorine, hydrogen oxides, and Sulphur oxides can cause corrosion of electronic equipment parts made up of structural steel. The oxygen and hydrogen exposure can also lead to corrosion of structural steel. As a result, the corrosion of structural steel is restricting the growth of structural steel market during the forecast period.
High demand from various end-users
The structural steel is highly demanded for the construction of buildings, ships, bridges, houses, cafes, restaurants, and hotels. The structural steel helps the construction with ease and efficiency. The demand for structural steel is increasing due to infrastructure development in the developing countries. Thus, the high demand from various end-users is creating lucrative opportunities for the growth of the structural steel market.
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High maintenance costs
The structural steel requires high maintenance cost. The reason for this is that the structural steel can easily be corroded. The exposure of certain chemical, gases, and bacteria leads to the corrosion of metals. To avoid this, the industries such as construction, transportation, and shipbuilding need to take utmost care of the equipment which is made of structural steel. As a result, the high maintenance costs are a huge challenge for the growth of structural steel market during the forecast period.
- Based on the product, the high sectional steel segment dominated the global structural steel market in 2020 with highest market share. The high strength of high sectional steel helps in the construction of ships and buildings to great extent.
- Based on the application, the non-residentialsegment is estimated to be the most opportunistic segment during the forecast period. This is attributed to the increased spending on healthcare facilities, data centers, big-box retail outlets, airports, stadiums, and manufacturing facilities. The structural steel is used in construction of commercial buildings on a large scale.
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Segments Covered in the Report
- High sectional steel
- Light sectional steel
- North America
- South Korea
- Rest of the World
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