The global Structural Steel market size is expected to be worth around US$ 150.41 billion by 2030, according to a new report by Vision Research Reports.
The global Structural Steel market size was valued at US$ 97.94 billion in 2020 and is anticipated to grow at a CAGR of 6.3% during forecast period 2021 to 2030.
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Structural Steel Market (By Application: Residential, Non-Residential) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
|Market Size||US$ 150.41 Billion by 2030|
|Growth Rate||CAGR of 6.3% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||ArcelorMittal; Baogang Group; Evraz plc; Gerdau S.A.; JSW Steel; POSCO; Nippon Steel Corp.; Tata Steel; SAIL|
The market growth is attributed to the growth in the construction sector and rising demand for steel as a green and sustainable material. Structural steel is utilized for construction-related applications. Its high carbon content offers high strength and low ductility. It is available in the form of various shapes such as I-beam, Z-shape, angle, tee, bar, and rod, depending upon the applications. It can be customized into a variety of shapes in different thicknesses and sizes owing to its ductility. Based on application, the market is segmented into residential and non-residential, where the latter dominates the market, in terms of revenue share.
By Application Analysis
The non-residential emerged as the dominant application segment in 2020 with a revenue share of more than 53%. It is estimated to expand further at the fastest CAGR over the forecast period owing to the increasing spending on healthcare facilities, data centers, big-box retail stores, stadiums, airports, and manufacturing facilities.
The industrial sub-segment accounts for the maximum share in the non-residential segment. Structural steel is majorly used in industrial buildings due to its extreme strength, which is beneficial not only for structural integrity but also for subsiding the potential impact of repairs.
The residential application segment accounted for the second-highest revenue share in 2020. The product is widely utilized in housing and residential buildings owing to its lightweight and high-strength characteristics, which minimizes the load on the foundation and reduces sub-structure costs.
By Regional Analysis
Asia Pacific held the largest revenue share of more than 69% of the global market in 2020 and is anticipated to maintain its dominance growing at the fastest CAGR over the forecast period. Increased investments in the housing and commercial sectors of the developing economies, such as China and India, are anticipated to prove fruitful for market growth.
North America is anticipated to register a CAGR of 4.4%, in terms of revenue, over the forecast period. The region suffered a heavy economic loss, especially in the U.S. and Mexico, due to the COVID-19 pandemic.
Southeast Asia is one of the emerging regions in the global market. There is a need for huge investments to reduce the infrastructure gap in this region. From 2000, Japan has financed projects worth USD 230 billion, while China invested around USD 155 billion for the improvement of infrastructure in the Southeast Asian region.
Middle East & Africa is expected to grow at a considerable CAGR over the forecast period. The region is anticipated to witness a plethora of projects in the coming years, which is expected to propel market growth.
- Baogang Group
- Evraz plc
- Gerdau S.A.
- JSW Steel
- Nippon Steel Corp.
- Tata Steel
- By Application
- North America
- Asia Pacific
- Hong Kong
- New Zealand
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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