Structural Steel Market Size, Share, Trends, Growth 2032

Structural Steel Industry Prospective:

The global structural steel market size was worth around USD 111.45 billion in 2023 and is predicted to grow to around USD 178.92 billion by 2032 with a compound annual growth rate (CAGR) of roughly 5.4% between 2024 and 2032.

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Structural Steel Market: Growth Factors

Structural steel is a category of steel in numerous shapes, including H-shaped, L-shaped, I-shaped, T-shaped, and others. It provides ductility, toughness, high-strength, and fire resistance. Structural steel finds applications across construction in buildings, pipelines, bridges, and ships.

The global structural steel market has ample opportunities in the construction industry over the horizon. Surging usage of the product in residential & non-residential buildings, especially in emerging economies is expected to drive the global structural steel market growth over the forecast period.

Moreover, the rising consumer awareness regarding the design and flexibility of structural steel in construction applications is further likely to dominate the market growth. However, high maintenance costs associated with structural steel, as it is an alloy of iron that is vulnerable to corrosion, could challenge the market growth.

Structural Steel Market: Segmentation

Based on the product, the global structural steel market has been classified into heavy sectional steel, light sectional steel, and rebar. The heavy sectional steel segment accounted for the largest market share in 2018. The segment is projected to witness remarkable growth over the forecast years, as heavy structural steel possesses excellent chemical & physical properties of seismic resistance and high strength, which are helpful in construction activities. Moreover, the increasing use of heavy structural steel in the construction of airports, data centers, and healthcare facilities has strengthened the demand for the segment.

Based on the mode of application. In terms of revenue, the industrial segment was accredited for the largest share in 2018. Structural steel finds applications mostly in industrial production and construction technology. Massive demand for structural steel in industrial applications including walls and glass surfaces, curvilinear groups, institutional buildings, and commercial sectors has gained momentum in the market.

Structural Steel Market: Report Scope

Structural Steel Market: Regional Analysis

Based on the region, the global structural steel market has been divided into Asia Pacific, Latin America, Europe, North America, and Middle East & Africa. Asia-Pacific led by India, China, and South Korea is estimated to surpass high CAGR owing to high construction activities and rapid urbanization and industrialization.

Middle East led by UAE is projected to witness the fastest growth over the forecast period owing to rising real estate and infrastructure development in the region. Moreover, increasing government expenditure on construction activities is expected to boost regional growth.

Major steel-consuming countries such as the UK, France, and Germany in Europe are further likely to gain the market share owing to the growth in residential and non-residential sectors coupled with up-gradation in construction and renovation activities.

Structural Steel Market: Competitive Space

The Structural Steel market is highly united with major players including

• Tata Steel
• Baosteel Company
• Anyang Iron & Steel Group Co.Ltd.
• Steel Authority of India Limited
• VISA Steel
• POSCO
• Nippon Steel & Sumitomo Metal Corporation
• Hesteel Group Company Limited
• Shagang Group Company Limited
• ArcelorMittal S.A.
• and others.

The major tactics implemented by these foremost companies in the market are mergers & acquisitions, new product developments, and collaborations. These companies are centering more on investment in inventions, partnerships, and expansions to increase their market share.

Global Structural Steel Market is segmented as follows:

By Product

• Heavy Sectional Steel
• Light Sectional Steel
• Rebar

By Application

• Residential,
• Non-Residential
• Industrial

 Structural Steel Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa