Structural Steel Market Size, Statistics, Global Report 2024-2032
Structural Steel Market Size, Statistics, Global Report 2024-2032

Structural Steel Market Share, Size, Trends, Industry Analysis Report, By Product (Heavy Structural Steel, Light Structural Steel), By End-Use; By Region; Segment Forecast, 2024- 2032

  • Published Date:Feb-2024
  • Pages: 115
  • Format: PDF
  • Report ID: PM1578
  • Base Year: 2023
  • Historical Data: 2019 - 2022

Report Outlook

The global structural steel market was valued at USD 111.37 Billion in 2023 and is expected to grow at a CAGR of 5.3% during the forecast period.

Structural steel is a high-strength and versatile metal alloy primarily composed of iron and a small percentage of carbon, with additional alloying elements such as manganese, silicon, and traces of other elements. Its strength, durability, and flexibility make it a fundamental material in the construction industry for a wide range of structural applications. Utilized in the fabrication of beams, columns, and other load-bearing components, structural steel provides the framework for buildings, bridges, industrial facilities, and various infrastructure projects.

The global demand for structural steel continues to rise due to its widespread use in the construction industry. Increasing urbanization, population growth, and infrastructure development projects worldwide contribute significantly to the market's expansion. The wider applicability and high strength-to-weight ratio of structural steel make it an essential material for constructing residential, commercial, and industrial buildings, as well as bridges and other infrastructure. Also, advancements in construction technologies and engineering design practices enhance the efficiency of structural steel, further boosting its market growth.

Structural Steel Market Size

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However, the structural steel market is hindered by fluctuations in raw material prices, particularly for iron ore and scrap metal impacts production cost and subsequently affect the overall market. Stricter regulations regarding emissions, energy consumption, and the carbon footprint of steel production increase operational costs for manufacturers and limit the market's growth.

The market research report offers an in-depth analysis of the industry to support informed decision-making. It offers a meticulous breakdown of various market niches and keeps readers updated on the latest industry developments. Along with tracking Structural Steel Market on the basis of SWOT and Porter’s Five Forces models, the research report includes graphs, tables, charts, and other pictorial representations to help readers understand the key insights and important data easily.

Structural Steel

Growth Drivers

  • The rise in commercial and residential construction activities drives market growth.

The rise in commercial and residential construction activities acts as a significant driver propelling the growth of the market because the construction industry experiences an upsurge globally, and the demand for materials capable of providing superior structural strength and toughness becomes important. Structural steel, known for its extraordinary strength and durability, emerges as a crucial solution meeting strict usage criteria. In commercial construction, skyscrapers, office complexes, and shopping malls demand materials that can support the vertical and horizontal loads imposed by complex architectural designs. Similarly, in residential construction, the need for durable frameworks to ensure the safety and longevity of buildings is essential. Structural steel, with its high strength-to-weight ratio, not only meets but often exceeds these requirements by offering engineers and architects the flexibility to design and innovate.

Report Segmentation

The market is primarily segmented based on product, end-use, and region.

By Product

By End-Use

By Region

  • Heavy Structural Steel
  • Light Structural Steel
  • Residential
  • Non-residential
    • Commercial
    • Industrial
    • Institutional
    • Offices
    • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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By Product Analysis

  • The heavy structural steel segment is expected to hold a significant market share over the forecast period.

The anticipated dominance of the heavy structural steel segment in the structural steel market in 2023 is because of the robustness and ability of heavy structural steel to withstand significant loads. The surge in large-scale projects, such as industrial complexes, bridges, and high-rise buildings, requires materials with heavy load-bearing capacity and durability. Heavy structural steel, with its high strength and resistance to deformation, emerges as the material of choice for these applications. Also, modern architectural designs often involve complex structures that demand the use of heavy steel components to ensure stability and safety. The industrial sector's expansion, including energy-related projects, manufacturing plants, and infrastructure development, further increases the demand for heavy structural steel.

By End-Use Analysis

  • The non-residential segment dominated the revenue share in 2023.

The segment accounted for the dominating revenue share because of the robust demand arising from various non-residential construction activities encompassing commercial, industrial, and institutional projects. It exhibits a heavy dependence on structural steel due to its extraordinary strength, durability, and adaptability. The rising global economy has led to significant investments in commercial complexes, office spaces, and retail establishments, all of which require materials capable of supporting complex architectural designs and heavy loads. Structural steel emerges as an essential product in meeting these requirements, offering engineers and builders the flexibility to build non-residential structures without compromising on structural strength. Manufacturing plants, warehouses, and infrastructure projects require materials that can withstand the difficulties of industrial processes and environmental factors, making heavy structural steel an ideal choice.

Structural Steel Seg

Regional Insights

  • Asia Pacific is estimated to hold the largest revenue share over the forecast period.

The estimation that Asia Pacific dominated in terms of revenue share in the structural steel market in 2023 is because of the region's growing economic and infrastructural projects. The urbanization and population growth in this region have led to an increasing demand for commercial, residential, and industrial spaces. As countries in the region focus on infrastructure development projects, structural steel emerges as a necessary material due to its strength, adaptability, and cost-effectiveness.

  • For instance, China is expected to be the biggest driver of growth in this regional market due to its large population and rapidly developing industrial sector. Additionally, the growth of the industry in the region has been further strengthened by supportive government programs such as "Make In India" in countries like India.

The surge in construction activities, ranging from skyscrapers and residential complexes to transportation infrastructure like bridges and airports, propels the demand for structural steel across various applications.

The anticipated significant growth rate of the North American region in the market over the forecast period is because the region is witnessing a growth in construction activities driven by a strong economy, population growth, and an increasing focus on urban development and redevelopment projects. The demand for structural steel in the region is propelled by the need for high-strength materials that can support modern architectural designs and meet stringent safety standards.

Structural Steel Reg

Key Market Players & Competitive Insights.

The global market for structural steel is highly competitive and moderately fragmented. Major players in the industry undertake key strategies such as mergers & acquisitions and joint ventures. A surge in partnerships and acquisitions is expected to create new market opportunities for key players.

Some of the major players operating in the global market include:

  • Arcelor Mittal S.A.
  • BAOSTEEL GROUP
  • Bohai Group
  • British Steel
  • Hebei Group
  • Nippon Steel & Sumitomo Metal Corporation
  • POSCO
  • Salasar Techno Engineering
  • Tata Steel Limited
  • Wuhan Group

Recent Developments

  • In April 2021, Salasar Techno Engineering has recently announced the launch of a new manufacturing plant for structural steel fabrication in Uttar Pradesh, India. The newly launched plant boasts one of the largest installed capacities in India, with a total production capacity of 15000 tonnes per annum.
  • In December 2020, British Steel introduced a new steel grade (S460M) specifically designed for high-rise buildings with multiple floors.

Structural Steel Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 117.04 Billion

Revenue Forecast in 2032

USD 176.51 Billion

CAGR

5.3% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD Billion and CAGR from 2024 to 2032

Segments Covered

By Product, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Customization

Report customization as per your requirements concerning countries, regions, and segmentation.

We provide our clients the option to personalize the Structural Steel Market report to suit their needs. By customizing the report, you can get data as per your format and definition. Also, the customization option allows you to gain a deeper dive into a specific segment, region, customer, or market competitor.

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FAQ's

the expected industry size of Structural Steel Market valued at USD 111.37 Billion in 2023 and is expected to grow at a CAGR of 5.3% during the forecast period

The top market players in Structural Steel Market is Arcelor Mittal S.A. BAOSTEEL ,GROUP, Bohai Group, British Steel

Asia Pacific is region contribute notably towards the Structural Steel Market

The global structural steel market grow at a CAGR of 5.3% during the forecast period. (2024-2032)

key segments in the Structural Steel Market are product, end-use, and region.