The global structural steel market size is expected to be US$ 94.1 billion in 2021. The global structural steel market is forecast to grow to US$ 151.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 6.9% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The global structural steel market is forecast to gain traction during the forecast period. It is owing to the growing number of construction activities all across the world. Further, growing initiatives from government bodies to improve public infrastructure will drive the market forward.
The rapidly growing population and their increasing demands will escalate the market growth during the study period. Furthermore, rising urbanization and industrialization will offer ample growth opportunities for the structural steel market.
The high quality of structural steel will benefit the market in the coming years. Moreover, companies are also focusing on developing advanced and high-quality products, which will benefit the overall market.
COVID-19 Impact Analysis
The global structural steel market witnessed significant disruptions due to the pandemic. Due to the wake of this national emergency, the maximum number of construction activities were put on halt. According to a report by World Steel Association, the demand for finished steel reduced by around 2.4% in 2020. In addition, the shutdown of manufacturing units and a shortage of labor disrupted the supply chain flow, which ultimately hampered market growth.
Regional Analysis
The Asia-Pacific structural steel market is forecast to register potential growth due to the growing number of projects related to housing construction activities in emerging economies. In addition, favorable policies from government bodies to enhance infrastructure will surge market growth. The presence of prominent industry players, such as Tata Steel, JSW Steel, etc., will contribute to the growth of the market.
Competitors in the Market
ArcelorMittal
Baogang Group
Evraz plc
Gerdau S.A.
JSW Steel
POSCO
Nippon Steel Corp.
Tata Steel
SAIL
Other Prominent Players
Market Segmentation
The global structural steel market segmentation focuses on Product, Application, and Region.
Based on Product Type
Light Structural Steel
Angle [L Shaped]
Bearing Pile [H Shaped]
Channel [C Shaped]
I Beam [ I Shaped]
Tee [T Shaped]
Pipe
Hollow Steel Section [HSS]
Square Hollow Section
25*25 mm to 40*40 mm
40*40mm to <70*70 mm
>70*70 mm to <100*100 mm
>100*100 mm to <150*150 mm
>150*150 mm to <200*200 mm
>200*200 mm to <400*400mm
Rectangular Hollow Section
50*25 mm to 60*40 mm
>60*40 mm to <100*50 mm
>100*50 mm to <150 * 100 mm
>150*100 mm to <200 * 150 mm
>200*150 mm to <300 * 250 mm
>300 * 250 mm to <450 * 250mm
Circular Hollow Section
20 mm to 40 mm
>40 mm to <100 mm
>100 mm to <250 mm
>250 mm to <350 mm
>350 mm to <500 mm
Heavy Structural Steel
Angle [L Shaped]
Bearing Pile [H Shaped]
Channel [C Shaped]
I Beam [ I Shaped]
Tee [T Shaped]
Pipe
Hollow Steel Section [HSS]
Square Hollow Section
25*25 mm to 40*40 mm
40*40mm to <70*70 mm
>70*70 mm to <100*100 mm
>100*100 mm to <150*150 mm
>150*150 mm to <200*200 mm
>200*200 mm to <400*400mm
Rectangular Hollow Section
50*25 mm to 60*40 mm
>60*40 mm to <100*50 mm
>100*50 mm to <150 * 100 mm
>150*100 mm to <200 * 150 mm
>200*150 mm to <300 * 250 mm
>300 * 250 mm to <450 * 250mm
Circular Hollow Section
20 mm to 40 mm
>40 mm to <100 mm
>100 mm to <250 mm
>250 mm to <350 mm
>350 mm to <500 mm
Rebar
Based on Application
Residential,
Non Residential
Commercial
Institution
Offices
Health Buildings
Industrial
Energy Development
Onshore Structure
Offshore Structure
Station & Hangers
Bridges
Others
Based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
