What's driving the Structural Steel Market trends? Key Company Profiled POSCO, voestalpine, ArcelorMittal, Severstal, Tata Steel, British Steel, Erdemir, Nucor Corporation

U.S. structural steel market from energy development application may witness gains at over 5% by 2024. These products are extensively used in numerous energy sector including nuclear, electric & natural gas and wind power plants and rigs with application in construction of transmission towers, oil and gas wells, transformer cores and pipelines. Increasing energy company activities to produce oil & gas, coal and renewable fuels are likely to fuel construction sector, therefore driving product demand.

Structural Steel Market size is set to surpass USD 420 billion by 2024. Increasing industrial spaces demand involving design and construction along with growing preferability for sectional structures from fabricators, engineers, architects, contractors and designers are major factors which is likely to stimulate structural steel market by 2024.

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Structural Steel Market size was over USD 230 billion in 2017 and industry expects consumption of above 600 million tons by 2024. The growing preference for metal structures considering their cost-saving, creativity, and durability benefits is poised to impel structural steel market trends. The material has indeed been used prominently in most of the construction structures comprising towers, multistory buildings, bridges, airports terminals, and industrial buildings of late.

Driven by the rapid industrialization and urbanization trends across the globe, most of the leading structural steel providers have been experiencing a plethora of business growth opportunities lately. As on today, most of the industrial and commercial buildings are being constructed mainly with the help of structural steel which is quite overtly slated to propel the product demand across myriad geographies over the years ahead. This is especially for true for the APAC market, that is being propelled by the industrialization trends across India and China.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. ArcelorMittal S.A.
2. Shagang Group Company Limited
3. Hesteel Group Company Limited
4. Nippon Steel & Sumitomo Metal Corporation
5. POSCO
6. VISA Steel
7. Steel Authority of India Limited
8. Anyang Iron & Steel Group Co., Ltd.
9. Baosteel Company
10. Tata Steel
11. China Steel Corporation
12. Novolipetsk Steel
13. Evraz Group
14. Hyundai Steel Co., Ltd. (HSC)
15. Wuhan Iron & Steel (Group) Corp.
16. Shaaban Group
17. Gerdau Steel India Pvt. Ltd.
18. Steel Limited
19. Maanshan Iron and Steel Company
20. Nucor Corporation
21. Nanjing Iron & Steel United Co., Ltd.
22. Erdemir Group
23. Hunan Valin Iron & Steel Group Co., Ltd.
24. HBIS Group Co. ltd
25. JFE Steel Corporation
26. Voestalpine AG
27. Severstal
28. SSAB AB
29. Liberty OneSteel Manufacturing
30. Gunung Steel Group
31. Jindal Steel and Power Ltd.
32. Salzgitter AG
33. Stahlwerk Thuringen GmbH
34. AFV Acciaierie Beltrame SpA
35. Duferdofin-Nucor Srl
36. Riva Fire SpA
37. Celsa Cia Espanola de Laminacion SL
38. British Steel
39. POSCO SS Vina
40. AK Steel Holding Corporation

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Heavy investments in the oil & gas industry, commercial buildings and transportation facility developments have attracted renowned players to establish their facility centers in the MEA belt. For instance, in Abu Dhabi, for constructing the Reem mall, the Italian-Emirati JV, Itinera Ghantoot received a contract of more than USD 600 million to build the project in 2017. In order to complete this 1.2-billion-dollar project, nearly 10,000 tons of structural steel and 75,000 tons of rebar are expected to be used, that would considerably augment the revenue scale of MEA structural steel market.

Taking into account the depleting fossil fuel resources, Middle East countries are focusing on the developing tourism for economic stability. In this regard, they have been investing in the development of attractive hospitality centers, commercial malls, and other establishments. On-going investments in the development of such enterprises across the Middle East countries is slated to have a favorable influence on MEA structural steel industry trends over the years ahead.

Structural steel is liberally used to manufacture various construction equipment such as struts, bars, beams, columns, girders, and plates. The increasing use of these products for constructing various warehouse and industrial spaces is slated to stimulate structural steel industry size over the years ahead. The increasing focus of regional governments and private companies toward the construction of strong, inexpensive, and safe building structures is poised to enhance the product demand in the future.

Regional Growth drivers are

• North America - Growing Steel consumption and increasing residential housing units
• Asia Pacific - Growing infrastructure and increasing number of skyscrapers
• Europe - Growth in Residential and Non-Residential infrastructure

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UK structural steel market from bridges is poised to witness gains at over 4% by 2024, owing to growing bridge construction for road, rail and sewer projects which is likely to support industry growth over the forecast timeframe. Initiations of major tunnel infrastructure projects and advancements in numerous london underground stations are projected to boost structural steel market.

Global structural steel market share is moderately fragmented among several participants including ArcelorMittal, Shagang Group, POSCO, Evraz Group, NucorCorporation, Erdemir Group and Voestalpine AG, Severstal, Tata, SSAB AB and JSPL. Manufacturers are broadly emphasizing on research and development activities to make cost effective and innovative products with primary importance is given to safety and toughness to fulfill consumer demand for effective construction.

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