What are the Growth Drivers of Structural Steel Market? POSCO, ArcelorMittal, Severstal, Tata Steel, British Steel, Erdemir, Nucor Corporation, voestalpine
Europe structural steel market will grow a CAGR of more than 3% over 2018-2024. Having identified the potential benefits of structural steel, a few days before, the European Standard, BSI revised the specific requirement for structural steelwork which could ensure the material’s mechanical durability, stability, resistance, and serviceability.
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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. Considering that the deployment of metal structures in various residential and industrial building construction leads to better reliability and ensured high load carrying capacity, giants in the structural steel industry have been focusing on the development of waste and scrap free steel products.
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. For instance, in India, owing to the increasing construction activities across industrial as well as commercial sectors, in the first quarter of the financial year of 2018, India imported nearly 2.1 million tons of steel which is 15% more compared to the previous year. In addition, between April and June, the steel imports from Japan and China increased by 30% and 31% respectively from a year earlier.
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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Structural steel industry size from energy development application is anticipated to surpass 45 million tons by 2024. Optimizing costs and risks of installing large offshore platforms and different construction strategies have been developed including the use of the product, thus stimulating product demand.
Structural steel exhibits excellent ductility, high strength, seismic resistance, and speed of erection. Rising application scope in non-residential applications including healthcare buildings, data centers, institutions, airports, offices and stadiums is projected to foster product demand. Increasing emphasis on technological development will facilitate faster manufacturing process with uniformity, user-friendly procedures to reduce quality issues will boost industry growth.
Light sectional structural steel segment is anticipated to be over 110 million tons in the projected timeframe. It has eminent usage in residential and small building manufacturing owing to its light weight, and quick building ability without using heavy tools or equipment. Manufacturers are engaged in developing cost-efficient equipment with low environmental impacts which will foster market growth.
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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
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
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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