What's driving the Structural Steel Market Growth? | Top Key Players ArcelorMittal, Tata Steel, Severstal, British Steel, Erdemir, Nucor Corporation, voestalpine, POSCO,
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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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.
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
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U.S. structural steel market from commercial application will witness significant gains of over 5%. Growing prefabricated buildings has led to increased consumption of product supported by regulations to reduce emissions and use of recycled material will contribute towards regional product demand.
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.
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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Global structural steel market share is moderately fragmented with major players including ArcelorMittal, POSCO, SAIL, Erdemir Group, Nucor Corporation, Voestalpine AG, Jindal and TATA. Other prominent industry participants include Evraz Group, Shaaban Group, BCI Limited, and Riva Fire.
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