Structural Steel Market to cross USD 420 billion Opportunity by 2024 | Key players are ArcelorMittal, British Steel, POSCO, Tata Steel, Nucor Corporation, Voestalpine AG

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.

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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Growing residential & non-residential buildings along with rising number of manufacturing facilities globally is likely to drive structural steel market. Iron and carbon are the main constituents used in manufacturing of structural steels. These products are extensively used for construction of transmission line towers, buildings, and manufacturing sheds. They are manufactured in numerous shapes and sizes including, angle (L-shape), I-beam, hollow structural section (HSS), T-shaped shape and Z-shape.

China structural steel market from I shaped heavy sections is projected to surpass USD 16 billion by 2024. I-beams are most widely used sections owing to their high strength and their applicability to create spacious and large rooms with slight support channels. Growing revamp activities in the region is likely to foster product demand as these beams are used to replace old structural channels with new ones. Its increasing usage in construction of frames for elevators, trolley truck beds, and trailer is likely to have a positive outlook on structural steel market.

Growth drivers are

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

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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.

Italy structural steel market from industrial applications may outdo 1 million tons in the predicted timeframe, owing to upgradation in existing industrial buildings, which is positively affecting the market growth. Growing support from government to restore economic development through investments in infrastructure and industrial construction projects along with positive expansions in country's retail, tourism and manufacturing sectors are anticipated to support industrial growth.

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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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