Whats driving Structural Steel Market Trends? Key players are ArcelorMittal POSCO, Tata Steel, Nucor Corporation, Voestalpine, Severstal, British Steel
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.
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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.
Speaking along the same line, the Indian government has been extensively involved in numerous infrastructural development projects from the last few years, which has generated considerable competitiveness among the giants in the regional structural steel market. The construction projects comprising building, bridges, and railroads require structural steel on a large scale which the domestic industry has been unable to fulfil.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
o ArcelorMittal S.A.
o Shagang Group Company Limited
o Nippon Steel & Sumitomo Metal Corporation
o VISA Steel
o Anyang Iron & Steel Group Co. Ltd.
o Baosteel Company
o Tata Steel
o China Steel Corporation
o Novolipetsk Steel
o Evraz Group
o Hyundai Steel Co. Ltd. (HSC)
o Steel Limited
o Nucor Corporation
o Erdemir Group
o Voestalpine AG
o Jindal Steel and Power Ltd.
o British Steel
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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.
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.
This upgradation of material manufacturing standards will help steelwork companies maintain a high level of assurance and quality of structural steel that would meet the design requirement of various construction projects. The upgradation depicts the vast expanse of Europe structural steel industry and the supposed influence of changing standardization policies on the market dynamics. As per estimates, Europe structural steel market will grow a CAGR of more than 3% over 2018-2024.
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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.
Leading Market Players -
ArcelorMittal S.A., Shagang Group Company Limited, Hesteel Group Company Limited, Nippon Steel & Sumitomo Metal Corporation, POSCO, VISA Steel, Steel Authority of India Limited, Anyang Iron & Steel Group Co. Ltd., Baosteel Company, Tata Steel, China Steel Corporation, Novolipetsk Steel, Evraz Group, Hyundai Steel Co. Ltd. (HSC), Wuhan Iron & Steel (Group) Corp., Shaaban Group, Gerdau Steel India Pvt. Ltd., Steel Limited, Maanshan Iron and Steel Company, Nucor Corporation, Nanjing Iron & Steel United Co. Ltd., Erdemir Group, Hunan Valin Iron & Steel Group Co. Ltd., HBIS Group Co. ltd, JFE Steel Corporation, Voestalpine AG, Severstal, SSAB AB, Liberty OneSteel Manufacturing, Gunung Steel Group, Jindal Steel and Power Ltd., Salzgitter AG, Stahlwerk Thuringen GmbH, AFV Acciaierie Beltrame SpA, Duferdofin-Nucor Srl, Riva Fire SpA, Celsa Cia Espanola de Laminacion SL, British Steel, POSCO SS Vina, AK Steel Holding Corporation
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