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Structural Steel Market 2020 | Top Players are ArcelorMittal, POSCO, Tata Steel, Nucor Corporation, Erdemir Group, Voestalpine, Severstal, British Steel

Structural Steel Market

Structural Steel Market

Massive growth in construction activities across the world will have a major impact on structural steel market forecast, in terms of production as well as consumption. Structural steel is essentially a type of steel construction material that is manufactured in a certain shape or cross-section, with some chemical composition and high values of strength. It is primarily used as a to counter the low ductility and tensile strength of the concrete.

The material is known to be 100% recyclable and is one of the most reused materials in the world. Structural steel involves a wide variety of manganese or low carbon steel which are used in a large number of marine and civil engineering applications. The product is manufactured in plate shapes and sections that are further used to build ships, pipelines, buildings and bridges.

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According to new research report, Structural Steel Market was estimated at USD 285 Billion in 2019 and is projected to surpass USD 500 billion by the year 2026.

Demand for structural steel in industrial sector has come on the heels of its unparalleled strength and sleek visual appeal. Besides, sustainability and low cost of structural steel have instilled confidence among leading players who are vying to invest in structural steel market. Notable uptick witnessed in government budgets towards tourism sector and emphasis on building condominium and skyscrapers are set to augur well for the industry size expansion.

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 POSCO
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 Severstal
o Jindal Steel and Power Ltd.
o British Steel

Prominent players are vying to boost their industry portfolios through product roll outs and mergers and acquisitions. In Q4 2015, Tata Steel rolled out Tata Structure 355, a high strength variant of steel hollow sections that has an additional variant with fire-resistance properties and an improved yield strength. The structural steel is extensively being used in the construction of metro and railway stations, airports, IT and industrial complexes and malls.

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In a bid to boost the product portfolio, Nippon Steel and ArcelorMittal jointly acquired Essar Steel in India in December 2019. As such, Essar Steel in India (ESIL) will be known as ArcelorMittal Nippon Steel India (AM/NS India). The two leading companies Nippon Steel and ArcelorMittal will offer their respective business experience and leading technologies to further their business expansion in steel industry in Asia.

Structural steel products will continue to gain mainstream momentum aided by advanced designs and seismic resistance to satiate large scale construction needs. Prominent companies are striving to provide state-of-the-art facilities that are accredited to global standards and eventually complement sustainability.

High recycled content, quick construction, high strength-to-weight ratio and minimal environmental impact have made structural steel indispensable for helping innovate and create design with an array of shape and sizes. Indeed, leading companies are looking to optimize fabrication works, design, shorten work periods, improve cost savings with improved strength and high dimensional accuracy.

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DecResearch.com, powered by Global Market Insights, is an online aggregator of information on market research reports. The website provides comprehensive information as well as a detailed 'Table of Contents' for reports being regularly published by GMI.

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