Structural Steel Market Growth Projections By 2024 | ArcelorMittal, POSCO, Tata Steel, Nucor Corporation, Erdemir Group, Voestalpine, Severstal, British Steel
Elevation in the level of preference for prefabricated buildings coupled with frenzy of infrastructural activities in developing economies, particularly in Asia Pacific is fueling structural steel market trends. Structural steel renders the advantages of faster completion, energy efficiency, and high design flexibility, which has spurred its application in industrial, residential, and commercial structures.
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Light sectional structural steel finds prominent usage in residential and small building manufacturing applications due to its quick building ability and lightweight properties. Light sectional structural steel market share is estimated to cross over 110 million tons by 2024.
The product is also gaining substantial prominence in energy development applications. Surging investments in nuclear, electric, natural gas, and wind power plants is likely to propel structural steel market demand.
The US is contributing significantly to the global energy development landscape and has emerged as a key revenue pocket for structural steel market. US structural steel market size from energy development application is likely to accumulate gains at over 5% over 2018-2024. Stringent emission control regulations paired with rising inclination towards prefabricated buildings in the region is favoring structural steel business outlook.
US structural steel market volume from commercial applications is expected accrue gains at over 5% CAGR during 2018-2024.
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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On the contrary, one of the most significant disadvantages of structural steel is its low resistance to corrosion and exceptional heat conduction properties, which limits its applicability quotient. However, structural steel industry participants are committed to pioneering new and innovative products.
They are directing aggressive R&D activities towards developing new grades of the product that can eliminate the aforementioned shortcomings, which is expected to bolster growth prospects of structural steel industry in the ensuing years. Moreover, manufacturers in structural steel industry space are broadly emphasizing on technological progress, and developing faster, user-friendly manufacturing processes that leverage greener inputs/fuels and facilitate greater emission reductions.
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