Structural Steel Market Growth 2020-2026 | ArcelorMittal, POSCO, Tata Steel, Nucor Corporation, Erdemir Group, Voestalpine AG, Severstal, British Steel

Gradually urbanizing world creating immense need for new building construction is poised to favor structural steel market expansion. Rising industrialization and commercialization trends fueling large scale public, private and residential construction activities across the globe will in turn bolster the requirement for structural steel. The product finds extensive applications in the construction of institutions, health buildings, bridges, dams and other structures.

Ongoing extraction of steel ores across several regions including Middle East and North America is resulting in easy availability of steel products. Growing concerns towards deteriorating environment conditions has prompted construction companies to utilize green construction materials which is likely to impact product consumption over the coming years. Reports estimate that global structural steel market size will surpass USD 500 billion in value by 2026.

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The strength and solid assembly provided by structural steel complies with environmental regulations. They are also well-suited for off-shore and on-shore construction. Rise in oil and gas extraction activities across the globe is likely to fuel the product demand. Moreover, increasing consumer inclination and preference for sturdy and reliable materials will augment product deployment across residential and industrial settings.

From non-residential applications, structural steel industry is expected to gather gains at 5 % over 2020-2026. Structural steels possess excellent tensile properties and are well-suited for application in several non-residential structures including offices, educational institutes and health facilities. Increasing investments directed towards commercial development and other public-facility infrastructure will spur product demand.

North America structural steel market share is forecast to showcase notable growth rate of more than 4% over the analysis period owing to development of massive skyscrapers in the United States. In line with the innovative construction methodologies, these structures save both time and cost as they do not use conventional building materials and resources.

Robust government investments in non-residential construction and public infrastructure development may fuel the deployment of structural steel in the infrastructure. Made in Canada, New Building Canada Plan and Affordable Housing Initiative are some of the initiatives taken by the regional government in the country which is positively impacting business growth.

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Manufacturers in the structural steel market are adopting various organic and inorganic strategies including joint ventures, acquisitions and mergers to improve their market presence and to enhance their sales. In addition, these players are also engaging in R&D activities for improved production and minimizing costs.

For instance, in July 2018, British Steel upgraded its Scunthorpe mill in 2018 by investing more than USD 50 million in order to expand its production capacity and increase domestic as well as overseas sales. Key players contributing towards the structural streel market growth are Nippon Steel & Sumitomo Metal Corporation, ArcelorMittal S.A, VISA Steel, POSCO, SAIL, Tata Steel, Baosteel Company, Novolipetsk Steel, Steel Limited, Evraz Group, JFE Steel Corporation and Nucor Corporation.

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