Structural Steel Market Research Analysis Released in Latest Industry Estimated to Reach $177.4 bn by 2032

Structural steel refers to a category of steel used primarily in construction and engineering projects for its strength and durability. It is commonly used to create structural frameworks for buildings, bridges, towers, and other large structures.

Its physical qualities include hardness, toughness, ductility, machinability, tensile strength, and yield strength. In addition, to its flexibility, structural steel has a wide range of use, making it one of the most popular materials for building and industry. Moreover, structured steel is made to have a high strength-to-weight ratio and is extremely durable. They are also affordable, and the prefabricated components are simple to assemble. These two features make structural steel an appropriate material for industrial construction.

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The structural steel market size was valued at $106.4 billion in 2022, and is estimated to reach $177.4 billion by 2032, growing at a CAGR of 5.3% from 2023 to 2032.

The primary driving factors of the structural steel market are significant increases in government spending, particularly in emerging countries, in the construction of new infrastructure such as highways, dams, tunnels, residential and commercial buildings, and other public facilities.

Furthermore, the rise of the mining industry to extract metals, coal, and minerals is driving market growth. Furthermore, the market's growth is hampered by a shortage of skilled and certified operators, in addition, to a drop-in new building activity. Furthermore, the introduction of technologically improved equipment in the building industry is anticipated to provide future potential prospects in the market.

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Steel can recycled which make it as an environmentally friendly choice. Recycled steel retains its properties, and using recycled steel reduces the demand for new raw materials. The timeline of construction is often a critical factor in many projects.

Structural steel are fabricated off-site and then assembled on-site, which reduces construction time and cost compared to traditional construction methods. Such factors will fuel the structural steel market growth.

The steel is an important component used in building industrial infrastructure projects in power & energy, industrial, oil & gas, and pharmaceutical industries.

Increase in construction of industrial infrastructure projects in countries such as China, India, and Brazil leads to rise in demand for steel, which is projected to boost the growth of the market. For instance, China investes $10 billion on a new oil & gas refinery project in Guangdong, which was expected to be completed by March 2024.

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Top Players:
Key companies profiled in the structural steel industry include Arcelor Mittal S.A., Baogang Group, Evraz plc, Gerdau S.A, Nippon Steel Corporation, JSW Steel Limited, Tata Steel Limited, SAIL, Wuhan Iron & Steel (Group) Corp and Baosteel Group Corporation.

Key Findings of The Study :
The report provides an extensive analysis of the current and emerging global structural steel market trends and dynamics.   

Depending on product type, the Rebar segment has dominated the Structural Steel market, in terms of revenue in 2022.

By product type, the Rebar segment has registered highest revenue in 2022. 

By application, Non-residential segment has registered highest revenue in 2022. 

Asia-Pacific is projected to register the highest growth rate in the coming years.

The key players within the global Structural Steel market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the Structural Steel industry.

The report provides structural steel market forecast and extensive analysis of the emerging opportunities of the market. 

In-depth global Structural Steel market analysis is conducted by constructing estimations for the key segments between 2022 and 2032.

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This release was published on openPR.