Structural Steel Market is Estimated to Witness High Growth Owing to Rising Infrastructure Development Projects

Market Overview:

Structural steel is a hot-rolled product of carbon steel that is widely used in construction industry for making columns, beams, girders, etc. The products include angles, plates, sheets, channels, I-beams, etc that are used as primary load bearing members in buildings like factories, warehouses, bridges and other structures.

Market Dynamics:

The structural steel market is expected to witness significant growth over the forecast period owing to two major drivers. Rising infrastructure development projects across both developed and developing nations are driving the demand for structural steel. Government investments in public infrastructure like roads, railways, ports are fueling consumption. Another major factor is growing construction activities globally, especially in Asia Pacific region led by China, India. Rapid urbanization, rising income levels are increasing demand for residential and commercial construction which in turn supports structural steel market. The demand is further augmented by cost benefits as structural steel offers durability, corrosion resistant properties and requires less construction time.

Structural Steel Market Drivers: Government funding and investments in public infrastructure projects

Governments across the world are spending billions to upgrade and develop public infrastructure such as roads, railways, bridges, buildings, and airports. As structural steel finds extensive usage in the construction of these infrastructure projects, rising government investments in this sector is expected to strongly drive the demand for structural steel. For example, in the US, the Biden administration recently approved a $1 trillion infrastructure bill that will fund various transport and construction projects over the coming years. Similarly, the European Commission has earmarked €1 trillion for sustainable infrastructure development between 2021-2027. Such large-scale public spending will generate significant opportunities for structural steel manufacturers.

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Key Players Covered In This Report:

Arcelormittal, Nippon Steel Corporation, Shougang, Tata Steel, Hyundai Steel, Anyang Iron & Steel Group Co., Ltd., British Steel, China Ansteel Group Corporation Limited, Emirates Steel, Evraz Plc, And Gerdau S/A

Market Segmantation:

By Application

Infrastructure
Industrial
Commercial
Residential

By Type

Hot-rolled Steel
Cold-rolled Steel

Key Region/Countries are Classified as Follows:

The following section of the report offers valuable insights into different regions and the key players operating within each of them. To assess the growth of a specific region or country, economic, social, environmental, technological, and political factors have been carefully considered.

The section also provides readers with revenue and sales data for each region and country, gathered through comprehensive research. This information is intended to assist readers in determining the potential value of an investment in a particular region.

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ Latin America (Brazil, Argentina, Colombia,.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Structural Steel Market Driver: Growth of commercial and industrial construction

With rapid urbanization and industrialization worldwide, the need for new commercial and industrial buildings is surging significantly. Steel structures are a preferred building material in these construction sectors owing to attributes like strength, durability, versatility in design, and cost-effectiveness. The industrial and warehouse construction segment in particular has seen exponential growth fueled by the booming e-commerce industry. Moreover, construction of data centers and other tech infrastructure is another major driver of structural steel demand. Statistics show non-residential building construction expenditures rising steadily in major developing economies like China and India in the coming decade. This will propel structural steel consumption higher.

Structural Steel Market Restrain: Volatility in raw material prices

Steel production is highly dependent on raw materials like iron ore and coking coal which are subject to supply disruptions and price fluctuations influenced by external forces. Any shortage in commodity supply or surge in international commodity prices automatically impacts steel prices. Over the past year, raw material costs have risen sharply driven by factors such as increasing energy costs, supply chain bottlenecks, and the Ukraine conflict. While steel producers try to pass on some of this cost hike to buyers, it may restrain structural steel demand if project costs become unviable for construction companies. Stable and affordable raw material prices are essential for the structural steel industry's growth.

Structural Steel Market Opportunity: Increasing use in renewable energy infrastructure

With global focus rapidly shifting towards renewable and clean energy generation, structural steel stands to gain significantly from the construction of wind and solar farms. Steel structures form the backbone for wind turbine towers and solar module mounting systems. The global renewable energy capacity is estimated to almost triple by 2050 with continuous additions of wind and solar installations annually. Structural steel manufacturers can capitalize on this opportunity by developing optimized and customizable steel solutions for projects in wind, solar, hydro, and other renewables. Government targets and incentives for green energy adoption also make this a lucrative prospect over the long run for steel companies to explore renewable-focused business verticals and partnerships.

Structural Steel Market Trend: Adoption of advanced steel grades

Steelmakers are investing heavily in R&D to formulate newer high-strength steel grades that can deliver better performance than conventional grades. Some emerging trends include increased use of weathering steel known for outdoor durability, implementation of advanced high-strength steel grades for lightweighting structures, development of steel-concrete composite materials, and steel alloyed with materials like aluminum. Structural engineers also prefer new grades that aid design optimization, sustainability, faster construction, and lower life cycle costs of projects. The gradually shifting focus towards superior steel varieties from a technical standpoint is a notable market trend, encouraging mill manufacturers to innovate and develop advanced product portfolios catering to evolving structural design needs.

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The qualitative data in this report aims on market dynamics, trends, and developments.
The report answers a number of crucial questions, including:

➥ Which companies dominate the global Structural steel Market?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the market economy globally?

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