Steel Structure Market to Reach $169.7 Billion by 2032 | Exploring the Growth of Construction

Prime Determinants of Growth

Rapid urbanization in emerging economies is leading to an increase in demand for residential, commercial, and industrial buildings, which utilize steel structures due to their strength, durability, and flexibility in design. Moreover, major infrastructure projects, including bridges, airports, and highways, rely heavily on steel structures, thereby driving the of the market growth.

According to the report, the steel structure market was valued at $118.9 billion in 2023, and is estimated to reach $169.7 billion by 2032, growing at a CAGR of 4.1% from 2024 to 2032.

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The angles segment dominated the global steel structure market share, in terms of revenue

On the basis of product, the market is divided into angles, channels, and rounds. Rapid industrialization and infrastructure development in emerging markets create new opportunities for steel structure manufacturers. The demand for Steel Structure is particularly high in regions with significant industrial activity, such as North America, Europe, and Asia-Pacific. These regions have extensive infrastructure and industrial facilities that require robust and reliable walkway solutions.

The welded steel structure segment dominated the market in 2023

Depending on application, the market is classified into industrial, commercial, institutional, and residential. Innovations in steel production and fabrication, such as high-strength steel and automated manufacturing processes, have made steel structures more cost-effective and efficient to produce. This has lowered the overall cost and increased the quality and performance of steel structures.

Asia-Pacific dominated the market share in terms of revenue in 2023

The steel structure market is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA. In 2023, Asia-Pacific accounted for more than one third of market share, and it is expected to grow at a significant CAGR during the forecast period. China holds the maximum share in the steel structure market in Asia-Pacific. Rise in commercial buildings, such as office complexes and shopping malls, along with residential projects, is a significant driver of the growth of the market in the region.

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Top Players:
The major players operating in the steel structure 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 Hebei Steel Group.

Key Takeaways:
The steel structure market overview study covers 20 countries. The research includes a segment analysis of each country in terms of value ($million) for the projected period.
More than 1, 500 product literatures, industry releases, annual reports, and other such documents of major energy storage system industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
The study integrated high-quality data, professional opinions & analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions to achieve their most ambitious growth objectives.

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