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Architectural And Structural Metals Market Share, Size And Outlook To 2033
Architectural And Structural Metals Market Share
According to The Business Research Company's, The architectural and structural metals market size has grown strongly in recent years. It will grow from $600.05 billion in 2023 to $633.7 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to construction and infrastructure development, urbanization and population growth, industrial and commercial construction, architectural trends, government investment in infrastructure.
The architectural and structural metals market size is expected to see strong growth in the next few years. It will grow to $774.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to sustainable construction practices, renewable energy projects, smart building technologies, global urbanization trends, infrastructure resilience and upgrades. Major trends in the forecast period include focus on building information modeling (bim), energy-efficient building envelopes, urbanization and infrastructure development, use of recycled and upcycled metals, global architectural trends influence.
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Market Drivers and Trends:
The growing construction industry is expected to propel the growth of the architectural and structural metals market going forward. Construction is the process of creating, modifying, repairing, remodeling, or destroying an infrastructure facility. It also refers to the act of making or creating something. The construction industry requires architectural and structural metals to create impressive and long-lasting buildings because they are resistant to corrosion, ductile, and lightweight, so a growing construction industry will propel market growth. For instance, in 2021, according to Oxford Economics, a global provider of economic forecasting and analysis, global construction output grew by 6.6%. The world construction output is anticipated to increase by 35% from the current decade to 2030 when it is expected to reach a cumulative amount of $135 trillion. Therefore, this is driving the architectural and structural metals market.
Technological advancements are a key trend gaining popularity in the architectural and structural metals market. Major companies operating in the architectural and structural metals market are focused on technological advancements to strengthen their market position. For instance, in December 2022, CYPE, a Spain-based developer of technical software for architecture, engineering, and construction professionals, launched StruBIM Steel, a new tool for creating structural steel detailing drawings. It is uniquely designed to create and maintain BIM (building information model) models for steel detailing and generate all the structural drawings ready for fabrication with a single click. The documents generated by the program can be delivered directly to fabrication workshops. It allows to revision and update of the fabrication drawings and assembly drawings on an ongoing basis.
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Major Key Players of the Market:
NCI Building Systems Inc.; Gibraltar Industries Inc.; Valmont Industries Inc.; Arconic Inc.; Nucor Corporation; United States Steel Corporation; ArcelorMittal SA; China Baowu Steel Group; JFE Steel Corporation; Nippon Steel Corporation; Tata Steel Ltd.; Larson Manufacturing Company Inc.; Jeld Wen Inc.; Defiance Metal Products Co.; TrueNorth Steel Inc.; DuraVent Inc.; Worthington Industries Inc.; Steel Dynamics Inc.; AK Steel Holding Corporation; Carpenter Technology Corporation; Allegheny Technologies Incorporated; Commercial Metals Company; Reliance Steel & Aluminum Co.; Mueller Industries Inc.; The Timken Company; Olympic Steel Inc.; Universal Stainless & Alloy Products Inc.; A.M. Castle & Co.; Ryerson Holding Corporation; Schnitzer Steel Industries Inc.
Architectural And Structural Metals Market 2024 Key Insights:
• The architectural and structural metals market will grow to $774.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Construction Boom Sparks Growth In Architectural And Structural Metals Market
• Technological Advancements Propel Architectural And Structural Metals Market
• North America was the largest region in the architectural and structural metals market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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