Press release
Strong Growth Ahead: Structural Steel Market Size To Grow At Arecord 5.9% Cagr By 2029
Structural Steel
How Big Is the Structural Steel Market Size Expected to Be by 2034?
The structural steel market size will grow from $109.06 billion in 2024 to $115.82 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. Growth is attributed to energy conservation demand, waste reduction in construction, carbon emission regulations, deforestation urgency, and increasing populations in growing economies.
The structural steel market is expected to grow to $145.74 billion by 2029, at a CAGR of 5.9%. This growth is driven by demand for stainless steel, green construction, manufacturing industry rise, recycling focus, and sustainable steelmaking practices. Trends include digitalization, BIM integration, high-strength steel advancements, sustainable steel production, and automation.
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What Are the Emerging Segments Within the Structural Steel Market?
The structural steelmarket covered in this report is segmented -
1) By Type: Hot-Rolled Steel, Cold-Rolled Steel
2) By Product: Heavy Sectional Steel, Light Sectional Steel, Rebar
3) By Application: Residential, Non-Residential
Subsegments:
1) By Hot-Rolled Steel: Hot-Rolled Steel Beams, Hot-Rolled Steel Plates, Hot-Rolled Steel Channels, Hot-Rolled Steel Sheets, Hot-Rolled Steel Angles
2) By Cold-Rolled Steel: Cold-Rolled Steel Sheets, Cold-Rolled Steel Strips, Cold-Rolled Steel Bars, Cold-Rolled Steel Coils, Cold-Rolled Steel Tubes
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What Long-Term Drivers Are Shaping Structural Steel Market Trends?
The increasing construction of residential and commercial infrastructure is set to drive the structural steel market. The expansion is largely attributed to government initiatives, smart city projects, and affordable housing efforts. Structural steel plays a crucial role in ensuring the stability and strength of building frameworks. According to a report by the US Census Bureau in August 2024, the value of residential and non-residential construction projects grew by 7.3% and 5.3% respectively, highlighting the growing need for structural steel in infrastructure development.
Who Are the Top Competitors in Key Structural Steel Market Segments?
Major companies operating in the structural steel market are Severstal, ArcelorMittal S.A., POSCO, China Baowu Steel Group Corp Ltd, Nippon Steel Corporation, Thyssenkrupp AG, Nucor Corporation, JFE Steel Corporation, Tata Steel Limited, United States Steel Corporation, JSW Steel, HBIS GROUP, Hyundai Steel Co Ltd, Ansteel Group, Voestalpine AG, Jiangsu Shagang Group Co Ltd, Gerdau S.A, Evraz Plc, Steel Authority of India Limited (SAIL), SSAB AB, Outokumpu Oyj, Anyang Iron & Steel Group Co. Ltd, British Steel Limited
What Trends Are Expected to Dominate the Structural Steel Market in the Next 5 Years?
Companies in the structural steel market are developing steel building solutions to improve construction methods. These technologies provide efficient and versatile solutions for building strong and adaptable structures. For instance, in July 2022, APL Apollo, an Indian company, launched advanced steel building solutions that use heavy structural tubular products, allowing for faster project completion, superior quality, cost savings, and environmental benefits. These prefabricated sections simplify fabrication, reducing time and effort in constructing buildings like hospitals and factories.
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Which Regions Are Becoming Hubs for Structural Steel Market Innovation?
Asia-Pacific was the largest region in the structural steel market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the structural steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Structural Steel Market?
2. What is the CAGR expected in the Structural Steel Market?
3. What Are the Key Innovations Transforming the Structural Steel Industry?
4. Which Region Is Leading the Structural Steel Market?
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