Structural Steel Industry Outlook 2025-2029: Market Set to Cross $145.74 Billion Milestone

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How Large Will the Structural Steel Market Size By 2025?
In the past few years, the size of the structural steel market has seen substantial growth. It is set to rise from $109.06 billion in 2024 to reach $115.82 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. Factors such as increasing demand for energy conservation, the requirement to lessen waste in construction projects, stringent regulations regarding carbon emissions, the pressure to curb fast-paced deforestation, along with a rising population in expanding economies, have all contributed to the growth during the historical period.

How Big Is the Structural Steel Market Size Expected to Grow by 2029?
In the coming years, the structural steel market is anticipated to experience significant growth, reaching $145.74 billion in 2029 with a compound annual growth rate (CAGR) of 5.9%. The expansion in this market over the projected period can be linked to the rising demand for stainless steel, the preference for eco-friendly building construction methods, the emergence of manufacturing industries, an increased emphasis on recycling, and a growing interest in sustainable steel manufacturing processes. The period of forecast is expected to see major trends such as digitalization and the fourth industrial revolution, building information modeling (BIM), advanced high-strength steel (AHSS), environmentally-friendly steel production, and the incorporation of automation and robotics.

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Which Key Market Drivers Powering Structural Steel Market Expansion and Growth?
The expansion of residential and commercial infrastructure is anticipated to fuel the growth of the structural steel market. This infrastructure encompasses all physical facilities and structures necessary for both residential living and commercial activities, including apartments, homes, office spaces, retail outlets, and other critical structures. The surge in residential and commercial infrastructure is a result of strategic infrastructure planning, affordable housing initiatives, smart city projects, and sustainability endeavors initiated by government bodies. Structural steel, due to its strength and adaptability, plays a pivotal role in supporting building frameworks and large construction ventures. For example, a report by the US Census Bureau in August 2024 indicated that the value of residential construction operations escalated from $875.5 billion in June 2023 to $939.8 billion in June 2024, marking a 7.3% growth. Concurrently, non-residential construction operations' value increased from $1.15 trillion in June 2023 to $1.21 trillion in June 2024, indicating a 5.3% growth. Hence, the booming expansion of residential and commercial infrastructure is propelling the development of the structural steel market.

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Which Fast-Growing Trends Are Poised to Disrupt the Structural Steel Market?
The focus of leading businesses in the structural steel market is on the creation of steel building solutions, aiming to advance construction methods that are more efficient and quicker. Structural steel's steel building solutions offer versatility, strength, and efficient ways of establishing flexible and resilient infrastructure. An example of this is APL Apollo, a structural steel tubing company from India, unveiling their next-generation steel building solution technology in July 2022. This newly developed technology revolutionizes the construction sector by providing tubular products suitable for heavy structure construction, which ensures project completion is quicker, quality is superior, strength is improved, and the whole process is environmentally friendly and cost-effective. These accurately engineered tubular segments that are prefabricated increase efficiency, saving time and effort when building various structures such as hospitals, factories, and business offices.

What Are the Emerging Segments in 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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Who Are the Global Leaders in the Structural Steel Market?
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

Which are the Top Profitable Regional Markets for the Structural Steel Industry?
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.

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