Overview of Segmentation, Market Trends, and Competitive Landscape in the Structural Steel Market

The structural steel market is on track for significant expansion as we approach 2030, driven by advancements in technology and increasing demand across various infrastructure sectors. This growth is underpinned by several key developments in construction and urban planning, setting the stage for a transformative period in the industry.

Projected Growth and Market Size of the Structural Steel Market by 2030
The structural steel market is anticipated to reach a value of $154.05 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.8%. This upward trend is largely fueled by initiatives such as smart city projects and green building efforts, along with the rising popularity of modular construction. Technological progress in steel processing and stronger private sector investments also play important roles. Key market trends include a surge in infrastructure development, an increased preference for prefabricated steel structures, wider applications of high-strength steel, more extensive use in commercial construction, and a growing emphasis on sustainable steel production methods.

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Key Players Leading the Structural Steel Market
The structural steel industry features several major companies that dominate the landscape. These include Severstal, ArcelorMittal, POSCO, China Baowu, Nippon Steel, Thyssenkrupp, Nucor, JFE Steel, Tata Steel, U.S. Steel, JSW Steel, HBIS, Hyundai Steel, Ansteel, Voestalpine, Jiangsu Shagang, Gerdau, Evraz, SAIL, SSAB, and British Steel. These firms are integral to shaping market dynamics through innovation and expansion.

Recent Developments Strengthening Market Position
In May 2024, Canadian structural project management company Lainco Inc. acquired Charpentes D'Acier Sofab Inc., a structural steel manufacturer based in Canada. Although the financial details were not disclosed, this acquisition aims to enhance Lainco's capacity to deliver innovative solutions and maintain high service standards, positioning the company for robust growth within the structural steel sector and expanding its customer reach.

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Sustainable Production Innovations Driving Structural Steel Market Forward
Sustainability is becoming a major focus for structural steel companies, with efforts to develop zero fossil-carbon emission steel, which reduces environmental impact and supports climate-neutral building practices. Zero fossil-carbon emission steel is produced using recycled materials and fossil-free energy sources, avoiding operational carbon dioxide emissions derived from fossil fuels. For example, in March 2023, the Swedish manufacturer SSAB AB introduced SSAB Zero, a steel product made from recycled cra*p and fossil-free electricity. This steel matches the mechanical properties of traditional SSAB products while dramatically cutting operational emissions, marking a significant leap toward eco-friendly steel manufacturing.

Structural Steel Market Segmentation Based on Product Types and Applications
The global structural steel market is categorized into several segments:
1) By Type: Structural Sections, Plates, Hollow Structural Sections (HSS), Structural Reinforcement Steel, Other Types
2) By Manufacturing Process: Hot-Rolled Structural Steel, Fabricated Structural Steel
3) By Application: Residential, Commercial, Industrial

Further breakdown includes:
- Structural Sections such as I-Beams, H-Beams, Universal Beams, Columns, Channels, Angles, and Tee Sections
- Plates including Structural Steel Plates, Heavy Plates, Quenched and Tempered Plates, and High-Strength Plates
- Hollow Structural Sections divided into Circular Hollow Sections (CHS), Square Hollow Sections (SHS), and Rectangular Hollow Sections (RHS)
- Structural Reinforcement Steel like Reinforcing Bars (Rebar), Deformed Bars, Welded Wire Reinforcement (WWR and Mesh)
- Other Types encompassing Girders, Trusses, Built-Up and Fabricated Structural Sections, and Lattice Structures

This detailed segmentation enables precise targeting of the market's diverse needs and applications.

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This release was published on openPR.