Structural Steel Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Structural steel market Research Report, By Product (Heavy Sectional Steel, Light Sectional Steel, and Rebar), Application (Residential, Non-Residential (Commercial, Institutional, Offices) and Infrastructure) and Region — Global Forecast till 2030”, the market is projected to be worth USD 162.64 Billion by 2030, registering a CAGR of 5.4% during the forecast period (2022 - 2030), The market was valued at USD 102.17 billion in 2021.
List of the companies profiled in the Structural Steel Market
- Hebei Group
- ArcelorMittal SA
- Baosteel Group Co.
- POSCO
- Nippon Steel Sumitomo Metal Corporation
- Wuhan Group
- Anshan Iron Steel Group Corporation
- Tata Limited
- Anyang Group Co. Ltd.
- Hyundai Steel Co. Ltd.
- Baogang Group and
- Bohai Group
- Among others.
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Market Research Future’s Review on Structural steel market
The global structural steel market is witnessing rapid growth, mainly due to the burgeoning construction sectors. Governments across countries across the globe are increasingly taking up smart city and infrastructure development projects and making vast investments, which, in turn, boost the market demand. Resultantly, the market is anticipated to witness significant growth over the next few years.
The overall construction industry is witnessing sustainable growth in residential, non-residential, and infrastructure development projects. Increasing focus on innovation in green construction materials is one of the key trends in the construction industry, which is fueling the demand for structural steel building designs.
Besides, the rise in disposable income and technological advancements in prefabricated and pre-engineered buildings propels the market demand. Additionally, increasing urbanization and predominantly led by the improving economic conditions foster the growth of the market. Moreover, the increasing population, especially in urban areas, and the rising industrialization worldwide offer significant opportunities.
Browse In-depth Market Research Report (188 pages) on Structural Steel
https://www.marketresearchfuture.com/reports/structural-steel-market-7490
On the flip side, fluctuating prices and the demand-supply gap in raw materials are key factors impeding market growth. Also, the vast investments required for establishing structural steel manufacturing plants pose multiple challenges to manufacturers. Nevertheless, rising investments in many regions would support the market growth throughout the assessment period.
An increasingly growing population not only demands better living conditions and higher-quality housing but also improved infrastructure. This, as a result, fosters the growth of the structural steel market, creating vast demand from the construction market. Favorable government regulations for the manufacturing of structural steel offer significant opportunities for industry players. Furthermore, diversified industrial application areas of structural steel offer ample market opportunities.
COVID-19 Analysis
Like most industries, the structural steel industry also suffered unprecedented challenges presented by the coronavirus pandemic. Market players faced many problems, such as obtaining raw materials, attracting workers from quarantines, and delivering end products.
Resultantly, the structural steel market experienced unexpected outages, whipsaw pricing, and wreaked havoc on the supply chains. However, the market is rapidly regaining its momentum getting back to normalcy with relaxing lockdown mandates in many countries.
