Market Research Future (MRFR) presumes the global structural steel market to witness a CAGR of around 5.3% from 2020 to 2027 (forecast period).
Several Factors Contributing to Market Growth
The global structural steel market is expected to grow sustainably in the future years, owing to rising disposable income and technological advancements in prefabricated and pre-engineered building projects in the overall construction sector. High demand for infrastructure in emerging economies like China and India are likely to drive structural steel market expansion in the coming years. One of the trends in the construction sector that are predicted to boost demand for structural steel building designs throughout the forecast period is a greater emphasis on innovation in green construction materials. These materials are recyclable, eco-friendly, and help reduce greenhouse gas emissions.
Demand for structural steel is also increasing as a result of the outstanding expansion in the real sector, particularly in emerging markets such as Asia-Pacific and Latin America.
The worldwide structural steel market has been segmented on the basis of product and application.
On the basis of product, the worldwide structural steel market has been segmented into heavy sectional steel, light sectional steel, and rebar.
On the basis of application, the worldwide structural steel market has been segmented divided into residential and non-residential segments.
APAC to Dominate the Global Market
In 2017, Asia Pacific held the greatest share of the structural steel market, a position it will have until the end of 2023. The market in this region is primarily driven by strong industrial growth in conjunction with technological advancements in the region's construction industry. Increased construction investment is also driving up demand in the region's structural steel industry. China has emerged as the most profitable country in this region as a result of its rapid GDP expansion, which has fueled demand for construction activities. The exponential rise of the residential and housing sectors in this region is also driving demand for structural steel mezzanines.
Key players operating in the worldwide structural steel market include ArcelorMittal S.A., Anyang Group Co. Ltd., POSCO, Hebei Group, Baosteel Group Co., Nippon Steel Sumitomo Metal Corporation, Wuhan Group, Tata Limited, Anshan Iron Steel Group Corporation, Baogang Group, Hyundai Steel Co. Ltd., Bohai Group, and many others.
The worldwide structural steel market is fiercely competitive, with many players competing from all over the world. The companies used a variety of strategies to extend their global footprint and gain a foothold in the global market. Expansions and investments, acquisitions, and contracting are some of the primary methods used by the companies.
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