The global structural steel market size was valued at USD 174.51 Billion in 2030 and is likely to register a compound annual growth rate (CAGR) of 5.9% from 2024 to 2030. The market growth is attributed to the growth in the construction sector and rising demand for steel as a green and sustainable material. Structural steel is utilized for construction-related applications. Its high carbon content offers high strength and low ductility. It is available in the form of various shapes such as I-beam, Z-shape, angle, tee, bar, and rod, depending upon the applications. It can be customized into a variety of shapes in different thicknesses and sizes owing to its ductility. Based on application, the market is segmented into residential and non-residential, where the latter dominates the market, in terms of revenue share.
Growing spending on the commercial sector & infrastructural developments across various nations is augmenting the product demand in non-residential applications. The segment is further divided into industrial, commercial, offices, and institutional. Structural steel is widely used in numerous industrial sectors owing to its high strength-to-weight ratio. In the construction industry, it is utilized in designing and building industrial spaces, such as warehouses, bridges, and factories. Growth in the manufacturing sector is expected to propel the need for new factories and plants. For instance, after the emergence of the COVID-19 pandemic, various new facilities were established to meet the rising demand for PPE in the U.S.
Asia Pacific was the dominant regional market in 2020 and this trend is anticipated to continue over the forecast period. The growing construction spending in the developing economies of the region is anticipated to augment the product demand. For instance, in August 2021, India announced that it aims at spending INR 100 trillion (USD 1.35 trillion) on infrastructure development for boosting economic growth and jobs in the country. The competitive rivalry is extremely high in the market due to the presence of several small- and large-scale players spread across the world. The companies are striving to recover from their losses caused by the COVID-19 pandemic and are taking initiatives, such as mergers & acquisitions and capacity expansions, to further widen their reach.
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Structural Steel Market Report Highlights
Based on region, Asia Pacific dominated the global market in 2022 on account of the growing infrastructural developments in the region
The non-residential application segment is anticipated to register the fastest CAGR, in terms of revenue, over the forecast period due to the rising renovation activities and spending on infrastructure development
The industrial sub-segment led the non-residential application in 2022. Increasing construction of lightweight industrial building systems that make use of thin sheet-covered surfaces is the recent technological development, which is driving the demand for high-strength structural steel
Middle East & Africa is expected to grow at a considerable CAGR, in terms of revenue, over the forecast period. The growth can be attributed to the upcoming infrastructure-related projects in the Middle East
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Structural Steel Market Segmentation
Grand View Research has segmented the global structural steel market report on the basis of product, application and region
Structural Steel Product Outlook (Volume, Kil0tons; Revenue, USD Million; 2018 - 2030)
Angles
Channels
Rounds
Squares
Beams
Structural Steel Application Outlook (Volume, Kil0tons; Revenue, USD Million; 2018 - 2030)
Residential
Non-residential
Institutional
Commercial
Offices
Others
Structural Steel Regional Outlook (Volume, Kil0tons; Revenue, USD Million; 2018 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Russia
Turkey
Poland
Asia Pacific
China
Japan
Taiwan
Hong Kong
Thailand
Malaysia
Singapore
Indonesia
Vietnam
Philippines
India
Australia
New Zealand
Central & South America
Brazil
Chile
Colombia
Middle East & Africa
UAE
Saudi Arabia
Iran
South Africa
List of Key Players of Structural Steel Market
Arcelor Mittal S.A.
Baogang Group
Evraz plc
Gerdau S.A
Nippon Steel Corporation
JSW Steel Limited
Tata Steel Limited
SAIL
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.