Structural Steel Market estimated to expand further at the fastest CAGR over the forecast period owing to the increasing spending on healthcare facilities

Structural Steel Industry Overview

The global structural steel market size is expected to reach USD 146.41 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.3% over the forecast period. 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.

 

Structural Steel Market Segmentation

Grand View Research has segmented the global structural steel market on the basis of application and region:

 

Based on the Application Insights, the market is segmented into Residential and Non-Residential.

• The non-residential emerged as the dominant application segment in 2020 with a revenue share of more than 53%. It is estimated to expand further at the fastest CAGR over the forecast period owing to the increasing spending on healthcare facilities, data centers, big-box retail stores, stadiums, airports, and manufacturing facilities. The segment is further divided into industrial, commercial, offices, and institutional.
• The industrial sub-segment accounts for the maximum share in the non-residential segment. Structural steel is majorly used in industrial buildings due to its extreme strength, which is beneficial not only for structural integrity but also for subsiding the potential impact of repairs. It is also ideal for building large bridges owing to its high durability and excellent strength-to-weight ratio, which ensures withstanding the weight of cars and pedestrians.
• The residential application segment accounted for the second-highest revenue share in 2020. The product is widely utilized in housing and residential buildings owing to its lightweight and high-strength characteristics, which minimizes the load on the foundation and reduces sub-structure costs.
• In addition, due to its excellent flexibility and adaptability in modular construction, it can be dismantled and moved easily, thus maintaining the asset value of buildings. Structural steel can be used in various ways in residential buildings ranging from a single-family house to a big mixed-space building. Moreover, it also provides environmental benefits as it is 100% recyclable with no degradation.

 

Structural Steel Regional Outlook

• North America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)
• Central & South America

 

Key Companies Profile & Market Share Insights

The market is fragmented with the presence of various small- and large-scale companies operating in different parts of the world. Companies focus on acquisitions and capacity expansions to broaden their presence worldwide. For instance, in July 2021, ArcelorMittal announced to upgrade its plant in Spain to a zero-carbon emissions facility. The plant is expected to produce 1.6 million tons of zero-carbon-emissions steel annually by 2025.

Some of the prominent players in the global structural steel market include:

• ArcelorMittal
• Baogang Group
• Evraz plc
• Gerdau S.A.
• JSW Steel
• POSCO
• Nippon Steel Corp.
• Tata Steel
• SAIL

 

Order a free sample PDF of the Structural Steel Market Intelligence Study, published by Grand View Research.