Global 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 2023
Structural steel is recyclable, environmentally friendly, and helps in lowering greenhouse gas emissions. Resultantly, structural steel is extensively used in green building projects. The global structural steel market is witnessing a substantial rise over, the past few years, due to the burgeoning construction sector.
There is sustainable growth in the overall construction industry that is witnessing a considerable number of residential, non-residential, and infrastructure projects due to the rise in disposable income. Moreover, factors such as the technological advancements in the field of the prefabricated and pre-engineered building are escalating the market, globally.
Considering the exponential growth that the market witnesses currently, Market Research Future (MRFR), in its recently published study report asserts that the global structural steel market will garner colossal accruals by 2023, registering a CAGR of 5.3% throughout the forecast period (2018 – 2023).
Additional factors such as the increasing urbanization and increasing investments predominantly led by the improving economic conditions are predicted to foster the growth of the market over the assessment period.
Increasing focus on innovation in green construction materials is one of the key trends in the construction industry, which is expected to fuel the demand for structural steel building designs over the forecast period.
Ever-increasing population worldwide is dramatic in many developing countries, particularly India and China, which represents a major driver in structural steel consumption.
The increasingly prosperous population not only creates a need for rapid improvements in infrastructure but also demands better living conditions and higher-quality housing. This, as a result, fosters the growth of the structural steel market, increasing the size of the construction market.
On the flipside, volatility in the prices and the demand and supply gap in the materials are some of the major factors expected to obstruct the growth of the market during the assessment period.
Global Structural Steel Market – Geographical Analysis
The Asia Pacific region, heading with the rapid industrialization and huge technological advancements, would continue its dominance over the global structural steel market over the forecast period. Moreover, factors such as the rapidly improving economy in the region alongside the increased investments by governments and the presence of major players in the region would support the growth of the regional market.
Additionally, huge investment made into bringing more innovations in the techniques of structural steel manufacturing would foster the growth of the regional market. Besides, rapid industrial growth and the technological advancements in the burgeoning construction industry in the region is, in turn, fuelling the growth of the market.
The increased spending in the construction sector that is witnessing exponential growth of residential & housing sector is also propelling the demand for the structural steel market. Rapidly developing countries such as China and India that are increasingly using structural steel for the infrastructural development fuel the growth of the structural steel market in the region.
The structural steel market in the European region holds the second largest share in the global market. Developed economies such as the UK, Germany, and France are increasing investment in the construction domain, which, as a result, increases the size of the regional market.
Furthermore, factors such as the availability of funds, strong government support, and increasing demand for high-quality structural steel from the building and construction sector substantiate the growth of the market in the region. Additionally, the resurging economy in the region is playing a vital role in the growth of the market, increasing consumers’ purchasing power and leading to the growth of many industries.
The North America structural steel market is emerging as a promising market globally. The rapidly developing industrialization and growing adoption rate in the flourishing construction industry are some of the factors fostering the growth in the regional market.
Global Structural Steel Market – Competitive Analysis
Highly competitive, the structural steel market appears to be fragmented as many large and small-scale players are churning the competition in the market. These players incorporate strategic initiatives such as collaboration, acquisition, partnership, expansion, and technology launch to sustain their position in the market.
They strive to offer on-site coordination that ensures a quick turnaround. To achieve their goal they figure out changing requirements of customers and use advanced technology that pushes the product to new extremes of performance.
The high growth potential that the market demonstrates attracts several new entrants which result in intensifying the completion further. Matured players are substantially investing in R&D to bring out improvements in the existing product.
Major Players:
Key players leading the global structural steel market include Hebei Group, ArcelorMittal S.A., 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.
Industry/ Innovations/ Related News
May 30, 2019 ---- Officials at the McLaren (the US), a new hospital project announced the raising of the first steel beams at the site for the health care campus with USD 450 million investment, marking a major milestone for the project. They also confirmed that more than 3,000 tons of structural steel would be used to build the new hospital.
May 28, 2019 ---- Larsen & Toubro Limited (L&T - India), a multinational conglomerate company announced that the world's tallest, Statue of Unity built by L&T, has entered the globally-acclaimed 2019 World Architecture News (WAN) Awards.
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