What is the present valuation and projected CAGR of the structural steel market?
The structural steel market size has grown strongly in recent years. It will grow from $109.06 $ billion in 2024 to $115.82 $ billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to the growing demand for energy conservation, the need for waste reduction in construction, strict regulations on carbon emissions, the urgency to address rapid deforestation, and an increasing population in growing economies.
The structural steel market size is expected to see strong growth in the next few years. It will grow to $145.74 $ billion in 2029 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to the increasing need for stainless steel, the desire for green building construction, the rise of manufacturing industries, the rising focus on recycling, and the increasing demand for sustainable steelmaking practices. Major trends in the forecast period include digitalization and industry 4.0, building information modeling (BIM), advanced high-strength steel (AHSS), sustainable steel production, and automation and robotics.
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What key drivers have fueled the structural steel market’s development over the years?
The growing construction of residential and commercial infrastructure is expected to propel the growth of the structural steel market going forward. Residential and commercial infrastructure refers to the physical structures and facilities that support housing and business activities, including homes, apartments, offices, retail spaces, and other buildings essential for living and commerce. The increase in residential and commercial infrastructure is driven by smart city initiatives, strategic infrastructure planning, affordable housing projects, and sustainability efforts led by government agencies. Structural steel is used in residential and commercial infrastructure for its strength and versatility, providing essential support and stability for building frameworks and large-scale construction projects. For instance, in August 2024, according to a report published by the US Census Bureau, a US-based government agency, the value of construction operations for residential projects in the US rose from $875.5 billion in June 2023 to $939.8 billion in June 2024, reflecting a 7.3% increase. Meanwhile, the value of construction operations for non-residential projects grew from $1.15 trillion in June 2023 to $1.21 trillion in June 2024, marking a 5.3% increase. Therefore, the growing construction of residential and commercial infrastructure is driving the growth of the structural steel market.
What is the segmentation for the structural steel market?
The structural steelmarket covered in this report is segmented –
1) By Type: Hot-Rolled Steel, Cold-Rolled Steel
2) By Product: Heavy Sectional Steel, Light Sectional Steel, Rebar
3) By Application: Residential, Non-Residential
Subsegments:
1) By Hot-Rolled Steel: Hot-Rolled Steel Beams, Hot-Rolled Steel Plates, Hot-Rolled Steel Channels, Hot-Rolled Steel Sheets, Hot-Rolled Steel Angles
2) By Cold-Rolled Steel: Cold-Rolled Steel Sheets, Cold-Rolled Steel Strips, Cold-Rolled Steel Bars, Cold-Rolled Steel Coils, Cold-Rolled Steel Tubes
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Who are the most influential companies in the structural steel market?
Major companies operating in the structural steel market are Severstal, ArcelorMittal S.A., POSCO, China Baowu Steel Group Corp Ltd, Nippon Steel Corporation, Thyssenkrupp AG, Nucor Corporation, JFE Steel Corporation, Tata Steel Limited, United States Steel Corporation, JSW Steel, HBIS GROUP, Hyundai Steel Co Ltd, Ansteel Group, Voestalpine AG, Jiangsu Shagang Group Co Ltd, Gerdau S.A, Evraz Plc, Steel Authority of India Limited (SAIL), SSAB AB, Outokumpu Oyj, Anyang Iron & Steel Group Co. Ltd, British Steel Limited
What are the top industry trends projected to impact the structural steel market?
Major companies operating in the structural steel market are focusing on developing steel building solutions, to promote better and faster construction methods. Steel building solutions in structural steel provide robust, versatile, and efficient construction methods for creating durable and adaptable infrastructure. For instance, in July 2022, APL Apollo, an India-based structural steel tubing company, launched next-generation steel building solutions technology. This technology revolutionizes construction with its heavy structural tubular products, offering faster project completion, superior quality, strength, cost-effectiveness, and eco-friendliness. These prefabricated, precisely engineered tubular sections simplify fabrication, saving significant time and effort in building various structures such as hospitals, factories, and commercial offices.
What are the major regional insights for the structural steel market, and which region holds the top position?
Asia-Pacific was the largest region in the structural steel market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the structural steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Structural Steel Market Report 2025 Offer?
The structural steel market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Structural steel refers to a category of steel used in construction to support and shape buildings and infrastructure. It includes various shapes and sizes, such as beams, columns, and plates, engineered to handle specific loads and stresses. Its strength, durability, and versatility make it a key material in structural engineering and construction.
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