The structural steel global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Structural Steel Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The structural steel market size has grown strongly in recent years. It will grow from $102.97 billion in 2023 to $109.06 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. 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 $137.75 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. 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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Scope Of Structural Steel Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Structural Steel Market Overview
Market Drivers –
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.
Market Trends –
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.
The structural steel market 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
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Regional Insights –
Asia-Pacific was the largest region in the structural steel market in 2023. 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.
Key Companies –
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< /b>
Table of Contents
1. Executive Summary
2. Structural Steel Market Report Structure
3. Structural Steel Market Trends And Strategies
4. Structural Steel Market – Macro Economic Scenario
5. Structural Steel Market Size And Growth
…..
27. Structural Steel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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