Structural Steel Market is predicted to reach USD 168.88 Billion at a CAGR of 7.21% during the forecast period

Pune, India, August, 2023,/MRFR Press Release/- Market research future published a half-cooked research report on global structural steel market. The structural steel market is expected to grow over the CAGR of around 5.4% during the period 2022 to 2030.

Market Research Future (MRFR) has published a cooked research report on the “Global Structural Steel Market” that contains information from 2022 to 2032. The Global Structural Steel Market is estimated to register a CAGR of 7.21% during the forecast period of 2022 to 2032.

MRFR recognizes the following companies as the key players in the Global Structural Steel Market Arcelor Mittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, POSCO, Wuhan Group, Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, Hyundai Steel Co. Ltd., Bohai Group.

Market Highlights

The Global Structural Steel Market is accounted to register a CAGR of 7.21% during the forecast period and is estimated to reach USD 168.88 Billion by 2032.

The structural steel market refers to the global industry involved in the production, distribution, and use of structural steel products. Structural steel is a type of carbon steel specifically designed and manufactured to be used in construction and engineering projects. It is widely utilized in various applications, such as building frames, bridges, industrial plants, high-rise buildings, and other structures where strength, durability, and versatility are essential. The primary driver of the structural steel market is the booming global construction and infrastructure development sector. As urbanization continues to rise, there is an increasing demand for robust and efficient construction materials, with structural steel being a preferred choice due to its exceptional strength-to-weight ratio and flexibility in design and construction.

Segment Analysis

The Global Structural Steel Market has been segmented based on Product, and Application.

Based on Product, the market is segmented into Heavy Sectional Steel, Light Sectional Steel, Rebar. the heavy sectional steel segment stands as the market leader, owing to its exceptional strength, load-bearing capacity, and suitability for supporting substantial loads, ensuring structural stability. This type of structural steel is commonly employed in applications where structural integrity and long-lasting durability are of utmost importance

Based on Application, the Market has been segmented High Rise Building, Dam Building. the high-rise building segment holds the dominant position in the market. the non-residential segment takes the lead in the market, driven by the construction of commercial buildings, industrial facilities, and institutional structures. Structural steel is highly favored in these applications due to its inherent strength, versatility, and capacity to support large spans and heavy loads, making it an ideal choice for ensuring the structural stability of various non-residential constructions.

Regional Analysis

The Global Structural Steel Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Structural Steel Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Structural Steel Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Global Structural Steel Market comprises of Middle East, Africa, and Latin America.

The Asia-Pacific region is expected to dominate the Structural Steel Market due to its rapid industrial growth and technological advancements in the construction industry. The market in this region is fueled by China's exceptional economic growth, leading to a surge in demand for construction activities. As a result, China's Structural Steel market has emerged as the most profitable in the region, holding the largest market share.

Europe's Structural Steel market holds the second-largest market share globally. The market for structural steel is experiencing significant growth, fueled by increased residential and non-building construction activities worldwide. Moreover, there is a growing emphasis on innovation in green construction materials, which is further driving the market's expansion. Among European countries, the German Structural Steel market commands the largest market share, while the UK Structural Steel market is witnessing rapid growth.

In North America, the Structural Steel Market is expected to exhibit the fastest Compound Annual Growth Rate (CAGR) from 2023 to 2032. The region's market growth is propelled by increased construction spending and the strong demand for structural steel in various construction projects. However, it is important to note that the region has faced significant economic losses, especially in the U.S. and Mexico, due to the impact of the COVID-19 pandemic.

Key Findings of the Study

·         The Global Structural Steel Market is expected to reach USD 168.88 Billion by 2032, at a CAGR of 7.21% during the forecast period.

·         The Indian Structural Steel market has witnessed rapid growth, making it the fastest-growing market in the Asia-Pacific region.

·         Based on Application, the Market has been segmented into Residential holding the largest market in 2022.

 Arcelor Mittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, POSCO, Wuhan Group, Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, Hyundai Steel Co. Ltd., Bohai Group.

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