Structural Steel Industry Overview
The structural steel market size was valued at USD 96.94 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2021 to 2028.
Infrastructural developments, in both developing as well as developed countries, are anticipated to remain primary factors driving the demand for structural steel. The growing housing needs, as a result of the increasing population across the globe, is also among the key factors driving the product demand. As per the projections estimated by the United Nations, the global population will reach 11.2 billion by 2100, which, in turn, is expected to augment the demand for new houses, thus, indirectly contributing to the growth of the market. The growing preference for sustainable materials is driving the market in the U.S.
Gather more insights about the market drivers, restrains and growth of the Global Structural Steel Market
Structural steel is considered a green construction material due to its recyclability and thus, a rising number of green buildings in the country is anticipated to propel market growth in the coming years. According to the World Green Building Council, LEED-certified buildings use 11% less water and 25% less energy in the U.S. Furthermore, green buildings help reduce harmful impacts on the environment, hence, focus on their construction is increasing in the country.
California holds the major share in the overall green buildings segment in the U.S., in terms of area, and the state is expected to achieve zero net energy by 2030. The market growth was, however, obstructed in 2020 owing to the COVID-19 pandemic. According to the World Steel Association, the demand for finished steel declined by 2.4% in 2020. The pandemic led to factory shutdowns and a shortage of labor, which disrupted the supply chain. The confinement measures froze consumption activities, which reduced demand.
The economies are striving hard to recover from the COVID-19 impact and thus, are spending on infrastructural developments, which is expected to boost the market growth. For instance, in October 2020, the Mexican government announced a USD 14.2 billion infrastructure investment plan along with private sector companies for 29 projects as part of the Economic Recovery Agreement amid the COVID-19 pandemic.
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
Steel Service Centers Market - The global steel service centers market demand was estimated at 593,474.2 kilotons in 2018 and is anticipated to expand at a CAGR of 3.5% from 2019 to 2025. The establishment of new steel service centers in various countries to cater to the manufacturing sector is projected to drive growth.
Steel Market - The global steel market size was valued at USD 807 billion in 2016 and is projected to grow at a CAGR of 2.6% from 2017 to 2025. Growing popularity of pre-engineered metal buildings and lightweight building materials to foster energy savings has been a key driver of the industry. The transition from conventional casting processes to novel technologies using recycled metals is another key driving factor for the industry.
Structural Steel Market Segmentation
Structural Steel Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Residential
Non-Residential
Industrial
Commercial
Offices
Institutional
Structural Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Market Share Insights
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.
October 2020: The Mexican government announced a USD 14.2 billion infrastructure investment plan along with private sector companies for 29 projects as part of the Economic Recovery Agreement amid the COVID-19 pandemic.
Key Companies profiled:
Some 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
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