The global structural steel market was valued at USD 142.9 billion in 2018 and is expected to grow with a CAGR of 3.5% from 2019 to 2025. Increasing investment in construction and infrastructure, long span structures, towers, multi-story and high-rise buildings, and bridges is a contributing factor driving the global structural steel market
Adroit Market Research report on global structural steel market gives a holistic view of the market from 2015 to 2025, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2015 to 2017, with the base year of estimation as 2018 and forecast from 2019 to 2025. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global structural steel market have been studied in detail.
Structure steel is a type of steel building material manufactured with a particular cross section or form and with some defined strength and chemical composition values. The structure, energy, scale, form, energy and storage of steel is regulated in most developed countries. The term structural steel covers a wide range of low-carbon and manganese steels used in vast numbers for construction and marine engineering applications. Several structural steel alloys also contain limited amounts of other components such as Nb, V, Ti and Al. Such micro alloyed steels are also termed as high strength low alloy. Structural steels are manufactured in section and plate shapes and are most commonly used in bridges, buildings, ships, and pipelines.
Fire-resistance value is determined by the time required for the steel to reach a specific temperature. Structural steel requires exterior protection in the form of fireproofing, in order to prevent steel in case fire breaks. The transition rate of heat to steel can be reduced with the use of fireproofing materials. While concrete structures may be able to withstand fire damage, without adequate fireproofing, concrete may deteriorate, particularly if the moisture content is high. Fireproofing is incorporated to meet the fire protection necessities that are essential due to the building codes.
The global structural steel market has been segmented based on application and region. On the basis of application, the market has been segmented into residential and non-residential. The non-residential category is also classified as manufacturing, corporate, business and educational. In terms of both value and quantity, the residential market emerged as the main application category in 2019. Added population, combined with increasing housing needs, is the main driver of the segment's rise. In terms of revenue, the residential market accounted for a share of 54.9% in 2019.
The non-residential sector is projected to have a substantial growth rate due to growing demand for high-quality construction materials in retail, business, office and institutional buildings. Structural steel is commonly used in a variety of non-residential uses, including hospital services, shopping centers, large-scale department shops, malls, airports and industrial facilities.
Increased installation of lightweight industrial building systems with thin sheet-covered surfaces is the latest advancement in this market, further augmenting the demand for high-strength structural steel. This development is also expected to have a favorable effect on structural steel demand in commercial buildings in the coming years.
Key market players include Arcelor Mittal S.A., Baosteel Group Corporation, Anshan Iron & Steel Group Corporation, Benxi Beiying Iron & Steel Group Co. Ltd., Baogang Group, Bohai Steel Group Co. Ltd, Gerdau S.A, Hebei Steel Group, Nippon Steel & Sumitomo Metal Corporation (NSSMC), JSW Steel Limited, Tata Steel Limited, Anyang Iron & Steel Group Co. Ltd, Hunan Valin Iron & Steel Group Co., Ltd, Hyundai Steel Co., Ltd. (HSC), and POSCO.
Key Segments of the Global Structural Steel Market
Application Overview, 2015-2025 (USD Million)
Regional Overview, 2015-2025 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa