Structural Steel Market Report
RA06631
Structural Steel Market by Application (Residential and Non-residential) and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032
Structural Steel Overview
The industry that deals with the manufacturing, distribution, and usage of structural steel, a crucial building material widely employed in numerous engineering and construction projects, is referred to as the structural steel market. Steel that has been specifically developed to withstand huge loads and provide stability in buildings, bridges, industrial facilities, and other infrastructure is known as structural steel. It has high strength, durability, and adaptability. A structure's skeleton or framework is frequently made of structural steel in the shape of beams, columns, plates, and other parts. Due to its favourable construction characteristics, big skyscrapers, long-span bridges, and intricate constructions can be created with less material and more strength.
Global Structural Steel Market Analysis
The global structure steel market size was $108.2 billion in 2022 and is predicted to grow with a CAGR of 5.9%, by generating a revenue of $191.7 billion by 2032.
COVID-19 Impact on Global Structural Steel Market
Around the world, the COVID-19 pandemic had already had a big impact on several industries, notably the structural steel market. The pandemic caused delays in construction projects, labor shortages, and disruptions in worldwide supply networks. The structural steel market faced difficulties as a result of these elements, fluctuating raw material prices, and a decline in the demand for construction work. Many construction projects were suspended or abandoned in the early stages of the pandemic, which had an impact on the market for structural steel products. Furthermore, the production and supply of steel products were impacted by lockdowns and limitations on non-essential businesses. Additionally, the pandemic's duration and the uncertainty surrounding the economy led to cautious company and investor expenditure, which further reduced the demand for structural steel.
Rapid Urbanization to Drive Market Growth
A significant factor responsible for the rising demand for structural steel has been the expanding worldwide building industry. A growing need for contemporary infrastructure, office buildings, and apartment complexes—all of which significantly rely on steel for construction—accompanies the rapid acceleration of urbanisation. Second, structural steel's inherent advantages over other building materials have been a major factor in its market rise. Steel is incredibly strong, long-lasting, and versatile, making it possible to build huge, intricate buildings with little waste. Additionally, it is favoured because of its resistance to extreme environmental conditions and seismic events. Thirdly, the usage of structural steel has benefited from rising environmental consciousness and environmentally friendly building techniques. Steel is extremely recyclable, and its environmental benefits are in line with the growing desire for more environmentally friendly and sustainable construction techniques. Because of its capacity to be recycled and high energy efficiency, structural steel has become a popular choice as governments and businesses focus on lowering their carbon footprints.
Envioronmental Concerns to Restrain Market Growth
The growth and stability of the structural steel market are impacted by several variables. The building industry's cyclical nature is one of the main impediments. A decline in construction projects can be brought on by economic ups and downs and has a direct impact on the demand for structural steel. The structural steel market is also challenged by strict governmental requirements as well as environmental worries about carbon emissions and sustainability. The sector is always being pushed to embrace environmentally friendly practices and lessen its carbon footprint, which may come with extra expenses and regulatory responsibilities. Additionally, the overall cost of manufacturing for producers of structural steel may be impacted by the rising costs of raw materials like iron ore and scrap metal. As a result, end consumers may pay higher prices, thus decreasing demand and growth prospects. The structural steel business is also challenged by competition from non-steel building materials like concrete and engineered wood. In some construction applications, these materials frequently provide special advantages, necessitating the steel industry's constant innovation and demonstration of their superiority. Finally, the availability and cost of steel on the international market can be impacted by geopolitical variables and trade disputes between nations. Supply chains can be broken up by tariffs, sanctions, or trade restrictions, which can also affect the structural steel industry's overall growth prospects.
Advancements in Technology to Drive Excellent Opportunities
The way steel structures are planned, produced, and built has changed significantly as a result of the considerable technological developments that have occurred over the past few decades in the structural steel business. The building business is now more efficient, sustainable, and cost-effective thanks to these technological advancements. The incorporation of Building Information Modelling (BIM) software with structural steel design is one noteworthy development. BIM enables collaborative planning and coordination by enabling architects, engineers, and construction specialists to produce accurate digital representations of buildings. Through the use of BIM, stakeholders can visualise the entire project, spot potential conflicts, and optimise the use of steel, resulting in less material waste and more efficient building techniques. Additionally, the development of Computer Numerical Control (CNC) technology has transformed the manufacturing of steel. Based on digital blueprints, CNC machines can precisely cut, drill, and shape steel components, increasing accuracy and productivity. This automation has greatly decreased manual labour and human error, which has led to quicker production and shorter lead times.
Global Structural Steel Market Share, by Application, 2022
The non-residential sub-segment accounted for the highest market share in 2022. Commercial buildings, offices, infrastructure projects (like bridges and highways), industrial facilities, and institutional constructions (like schools and hospitals) are all included in the non-residential sector. Due to its remarkable qualities, such as its high strength-to-weight ratio, longevity, and versatility, structural steel is preferred in this industry. Structural steel allows architects and engineers to design wide, open spaces with few support columns in the commercial and industrial sectors, resulting in more visually beautiful and practical buildings. Using structural steel also speeds up the construction process, which lowers costs and shortens project schedules. Additionally, because structural steel can handle huge loads and adverse weather conditions, it continues to be in high demand for infrastructure projects. For example, steel bridges are a cost-effective option for transportation networks since they have a long lifespan and require little upkeep.
Global Structural Steel Market Share, by Region, 2022
The Asia-Pacific structural steel market generated the highest revenue in 2022. In the global market for structural steel, the Asia-Pacific region has grown to be a prominent player. Rapid urbanisation, population expansion, and an upsurge in infrastructure and construction projects have all contributed to the recent increase in demand for structural steel in nations like China, India, Japan, South Korea, and others. China, the region's largest consumer of structural steel, has experienced phenomenal growth in the construction industry due to extensive infrastructural improvements and urbanisation. Due to its large-scale infrastructural initiatives and thriving real estate market, India has also experienced an increase in demand. Additionally, nations like Japan and South Korea have made significant contributions to market expansion with an emphasis on modernising their infrastructure and reestablishing themselves following catastrophic disasters. The ongoing developments in the commercial, energy, and transportation sectors have increased the demand for structural steel in the region. The strategic location of the Asia Pacific region has also made it a centre for the manufacture and export of steel, bolstering its position in the worldwide market. International players have made large investments in the region due to its capacity for cost-effective manufacturing and plenty of raw materials.
Competitive Scenario in the Global Structural Steel Market
Investment and agreement are common strategies followed by major market players.
Some of the leading structural steel market players are ArcelorMittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, Tata Limited, Anshan Iron & Steel Group Corporation Anyang Group Co. Ltd., Baogang Group, Hyundai Steel Co. Ltd., and Bohai Group.
| Aspect | Particulars |
| Historical Market Estimations | 2020-2021 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Application |
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| Key Companies Profiled |
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Q1. What is the size of the global Structural Steel market?
A. The size of the global Structural Steel market was over $108.2 billion in 2022 and is projected to reach $191.7 billion by 2032.
Q2. Which are the major companies in the Structural Steel market?
A. ArcelorMittal S.A. and Hebei Group are some of the key players in the global Structural Steel market.
Q3. What are the strategies opted by the leading players in this market?
A. Agreement and investment are the two key strategies opted for by the operating companies in this market.
Q4. Which companies are investing more in R&D practices?
A. Nippon Steel & Sumitomo Metal Corporation, Tata Limited and Anshan Iron & Steel Group Corporation Anyang Group Co. Ltd. are the companies investing more in R&D activities for developing new products and technologies.
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1. RESEARCH METHODOLOGY
1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters
1.5. Market size estimation
1.5.1. Top-down approach
1.5.2. Bottom-up approach
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2. REPORT SCOPE
2.1. Market definition
2.2. Key objectives of the study
2.3. Report overview
2.4. Market segmentation
2.5. Overview of the impact of COVID-19 on Global Structural Steel Market
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
4.1. Introduction
4.2. Growth impact forces
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.3. Market value chain analysis
4.3.1. List of raw material suppliers
4.3.2. List of manufacturers
4.3.3. List of distributors
4.4. Innovation & sustainability matrices
4.4.1. Technology matrix
4.4.2. Regulatory matrix
4.5. Porter’s five forces analysis
4.5.1. Bargaining power of suppliers
4.5.2. Bargaining power of consumers
4.5.3. Threat of substitutes
4.5.4. Threat of new entrants
4.5.5. Competitive rivalry intensity
4.6. PESTLE analysis
4.6.1. Political
4.6.2. Economical
4.6.3. Social
4.6.4. Technological
4.6.5. Environmental
4.7. Impact of COVID-19 on Structural Steel Market
4.7.1. Pre-covid market scenario
4.7.2. Post-covid market scenario
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5. Structural Steel Market, By Product
5.1. Overview
5.2 Heavy structural Steel
5.2.1 Definition, key trends, growth factors, and opportunities
5.2.2 Market size analysis, by region, 2020-2027
5.2.3 Market share analysis, by country, 2020-2027
5.3 Light Structural Steel
5.3.1 Definition, key trends, growth factors, and opportunities
5.3.2 Market size analysis, by region, 2020-2027
5.3.3 Market share analysis, by country, 2020-2027
5.4 Research Dive Exclusive Insights
5.4.1 Market attractiveness
5.4.2 Competition heatmap
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6. Structural Steel Market, By Type
6.1. Overview
6.2 Residential
6.2.1 Definition, key trends, growth factors, and opportunities
6.2.2 Market size analysis, by region, 2020-2027
6.2.3 Market share analysis, by country, 2020-2027
6.3 Non-residential
6.3.1 Definition, key trends, growth factors, and opportunities
6.3.2 Market size analysis, by region, 2020-2027
6.3.3 Market share analysis, by country, 2020-2027
6.4 Research Dive Exclusive Insights
6.4.1 Market attractiveness
6.4.2 Competition heatmap
7. Structural Steel Market, By Region
7.1 North America
7.1.1 U.S
7.1.1.1 Market size analysis, By Product, 2020-2027
7.1.1.2 Market size analysis, By Type, 2020-2027
7.1.2 Canada
7.1.2.1 Market size analysis, By Product, 2020-2027
7.1.2.2 Market size analysis, By Type, 2020-2027
7.1.3 Mexico
7.1.3.1 Market size analysis, By Product, 2020-2027
7.1.3.2 Market size analysis, By Type, 2020-2027
7.1.4 Research Dive Exclusive Insights
7.1.4.1 Market attractiveness
7.1.4.2 Competition heatmap
7.2 Europe
7.2.1 Germany
7.2.1.1 Market size analysis, By Product, 2020-2027
7.2.1.2 Market size analysis, By Type, 2020-2027
7.2.2 UK
7.2.2.1 Market size analysis, By Product, 2020-2027
7.2.2.2 Market size analysis, By Type, 2020-2027
7.2.3 France
7.2.3.1 Market size analysis, By Product, 2020-2027
7.2.3.2 Market size analysis, By Type, 2020-2027
7.2.4 Spain
7.2.4.1 Market size analysis, By Product, 2020-2027
7.2.4.2 Market size analysis, By Type, 2020-2027
7.2.5 Italy
7.2.5.1 Market size analysis, By Product, 2020-2027
7.2.5.2 Market size analysis, By Type, 2020-2027
7.2.6 Rest of Europe
7.2.6.1 Market size analysis, By Product, 2020-2027
7.2.6.2 Market size analysis, By Type, 2020-2027
7.2.7 Research Dive Exclusive Insights
7.2.7.1 Market attractiveness
7.2.7.2 Competition heatmap
7.3 Asia-Pacific
7.3.1 China
7.3.1.1 Market size analysis, By Product, 2020-2027
7.3.1.2 Market size analysis, By Type, 2020-2027
7.3.2 Japan
7.3.2.1 Market size analysis, By Product, 2020-2027
7.3.2.2 Market size analysis, By Type, 2020-2027
7.3.3 India
7.3.3.1 Market size analysis, By Product, 2020-2027
7.3.3.2 Market size analysis, By Type, 2020-2027
7.3.4 Australia
7.3.4.1 Market size analysis, By Product, 2020-2027
7.3.4.2 Market size analysis, By Type, 2020-2027
7.3.5 South Korea
7.3.5.1 Market size analysis, By Product, 2020-2027
7.3.5.2 Market size analysis, By Type, 2020-2027
7.3.6 Rest of Asia-Pacific
7.3.6.1 Market size analysis, By Product, 2020-2027
7.3.6.2 Market size analysis, By Type, 2020-2027
7.3.7 Research Dive Exclusive Insights
7.3.7.1 Market attractiveness
7.3.7.2 Competition heatmap
7.4 LAMEA
7.4.1 Brazil
7.4.1.1 Market size analysis, By Product, 2020-2027
7.4.1.2 Market size analysis, By Type, 2020-2027
7.4.2 Saudi Arabia
7.4.2.1 Market size analysis, By Product, 2020-2027
7.4.2.2 Market size analysis, By Type, 2020-2027
7.4.3 UAE
7.4.3.1 Market size analysis, By Product, 2020-2027
7.4.3.2 Market size analysis, By Type, 2020-2027
7.4.4 South Africa
7.4.4.1 Market size analysis, By Product, 2020-2027
7.4.4.2 Market size analysis, By Type, 2020-2027
7.4.5 Rest of LAMEA
7.4.5.1 Market size analysis, By Product, 2020-2027
7.4.5.2 Market size analysis, By Type, 2020-2027
7.4.6 Research Dive Exclusive Insights
7.4.6.1 Market attractiveness
7.4.6.2 Competition heatmap
8. Competitive Landscape
8.1 Top winning strategies, 2020-2027
8.1.1 By strategy
8.1.2 By year
8.2 Strategic overview
8.3 Market share analysis, 2020-2027
9. Company Profiles
9.1 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
9.1.1 Overview
9.1.2 Business segments
9.1.3 Product portfolio
9.1.4 Financial performance
9.1.5 Recent developments
9.1.6 SWOT analysis
9.2 Hebei Steel Group
9.2.1 Overview
9.2.2 Business segments
9.2.3 Product portfolio
9.2.4 Financial performance
9.2.5 Recent developments
9.2.6 SWOT analysis
9.3 Nippon Steel & Sumitomo Metal Corporation (NSSMC)
9.3.1 Overview
9.3.2 Business segments
9.3.3 Product portfolio
9.3.4 Financial performance
9.3.5 Recent developments
9.3.6 SWOT analysis
9.4 JSW Steel Limited
9.4.1 Overview
9.4.2 Business segments
9.4.3 Product portfolio
9.4.4 Financial performance
9.4.5 Recent developments
9.4.6 SWOT analysis
9.5 Tata Steel Limited
9.5.1 Overview
9.5.2 Business segments
9.5.3 Product portfolio
9.5.4 Financial performance
9.5.5 Recent developments
9.5.6 SWOT analysis
9.6 Anyang Iron & Steel Group Co. Ltd
9.6.1 Overview
9.6.2 Business segments
9.6.3 Product portfolio
9.6.4 Financial performance
9.6.5 Recent developments
9.6.6 SWOT analysis
9.7 Hunan Valin Iron & Steel Group Co., Ltd
9.7.1 Overview
9.7.2 Business segments
9.7.3 Product portfolio
9.7.4 Financial performance
9.7.5 Recent developments
9.7.6 SWOT analysis
9.8 Hyundai Steel Co., Ltd.
9.8.1 Overview
9.8.2 Business segments
9.8.3 Product portfolio
9.8.4 Financial performance
9.8.5 Recent developments
9.8.6 SWOT analysis
9.9 POSCO.
9.9.1 Overview
9.9.2 Business segments
9.9.3 Product portfolio
9.9.4 Financial performance
9.9.5 Recent developments
9.9.6 SWOT analysis
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