Structural Steel Market And Increase In Focus On Innovation In Green Construction Materials

The structural steel market is projected to be worth USD 162.64 Billion by 2030, registering a CAGR of 5.4% during the forecast period (2022 – 2030)

During the forecast period, it is anticipated that the global structural steel market would expand sustainably. The global market for structural steel is driven by the rising demand for eco-friendly and sustainable construction, government support, and increased attention on green buildings. However, the market for structural steel is unable to expand due to high raw material costs and a lack of skilled labor.

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Regional Analysis:

Over the anticipated period, the structural steel market will gradually grow in the Asia-Pacific region.

The global structural steel market has been divided into four regions based on geography: North America, Europe, Asia-Pacific, and the Rest of the World. The high demand for infrastructure projects, which in turn generates demand for green building products and services, which in turn fuels the demand for structural steel market, led to the Asia-Pacific region dominating the global structural steel market, followed by North America and Europe. With the construction industry investing in prefabricated and pre-engineered building projects, Asia-Pacific is predicted to be the most lucrative market. Additionally, a number of international manufacturers are making investments in the manufacturing industry, which is anticipated to further increase demand for structural steel.One of the key markets in this area is China. Increased population and growing industrialization drive up demand for homes. As a result, a CAGR of 5.3% is predicted for the structural steel market during the forecast period.

The structural steel market’s total growth rate will be highest in the non-residential sector. 

Due to the rapid urbanisation and rise in construction activities in industrial and residential projects across emerging economies like Asia-Pacific and Middle East & Africa, the infrastructure segment accounted for the highest contribution to the global structural steel market in terms of value and volume both in 2021 and is anticipated to maintain its dominance between 2022 and 2030. Over the forecast period, countries like India, China, the United Arab Emirates, and Saudi Arabia are projected to have substantial increase in infrastructure development. For the upcoming future year, the segment is likewise predicted to rise at its fastest rate.

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Market Segmentation:

In order to present a comprehensive picture of the worldwide structural steel market, this study followed two market sectors across four geographical areas. The research examines significant competitors and offers a five-year annual trend analysis that focuses on market size, volume, and share for North America, Europe, Asia-Pacific, and the rest of the globe (ROW). The report also includes a forecast, concentrating on the market opportunities for each region over the following five years. The study’s focus is on the global structural steel market, which is segmented by product, application, and region.

The various types of products are heavy sectional steel, Light sectional steel and rebar. On the basis of application it is divided into residential, non-residential which includes commercial, institutional, offices and others and lastly infrastructural.

Key Players:

The major key players in the structural steel market are ArcelorMittal 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, and many others.

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