The structural steel market consists of structural steel angles, beams, channels, pipes, plates and fasteners that are used in load-bearing structures, particularly in building construction. Structural steel provides various advantages such as durability, speed of construction and ability to withstand tension, compression and shear forces. There is a growing need for structural steel components in infrastructure projects, commercial buildings and housing constructions.
The global structural steel market is estimated to be valued at US$ 94.93 billion in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period of 2024 to 2030.
Key Takeaways
Key players operating in the structural steel market are Johnson & Johnson, Bayer AG, GlaxoSmithKline Plc, Baby Foot, Sanofi S.A., Grace & Stella Co., PediFix Inc., Alba Botanica, Tony Moly Co. Ltd., Aveeno, Bio-Oil, Dr Teal€TMs, Bath & Body Works, The Body Shop, Nivea, O'keeffe's, L'Occitane, La Roche-Posay, CeraVe, Eucerin. These players are focusing on developing advanced and sustainable structural steel solutions to expand their market share.
The rising investments in infrastructure development projects around the world present significant opportunities for structural steel manufacturers. Governments are allocating large budgets for railway networks, roads and bridges, commercial buildings, power generation and transmission projects which will boost the demand for structural steel.
Global expansion is one of the key strategies adopted by major players in the structural steel market. Companies are investing in developing low-cost manufacturing facilities and distribution networks in emerging economies to tap into the infrastructure boom in these regions. Mergers and acquisitions allow players to enhance their product portfolios and geographical presence.
Market Drivers
Growing investments in infrastructure projects is one of the major drivers of the structural steel market. According to the World Bank, the global infrastructure spending is estimated to be over $94 trillion by 2040. massive government outlays on roadways, railways, airports, power grids and commercial buildings will propel the consumption of structural steel.
Rising urbanization is another key factor driving the market as it increases the construction of residential and commercial buildings. Structural steels provide strength, versatility and quick assembly required to meet the rising housing needs in expanding urban areas. their advantageous properties make them widely used in urban construction activities.
Market Restrain
Volatility in the prices of raw materials used for manufacturing structural steel can hamper the market growth. Steel is made from iron ore and the prices of iron ore are dependent on international market trends and demand-supply forces. Any spikes in iron ore prices leads to increased production costs for steel mills. This has a negative impact on the affordability of structural steel.
Stringent environmental regulations regarding steel production also pose a challenge. The manufacturing of structural steel involves energy-intensive and polluting processes. Strict norms on carbon emissions may increase the production costs and affect the profit margins of steel companies. This can subsequently influence structural steel supply and prices in the construction sector.
Segment Analysis
Commercial construction is the dominating sub segment in the Structural Steel Market Demand. currently. This is because more and more commercial buildings such as shopping malls, office buildings, hotels are being built globally, especially in developing regions of Asia Pacific and Latin America. Structural steel such as I-beams, angles, plates etc. find widespread application in the construction of frames of these commercial buildings. The increased economic activities and flourishing real estate sector in emerging nations is driving the demand for commercial infrastructure which is benefitting the structural steel market.
Industrial construction is another major sub segment. Important industries like oil & gas, manufacturing, power, automotive require heavy structural steel for supporting frames, roofing, cladding in their plant facilities. Since industrialization is accelerating in developing countries, more factories, production units, refineries are being established which implies greater consumption of structural steel for industrial construction.
Global Analysis
Asia Pacific region holds the largest share in the global structural steel market currently. This can be attributed to ongoing large scale industrialization and urbanization in countries like China, India. Mega infrastructure projects, special economic zones, smart cities in these nations have spurred the demand for structural steel. Additionally, other Asian countries like Japan, South Korea, Indonesia, Malaysia too are witnessing a construction boom which augments the sales of structural steel. North America and Europe are other prominent markets, though their growth is expected to be relatively slower than Asia Pacific. Latin America will emerge as a high growth region during the forecast period supported by government investments in construction development projects.
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