Structural steel is used in the construction of bridges, buildings, transport infrastructure and other commercial and industrial structures owing to its high tensile strength, ductility and recyclability. Rising urbanization and industrialization have significantly increased the demand for infrastructure projects worldwide which has accelerated the growth of the structural steel market.
The global Structural Steel Market is estimated to be valued at Us$ 82.4 Mn in 2023 and is expected to exhibit a CAGR Of 9.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for infrastructure projects is one of the key drivers for the structural steel market. Governments across the globe are investing heavily in road, rail and airport infrastructure development which requires a large amount of structural steel. For instance, China's Belt and Road initiative involves investments of over USD 1 trillion in infrastructure development across Asia, Europe and Africa. Likewise, the Infrastructure plan announced by the US government earmarks USD 1 trillion for upgrading road, rail and bridges. Such large scale investments in building new as well as upgrading existing infrastructure will boost the demand for structural steel over the forecast period.
Segment Analysis
The global structural steel market is dominated by the commercial construction sub-segment. This is because structural steel is widely used in commercial buildings due to its high tensile strength, durability, and affordability compared to other alternatives. Structural steel provides long span spaces requiring minimal columns and beams. It is highly preferred for its speed of construction and ability to support heavy loads.
Key Takeaways
The Global Structural Steel Market Demand is expected to witness high growth over the forecast period. Infrastructural development initiatives across regions focused on sustainable development will augment the demand for structural steel in construction applications.
Regional analysis:
The Asia Pacific structural steel market accounted for the largest revenue share in 2021 and is expected witness the fastest growth during the forecast period. The growth of the region can be attributed to rapid urbanization and industrialization across developing countries in Asia Pacific such as China, India, Indonesia, and Vietnam. Increasing construction spending towards commercial and residential projects supports the demand for structural steel in the region.
Key players operating in the structural steel market include Johnson & Johnson, Bayer AG, GlaxoSmithKline Plc. Structural steel provides long span spaces requiring minimal columns and beams. It is highly preferred for its speed of construction and ability to support heavy loads. The global structural steel market is expected to be highly competitive owing to the presence of numerous global as well as regional players actively engaging in bringing innovations to their products.
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