Structural steel market plays a pivotal role in the construction and infrastructure development sectors, with steady growth the market is anticipated to reach a CAGR of 5.7% during the forecast year of 2024 to 2032. The market is driven by booming construction and infrastructure projects, sustainable building practices, and the focus on resilience and safety. Price volatility of steel remains a restraint, necessitating proactive strategies to manage costs effectively. Competitive trends suggest that key players will prioritize sustainability, innovation, and global expansion to meet the evolving demands of the construction and infrastructure development industries.
Booming Construction and Infrastructure Projects
The structural steel market in 2023 witnessed substantial growth, primarily driven by the surge in construction and infrastructure projects globally. Structural steel is favored for its strength, durability, and versatility in construction applications. It offers the advantage of faster construction, reducing project timelines and costs. This trend is expected to continue, with the highest Compound Annual Growth Rate (CAGR) projected in the non-residential application segment during the forecast period from 2024 to 2032. Evidence of this growth can be seen in the increasing number of high-rise buildings, industrial facilities, and infrastructure developments, all reliant on structural steel.
Sustainable Building Practices
The year 2023 witnessed a growing emphasis on sustainable building practices, leading to increased adoption of structural steel. Steel is a highly sustainable building material due to its recyclability and energy-efficient manufacturing processes. Additionally, steel structures can be designed to optimize natural light and ventilation, reducing energy consumption. This trend is expected to continue, with the highest revenue growth and CAGR anticipated in the high-sectional steel product segment during the forecast period from 2024 to 2032. The global commitment to environmentally friendly construction materials and energy-efficient buildings is likely to bolster the market's growth.
Resilience and Safety
In 2023, the structural steel market experienced growth due to the emphasis on building resilience and safety in construction projects. Steel structures are renowned for their ability to withstand extreme weather conditions, seismic events, and other challenges. This has led to their increased adoption in regions prone to natural disasters. The demand for steel structures with advanced safety features is expected to rise, with the highest CAGR projected in the rebar product segment during the forecast period from 2024 to 2032. This is evident in the use of rebars in reinforced concrete structures to enhance their strength and durability, meeting stringent safety standards.
Restraint in the Structural Steel Market
One significant restraint in the structural steel market is the volatility of steel prices, which can be influenced by factors such as raw material costs, trade policies, and global economic conditions. The industry's susceptibility to price fluctuations can impact project budgets and profitability for construction companies. Overcoming this restraint requires proactive strategies such as supply chain diversification, price risk management, and long-term agreements with suppliers to mitigate the impact of price volatility and ensure cost-effectiveness in construction projects.
Market Segmentation by Product: Structural Steel Market Dominates the Market
In 2023, the Structural Steel Market exhibited the highest revenue in the Rebar product segment. This segment's dominance can be attributed to its extensive use in reinforcing concrete structures, ensuring strength and durability in various construction applications. Rebars play a crucial role in enhancing the resilience and safety of buildings and infrastructure, making them a preferred choice for construction projects. During the forecast period from 2024 to 2032, the rebar segment is expected to maintain its leadership position, exhibiting the highest Compound Annual Growth Rate (CAGR). This growth is driven by the ongoing demand for robust and safe structures in construction and infrastructure development.
Market Segmentation by Application: The Non-residential Segment Dominates the Market
In 2023, the Structural Steel Market generated the highest revenue in the Non-residential application segment. This segment's prominence is attributed to the extensive use of structural steel in commercial, industrial, and institutional construction projects. Non-residential applications include office buildings, factories, warehouses, and educational institutions, all of which rely on structural steel for their structural integrity and flexibility in design. During the forecast period from 2024 to 2032, the Non-residential application segment is expected to maintain its dominance, exhibiting the highest CAGR. The global construction of commercial and industrial facilities, driven by economic growth and urbanization, is expected to fuel the market's growth in this segment.
North America Remains as the Global Leader
From 2024 to 2032, the structural steel market is expected to experience the highest CAGR in the Asia-Pacific region. This growth is fuelled by rapid urbanization, infrastructure development, and industrialization in countries like China and India. North America is projected to maintain its position as the region with the highest revenue percentage even during the forecast period as it was in 2023, driven by robust construction activity and the adoption of steel structures in commercial and industrial projects. Europe is expected to show steady growth, particularly in sustainable building practices, contributing to the market's expansion.
Market Competition to Intensify during the Forecast Period
In 2023, the structural steel market witnessed intense competition among key players. Companies such as ArcelorMittal, Nippon Steel Corporation, POSCO, Baogang Group, Bohai Steel Group Co. Ltd, Hebei Steel Group, JSW Steel Limited, Baosteel Group Corporation and Tata Steel Limited. dominated the market. These industry leaders focused on strategies like product innovation, expanding their product portfolios, and global market expansion through mergers and acquisitions. As we move into the forecast period from 2024 to 2032, it is expected that these players will continue to prioritize sustainability, resilience, and safety in structural steel solutions. Additionally, they will explore collaborations and partnerships to expand their geographic reach and cater to evolving customer demands in the construction and infrastructure development sectors.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Structural Steel market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Product
| |
Application
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
