USD 105.05 Billion
Report ID:
SQMIG15O2025 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|Tables:
62
|Figures:
75
Global Structural Steel Market size was valued at USD 105.05 Billion in 2022 and is poised to grow from USD 110.83 Billion in 2023 to USD 170.09 Billion by 2031, at a CAGR of 5.5% during the forecast period (2024-2031).
The primary purpose of the global structural steel market is to fulfill the growing demand for reliable and robust construction materials. Structural steel offers numerous advantages, including high strength-to-weight ratio, cost-effectiveness, and sustainability. As a result, it is extensively used in the construction sector worldwide. The market serves as a platform for manufacturers to produce and supply structural steel products, while also meeting the diverse requirements of construction projects across different regions.
Several factors drive the growth of the global structural steel market. Firstly, the rapid urbanization and industrialization in emerging economies, such as India, China, and Brazil, have led to increased construction activities, thereby boosting the demand for structural steel. Secondly, the rising investment in infrastructure development projects, including roads, railways, and airports, further fuels the market growth. Moreover, the superior properties of structural steel, such as its ability to withstand extreme weather conditions and seismic events, contribute to its growing popularity in construction. Despite the positive outlook, the global structural steel market faces certain restraining factors. One significant factor is the volatility in raw material prices, particularly for iron ore and scrap metal. Fluctuations in these prices can significantly impact the overall production cost and profit margins for manufacturers. The structural steel market also encounters specific challenges. One of the major challenges is the competition from alternative construction materials, such as concrete and wood. The preference for these materials can vary based on factors like project specifications, cost considerations, and sustainability goals. Another challenge lies in the fragmented nature of the market, with numerous small and medium-sized manufacturers operating in different regions. This fragmentation often leads to intense price competition and the need for differentiation strategies to gain a competitive edge.
The global structural steel market presents several opportunities for growth and innovation. With the increasing focus on sustainable construction practices, there is a rising demand for green and energy-efficient steel products. Manufacturers can capitalize on this trend by developing eco-friendly steel variants and promoting their benefits. Furthermore, advancements in technology, such as computer-aided design (CAD) and building information modeling (BIM), provide opportunities for improved product design, precision, and optimization. The global structural steel market serves the purpose of meeting the demand for durable and versatile construction materials.
US Structural Steel Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 105.05 Billion
Largest Segment
Non-residential
Fastest Growth
Non-residential
Growth Rate
5.5% CAGR
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The global structural steel market is segmented on the basis of application, product, and region. By application, the market is segmented into residential, and non-residential. In terms of product, the market is segmented into Heavy Sectional Steel, Light Sectional Steel, and Rebar. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Structural Steel Market Analysis by Application
In 2023, the non-residential sector dominated the global structural steel market, accounting for over 54.0% of the total revenue. This segment is expected to exhibit the fastest compound annual growth rate (CAGR) during the forecast period. The growth can be attributed to the increased investments in various non-residential projects, including healthcare facilities, data centers, big-box retail stores, stadiums, airports, and manufacturing facilities. The non-residential segment can be further classified into industrial, commercial, offices, and institutional sub-segments.
The industrial sector holds the largest share in the non-residential segment. Structural steel finds extensive application in industrial buildings due to its exceptional strength, which not only ensures structural integrity but also mitigates the potential impact of repairs. Additionally, structural steel is well-suited for constructing large bridges due to its remarkable durability and excellent strength-to-weight ratio. This characteristic enables structural steel to withstand the weight of vehicles and pedestrians effectively.
Structural Steel Market Analysis by Product
Heavy sectional steel, characterized by its robustness and strength, holds the largest market share. It accounted for a significant portion of the overall revenue in the market, making it a cornerstone of the industry. This segment's dominance can be attributed to its extensive utilization in large-scale infrastructure projects and high-rise buildings. Heavy sectional steel possesses exceptional load-bearing capabilities, allowing it to provide the necessary structural integrity for such projects. Its ability to withstand heavy loads, extreme weather conditions, and seismic events makes it an ideal choice for architects and engineers around the world.
Rebar is the fastest growing segment in the global structural steel market. With a remarkable compound annual growth rate (CAGR), it continues to gain traction due to its vital role in reinforcing concrete structures. Rebar, short for reinforcing bar, is primarily used to enhance the strength and durability of concrete elements in construction projects. The growing focus on infrastructure development, including roads, bridges, and buildings, has contributed to the rising demand for rebar. As governments and private entities invest in modernizing and expanding their infrastructure, the need for sturdy and reliable structures becomes paramount. Rebar, with its ability to reinforce and fortify concrete, meets this demand perfectly.
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North America holds the largest market share in the global structural steel market. This region has a well-established construction industry and a high demand for structural steel products. The dominance of North America can be attributed to several factors. Firstly, the region has witnessed substantial investments in infrastructure projects, including highways, bridges, and commercial buildings. The use of structural steel in these projects is widespread due to its superior strength, durability, and design flexibility. Secondly, the presence of major market players and advanced manufacturing facilities contributes to the region's dominance. Additionally, stringent building codes and regulations in North America emphasize the use of high-quality construction materials, further driving the demand for structural steel.
Asia Pacific is the fastest-growing market for structural steel. This growth is primarily driven by the rapid urbanization and industrialization in countries like China and India. The Asia Pacific region has experienced a significant increase in construction activities, including residential, commercial, and infrastructure projects. Structural steel is extensively used in these projects due to its cost-effectiveness, versatility, and ability to support large-scale constructions. Moreover, government initiatives and investments in infrastructure development, such as the Belt and Road Initiative in China and the Smart Cities Mission in India, contribute to the region's growth. These initiatives require robust and sustainable construction materials, making structural steel a preferred choice.
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Structural Steel Market Drivers
Infrastructure Investments
Urbanization and Industrialization
Structural Steel Market Restraints
Raw Material Price Volatility
Environmental Regulations
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The global structural steel market features a competitive landscape characterized by the presence of numerous key players, each striving to maintain a strong market position. These companies engage in various strategies, including mergers and acquisitions, collaborations, product innovations, and geographic expansions, to gain a competitive edge and capture a larger market share. companies, contribute to the competitive landscape of the global structural steel market. The industry's competitiveness is driven by factors such as product quality, technological advancements, sustainability practices, and global market reach. As the demand for structural steel continues to grow, companies in this market will continue to innovate and differentiate themselves to maintain their competitive positions and capitalize on emerging opportunities.
Structural Steel Market Top Player’s Company Profiles
Structural Steel Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global structural steel market analysis, the market is experiencing steady growth and is driven by various factors. Structural steel is a vital construction material known for its strength, durability, and versatility. It finds extensive use in the construction of buildings, bridges, industrial facilities, and infrastructure projects. The market analysis reveals that the non-residential sector holds the largest market share due to increased investments in healthcare facilities, data centers, retail stores, stadiums, airports, and manufacturing facilities. This sector is further divided into industrial, commercial, offices, and institutional segments. Among these, the industrial sub-segment dominates, as structural steel is highly suitable for industrial buildings and large bridges due to its strength and durability.
The market is also influenced by drivers such as infrastructure investments and rapid urbanization, which spur construction activities. However, the market faces challenges such as price volatility of raw materials, particularly iron ore and scrap metal, and stringent environmental regulations. Despite these challenges, the market presents opportunities for growth, including the adoption of sustainable construction practices and technological advancements in steel fabrication. Overall, the global structural steel market is poised for expansion, driven by the increasing demand for robust and reliable construction materials in various sectors of the economy.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 105.05 Billion |
Market size value in 2031 | USD 170.09 Billion |
Growth Rate | 5.5% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Structural Steel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Structural Steel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Structural Steel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Structural Steel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG15O2025