The global structural steel market is expected to reach USD 140.4 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.6% during the forecast period. Increasing construction spending in emerging economies is projected to drive the demand for structural steel.
Strong economic growth in several economies has led to high investment in construction of public infrastructure such as hospitals, bridges, housing societies, and offices. As per the reports of the United Nations Conference on Trade and Development (UNCTAD), China and India witnessed around USD 136 billion and USD 40 billion worth Foreign Direct Investment (FDI) respectively, in 2017. Rising need for housing in these countries is driving investments in construction sector.
Another factor driving the structural steel market is strict norms and regulations associated with Carbon Dioxide (CO2) emissions. Structural steel is considered as one of the green materials as it minimizes impact of natural disasters. Steel products can be recycled again and again which helps reduce energy consumption. The industry is leading in terms of recycling and has recovery rate of more than 90%. In the recent past, this sector has developed various technologies resulting in reduction of greenhouse gases.
South Asia is anticipated to exhibit ample potential for application of structural steel in industrial building. The entry of international players is anticipated to create revenue as well as employment opportunities in emerging economies including India and Maldives. Numerous government initiatives for the development of projects such as Smart Cities, have contributed significantly to growth of construction sector in the past few years.
Use of advanced software is projected to augment growth of the market over the forecast period. These software help design structural analysis programs for various applications. This analysis involves complex and time consuming calculations. Software such as SemiComp Member Design and FERPINTA Member Calculator help design truss structures, hollow structural applications, long span roofs, bracing applications, and footbridges.
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Key Takeaways from the report:
- In terms of revenue, non-residential application is anticipated to reach USD 75.5 billion by 2025
- In terms of revenue, commercial sub-segment is projected to register a CAGR of 4.7% over the forecast period
- Industrial segment in non-residential application led the global structural steel market with a global market share of 44.36 % in 2018
- North America is anticipated to reach 12,840.5 kilotons by 2025
- In terms of revenue, Central and South America is projected to witness a significant CAGR of 3.8% over the forecast period
- Some of the key companies present in the market are Arcelor Mittal S.A., Anyang Iron & Steel Group Co. Ltd., Anshan Iron & Steel Group Corporation, Baogang Group, Bohai Steel Group Co. Ltd. and Baosteel Group Corporation.
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Grand View Research has segmented the global structural steel market on the basis of application and region:
Structural Steel Application Outlook (Volume, Kilotons; Revenue, USD Million; 2014 – 2025)
Structural Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2014 – 2025)
- North America
- Asia Pacific
- Hong Kong
- New Zealand
- Central and South America
- Saudi Arabia
- South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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