Global Structural Steel Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Structural Steel Market Overview:

“The global Structural Steel Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global structural steel market report has been segmented on the basis of product type, application, and region.

Structural steel is a type of steel used for making construction materials. Structural steels are used in various size and shapes such as I-beam, hollow structural section (HSS) shape, Z-shape, angle (L-shape), and T-shaped. Structural steels are manufactured in section and plate shapes and are generally used in buildings, bridges, ships, and pipelines. Based on chemical composition, structural steel is classified as carbon-manganese steels, high-strength low-alloy steels, and high-strength tempered and quenched alloy steels. Structural steel has various properties such as high strength, toughness, stiffness, and ductile properties.

Increasing infrastructural development activities in developed and developing economies is a major factor driving growth of the global structural steel market.

In addition, increasing adoption of structural steel in construction of ships, bridges, and buildings, owing to its advantages such as toughness, high strength, fire resistance, ductility, and stiffness are other factors expected to fuel growth of the global structural steel market over the forecast period.

However, fluctuations in raw material prices is a major factor restraining growth of the global structural steel market. In addition, growing acceptance of prefabricated building which is a substitute for structural steel is another factor expected to hamper growth of the global structural steel market over the forecast period.

The market in Asia Pacific is expected to account for highest share in terms of revenue and is expected to maintain its dominance over the forecast period. This dominance can be attributed to increasing spending on construction of housing and residential buildings and ongoing public infrastructure developments in emerging economies such as China, Japan, and India.

The market in North America is expected to register moderate growth over the forecast period, owing to increasing use of structural steel for construction of residential and non-residential buildings in countries in the region. Also, the markets in Latin America, Europe, and Middle East & Africa are projected to witness moderate growth in the global market over the forecast period.

Global structural steel market segmentation:

By Product type:

• Alloy structural steel
• Carbon structural steel
• Low-alloy structural steel
• Heat-resistant steel

By Application:

• Non-residential
  • Industrial
  • Commercial
  • Offices
  • Institutional
• Residential

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa