Driven by growing demand for industrial spaces across the world regarding design and construction, global structural steel market is estimated to observe considerable growth in the coming years. In addition, growing prominence for sectional structures from engineers, contractors, fabricators, architects, and designers would add up to the overall market share by 2024.
SELBYVILLE, Del., Jan. 24, 2020 /PRNewswire/ -- Increasing structural steel consumption across the energy development segment in North America, increasing infrastructure activities and the surging use in trolley truck beds and elevator frames in the Asia Pacific, upsurge in the non-residential and industrial infrastructure in Europe are the major factors proliferating the structural steel market.
According to a research report by Global Market Insights Inc., a global structural steel market was estimated at $230 billion in 2018 and is poised to surpass $420 billion through 2024. The report provides a complete analysis of the industry estimations and size, wavering market trends, competitive scenario, drivers and opportunities, top winning strategies, and major investment pockets.
Increasing non-residential and residential buildings globally would majority outline the structural steel market size through 2024. Additionally, the growing number of production facilities would be a key factor augmenting the industry demand. Carbon and iron are the two main constituents used to produce structural steels. These products are used to construct transmission line towers, manufacturing sheds, and buildings. They are produced in several shapes like T-shape, hollow structural section (HSS), Z-shape, I-beam, and angle (L-shape).
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Key reasons for structural steel market growth:
- Increasing structural steel consumption across the energy development segment in North America.
- Increasing infrastructure activities and the surging use in trolley truck beds, and elevator frames in the Asia Pacific.
- The upsurge in the non-residential and industrial infrastructure in Europe.
Heavy sectional steel and reinforcement bar segments to play a pivotal role into 2024
Based on product, the structural steel market is segmented into heavy sectional steel, light sectional steel, and rebar. The heavy sectional steel segment contributed well in 2017 and is expected to maintain its role throughout the study period. However, the reinforcement bar segment is estimated to register a CAGR of 4% through 2024 owing to its growing usage supported by the housing, and industrial segments.
The residential segment will keep maintaining its share during the study period
Based on application, the residential segment contributed a decent revenue share in 2017 and is projected to maintain its share until 2024. The Industrial segment, on the other hand, is anticipated to cite a CAGR of 4% by the end of 2024.
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How are the regional segment performing for the market?
China is anticipated to witness considerable gains through the forecast timeframe owing to heavy applications of I-shaped structural steel in the region. I-beams are the most widely used products in the region due to their applicability to create large and spacious rooms using slight support channels. These beams also have higher strength when compared to other beams.
Apart from China, North America is estimated to observe significant profits through 2024. As per the report, the regional heavy structural steel market is estimated to surpass USD 4.85 billion by 2024, driven by demand from energy development applications.
Frontrunners in the industry
Some of the prominent industry players contributing to global structural steel industry growth are JSPL, SSAB AB, Tata Steel, Severstal, Voestalpine AG, Erdemir Group, Nucor Corporation, Evraz Group, POSCO, Shagang Group, and ArcelorMittal. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Structural Steel Market size worth over $420 billion by 2024
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SOURCE Global Market Insights, Inc.