Global Structural Steel Market to Capture 5.3% CAGR Between 2021 and 2023

The global structural steel market is projected to exhibit an impressive growth during the foreseeable future. Market Research Future (MRFR) reports that the market is set to demonstrate 5.3% CAGR from 2021 to 2023. Macroeconomic factors such as rising per capita income, growth of global GDP, rapid industrialization and urbanization are making a positive impact on the market.

The market is benefiting from advances in construction technology. Modernization of construction techniques has increased the use of pre-engineered and prefabricated building materials. Growing focus on infrastructure development in third-world countries and infrastructure modernization in advance countries is also influencing the market.

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The construction sector is witnessing transformation in several fronts. The pressure of utilizing minimum resource to achieve a maximum output continues to growth. Over the years several new construction materials have come up. Evolution in the construction steel segment. Manufacturers are focusing on areas such as environment sustainability, light weight, durability, recyclability, price etc. Growing inclination towards eco-friendly and sustainable construction is prompting manufacturers to invest in research and development programs. Nonetheless, lack skilled labour and price fluctuation of raw materials are some of the factors undermining the market potential.

 

 

Global Structural Steel Market: Segmental Analysis

 

Based on application, the market has been segmented into non-residential and residential. Currently, the non-residential segment commands a significant share of the market. In addition, the segment is expected to remain highly profitable over the next several years. Increased construction activities coupled with development of special economic zones in developing countries has reflected favourably on the market. Emerging economies such as India and China are posting a strong demand for high-quality construction materials.

Based on product, the market has been segmented into rebar, light sectional steel, and heavy sectional steel. Of these, the heavy sectional steel segment accounts for the lion’s share and the trend is likely to continue beyond 2019. Demand for heavy section steel has picked up steam due to its increased usage in construction of large-scale structures such as skyscrapers.

 

 

 

 

 

Global Structural Steel Market: Regional Analysis

On the basis of region, key market segments in the region include Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW).  Of these, APAC currently accounts for the highest market share in terms of value. APAC is expected to dominate the global structural steel market during the forecast period. In recent years, tremendous industrial growth has taken place in Asia Pacific, especially in countries such as China and India. Moreover, boom in construction activities has opened new avenues for the market in APAC. Construction spending in the region has increased notably over the years, which is fuelled by the increased housing demand. China is expected to remain a key destination for market players during the forecast period. It is projected that emerging economies in the region will present attractive opportunities to market players in the forthcoming years.

 

Global Structural Steel Market: Competition Analysis

Baosteel Group Co., ArcelorMittal S.A., POSCO, Tata Limited, Anyang Group Co. Ltd., Hyundai Steel Co. Ltd., Hebei Group, Baogang Group, Anshan Iron & Steel Group Corporation, Nippon Steel & Sumitomo Metal Corporation, Bohai Group and Wuhan Group are among the leading companies mentioned in MRFR’s report. The market is characterised by a large number of companies. This in turn characterises the high level of competition in the market. Companies are implementing aggressive growth strategies in order to ensure future sustenance. Expansion remains a major agenda for many market players. It is projected that merger and acquisition activities are expected to a key industry during the assessment period.

 

 

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