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WASHINGTON, Jan. 29, 2023 (GLOBE NEWSWIRE) -- Global Structural Steel Market is valued at USD 97.1 Billion in 2021 and is projected to reach a value of USD 130.8 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 5.1% over the forecast period 2022-2028.
Market Overview
According to Vantage Market Research, some key factors anticipated accelerating the Structural Steel market growth over the forecast period. The expanding demand for Structural Steel is expected to be primarily driven by infrastructure expansion in developed and emerging nations. One of the main variables influencing product sales is the expanding accommodation needs brought on by the world's growing population.
We forecast that the non-residential category in Structural Steel market sales will account for more than 57% of total sales by 2028. Due to the manufacturer's lighter weight and high-strength qualities, which limit the pressure on the ground and lower the cost of the sub-structure, it is frequently used in smart cities projects.
Increase In Building And Construction Expenditure around the World to Boost Market Growth
One of the key reasons boosting the global market for Structural Steel is the increase in building investment. As a result of its many benefits, including suppleness, plasticity, lightness, ease of manufacture, high strength, consistency, hardness, and recyclability, the product is becoming more popular. Sales growth for flat components like hot and cold rolling coil and stainless steel in the industrial sector, as well as high utilization in the construction sector and welding in various forms and grades, have an additional impact on the market.
Rapid Urbanisation and Increased Housing Demands to Drive the Market Growth
The world's population is expanding quickly, raising the requirements for residential and non-residential infrastructure. As a result, the necessity for infrastructure development for residential and commercial structures is increasing as urbanization increases. Similar to how rising trends in high-rise and skyscraper construction are anticipated to boost demand for Structural Steel during the projected period. These elements are anticipated to have a favorable effect on market expansion throughout the anticipated timeframe.
One trend that Vantage Market Research (VMR) expects to see in the Structural Steel industry is the growing demand for industrial buildings. Due to its great strength, Structural Steel is mostly employed in industrial structures, benefiting structural integrity and reducing the potential impact of repairs. Due to its high durability and outstanding muscle mass ratio, which enables withstand the weight of cars and pedestrians, it is also perfect for building huge bridges.
Another trend that VMR predicts will continue in the Structural Steel industry is the aerospace industry's increased innovation. The growth-promoting factor is a large-scale study to discover alternatives to metal alloys to get beyond their limitations. Airplanes' durability and fuel efficiency will significantly improve with the introduction of contemporary production materials. Moreover, a revolution in aviation will result from using composites and nanofibers to produce Structural Steel.
Top Report Findings
Based on Products, most of the Structural Steel market's revenue is controlled by the high sectional steel category. The hot-rolled long items are made of high-sectional steel. Major roads, structures, bridges, and utility companies are all built with this Structural Steel.
Based on Applications, most of the Structural Steel market's revenue is controlled by the non-residential category. The segment's expansion may be related to the increasing infrastructure developments of non-residential structures, including corporate, industrial, and maintenance. Additionally, growing investments in the development of smart cities are driving the need for Structural Steel, which is anticipated to promote market growth during the forecast period.
Recent Developments in the Global Structural Steel Market
The United States (US) Department of Commerce has announced its intent to impose tariffs on imported steel products from Canada, Mexico, and the EU. This move is designed to protect US manufacturers of steel products from unfair competition.
Non-Residential Category in Structural Steel Market to Generate Over 57% Revenue
Structural Steel is an expensive investment. Vantage Market Research has analyzed the market for Structural Steel to understand its current state and potential future growth factors. For better understanding, based on the application, the Structural Steel market is divided into residential and non-residential.
During the forecast period, the market for Structural Steel is anticipated to experience the highest CAGR for the non-residential category. Due to rising costs for medical centers, storage systems, big-box department shops, stadiums, airplanes, and manufacturing facilities, Structural Steel is utilized less frequently in housing and residential structures due to its low weight and exceptional strength features. To help the market growth over the forecast period, the segment is further segmented into manufacturing, residential, offices, and institutional.
On the other hand, the residential category is expected to grow tremendously over the forecast period. Because of its low weight and excellent strength, Structural Steel is frequently utilized in residential construction, which lowers the cost of the substructure and the stress on the foundation. It can be utilized to construct anything from a combination of two buildings to a single-family home. It also aids the economy because it is completely recyclable and does not degrade. Modular construction offers excellent flexibility.
Asia Pacific Region in Structural Steel Market to Generate More 37% Revenue
Asia Pacific region dominates the market throughout the projection period. Rapid industrial development and technological developments in the local construction sector are the main market drivers in this area. Demand for Structural Steel in the area is also rising due to rising building spending. Due to its quick GDP growth, China has become the most prosperous country in this region.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Structural Steel Market Forecast Report (2022-2028).
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