The global Structural Steel Market Propelled by Growing Demand from Construction Industry

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The global Structural Steel Market Propelled by Growing Demand from Construction Industry

The global Structural Steel Market is estimated to be valued at US$ 82.4 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Structural steel is a popular material used in building construction due to its high strength, corrosion resistance, and durability properties. It provides the foundation for buildings through load-bearing beams, columns, trusses, and other structural components. The rising investment in residential and commercial construction projects around the world has augmented the demand for structural steel.

Market key trends:
Growing demand from Construction Industry
The key trend fueling the growth of the structural steel market is the rising demand from the construction industry. Construction activities are booming globally due to rapid urbanization and increasing investment in infrastructure projects like roads, bridges, hospitals, shopping malls, airports etc. Structural steel finds widespread application in all types of construction for making strong frameworks. Growing construction of commercial buildings and infrastructure will augment the consumption of structural steel during the forecast period.
SWOT Analysis
Strength: Structural steel has wide applications in construction industry. Its high tensile strength and ductility make it ideal for building large structures.
Weakness: Frequent price fluctuations in raw materials increase volatility in structural steel market. Infrastructural development in many regions is still at nascent stage.
Opportunity: Increasing investments in commercial real estate and infrastructure sectors across developing nations drive demand. Governments focus on public infrastructure will boost consumption.
Threats: Substitution threat from other materials like concrete poses challenges. Stringent environmental regulations increase compliance costs for steel manufacturers.

Key Takeaways
The Global Structural Steel Market Size is expected to witness high growth.

Regional analysis: Asia Pacific region currently dominates the market and is expected to maintain its leading position during the forecast period. Growing construction spending in China and India will majorly contribute to regional growth. Infrastructure development for upcoming mega events like Olympics and Expo will further augment the structural steel consumption.

Key players: Key players operating in the structural steel market are Arcelormittal, Nippon Steel Corporation, Shougang, Tata Steel, Hyundai Steel, Anyang Iron & Steel Group Co., Ltd., British Steel, China Ansteel Group Corporation Limited, Emirates Steel, Evraz Plc, And Gerdau S/A. The market is quite consolidated with top players accounting for over 50% of total market share. However, growing construction activities in developing markets have attracted many new regional players in recent years.