The 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.
Market Overview:
Structural steel refers to components such as angles, beams, columns, plates and other structural elements which form the framework for construction projects. It offers benefits such as high tensile strength, light weight, recyclability and resistivity to corrosion. Structural steel finds wide applications for commercial, industrial and infrastructure construction where it forms the load bearing structure for buildings, bridges, factories and other heavy civil engineering projects.
Market key trends:
Rising construction activities worldwide especially in developing countries is a key factor driving demand for structural steel. Rapid urbanization and growing population has increased demand for residential, commercial and industrial infrastructure which has boosted usage of structural steel. According to United Nations, 55% of the world's population currently lives in urban areas and is projected to increase to 68% by 2050 putting emphasis on infrastructure development. Additionally, structural steel provides quicker construction timelines and lower installation costs compared to other materials, making it an ideal choice for contractors. Its high strength to weight ratio also reduces foundation requirements compared to concrete structures. These advantages have led to increased preference for structural steel frames in modern construction methods.
Porter’s Analysis
Threat of new entrants: The structural steel market requires high initial investments in manufacturing plants and equipment, which poses entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of numerous existing players and differentiated product offerings in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute materials and established supply chains of raw materials.
Threat of new substitutes: emergence of new advanced construction materials poses threat to structural steel.
Competitive rivalry: Intense due to presence of global as well as regional players.
SWOT Analysis
Strength: Wide product range and ability to scale production as per demand. Well-established brands and global distribution network.
Weakness: Vulnerable to volatility in raw material prices. Higher R&D and capital investments required to develop advanced grades.
Opportunity: Growing infrastructure and construction sectors globally. Increased adoption of advanced high-strength steel grades.
Threats: Trade policies and tensions impacting steel imports/exports. Stringent environmental regulations regarding steel production.
Key Takeaways
The Global Structural Steel Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing investments in infrastructure development projects across developed and developing nations. Regionally, Asia Pacific dominates the global market and is expected to maintain its leading position during the forecast period, with China, India, Japan, and South Korea being the major markets.
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. For 2023, the market size for structural steel is estimated to reach US$ 82.4 Mn.
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