Worldwide structural steel market is anticipated to accumulate approximately US $141.49 billion by the year 2026, exhibiting a CAGR of 5.6%, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Augmented utilization of structural steel in the heavy metal industries is one the fundamental factors promoting the growth of the global structural steel market over the forecast timeline. Also, the report cites that the worldwide market has been gaining traction owing to growing research & development initiatives in the production of structural steel in order to boost corrosion resistance, durability, and strength. The global market is likely to get a major push by the exponentially growing demands from numerous end-use industries.
Generally, structural steel is deployed in the transmission line towers, construction, and producing sheds. As compiled in the report, rising awareness among consumers regarding flexibility & fabrication in construction materials is expected to enhance the structural steel market size in the course of the predicted timeframe. Burgeoning use of the product in the construction of non-residential and residential construction, mainly in developing nations of the world, is also a significant factor promoting the growth of the global market.
Based on the findings of the report, construction of the transmission towers is one of the most important applications of structural steel. The transmission tower market has, in fact been driven by the global target, set by various regional governments, to attain maximum electrification, particularly in underdeveloped areas. Consequently, this has led to higher deployment of structural steel in the manufacturing of various types of transmission towers.
According to the latest study, the rise in environmental impacts is encouraging manufacturers, consumers, and governments to deploy environmentally sustainable products, which is likely to further enhance the demand for structural steel. The recent findings of the report state that leading manufacturers are building technically advanced steel products, which can be recycled appropriately and reduce waste generation. Buildings constructed with these products do not generally include mandates like treatment for prevention of insect infestation, decay, and mold, which is expected to further the demand for technically advanced structural steel.
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Based on the application spectrum, the study reveals that the building & construction sector is the most profitable application segment for structural steel industry. Different regional governments are taking favorable initiatives, especially for the lower- and middle-income groups, to make housing more affordable for them. This, in turn, has enhanced the consumption of structural steel for residential construction.
The Asia Pacific region dominates the worldwide structural steels market, with massive demand for the product from India, China, and a few SE Asian countries including Thailand, Indonesia and Vietnam. Regional demand is further accelerated by numerous infrastructural investments. The report also cites that Europe and North America have observed moderate growth in structural steel market throughout the forecast period.
The broad competitive outlook of the worldwide structural steel market includes many key market players including Hebei Group, Nippon Steel and Sumitomo Metal Corporation, Arcelor Mittal S.A., POSCO, Baosteel Group, Bohai Group, Wuhan Group, and Tata Limited. The report states that these leading players are concentrating on key strategies such as joint ventures and mergers & acquisitions to strengthen their footprint across the global structural steel industry.