May 15, 2020
As per the report titled ‘Structural Steel Market Size, By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global structural steel market is projected to record a healthy growth rate during 2020-2026.
Structural steel is a construction material that is designed in a certain shape and with chemical composition as per the applicable specifications of a project in question. Increasing number of construction activities across residential, commercial, and industrial sectors is driving the growth of global structural steel market.
High strength to weight ratio, inexpensive manufacturing cost and lower maintenance as compared to other traditional building methods are the key benefits stimulating the demand for structural steel. In addition, these products are resistant to rust, fungi, bugs, termites, mold, and mildew, and can also withstand harsh weather conditions or extreme forces like strong winds, heavy snow, hurricanes, and earthquakes.
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Based on product terrain, angle (L shaped) heavy structural steel segment is estimated to register 6% CAGR during the forecast period, owing to it wide use in framing, trim, brackets, and reinforcements. Likewise, angle (L shaped) light structural segment is expected to expand at 4.0% CAGR over 2020-2026.
Rebar segment held 66% market share in the recent past and is anticipated to gain decent traction during the analysis period. Extensive product use in column, concrete beam, and structural floor will continue to foster the segment growth in the coming years.
Speaking of the application spectrum, the demand for structural steel for non-residential applications is growing rapidly with offices segment slated to grow with 3.5% CAGR and station & hangers segment with 2.5% CAGR through 2026.
Considering the geographical landscape, Latin America structural steel market generated USD 3.73 billion revenue in 2019. Growing focus towards strengthening the infrastructure along with technological innovations are stimulating the industry growth in Latin America.
Major players operating in global structural steel market are Shagang Group Company Limited, Nippon Steel & Sumitomo Metal Corporation, ArcelorMittal S.A., Hesteel Group Company Limited, POSCO, Anyang Iron & Steel Group Co., Ltd., Steel Authority of India Limited, Tata Steel, China BaoWu Steel Group Corporation Limited, VISA Steel, and China Steel Corporation among others.