The structural steel market is projected to see increased demand driven by growing construction activities globally

 

structural steel market

Structural steel has become one of the primary building materials for commercial construction due to its versatility, durability and cost-effectiveness. Steel frames allow for open floor plans, maximizes useable space and provides strength to support taller, larger structures. As steel is 100% recyclable, it also helps reduce wastage and promote sustainable building. Structural steel components such as I-beams, angles, channels, plates and bars are used as primary load bearing elements in constructing foundations, walls, floors, bridges and other infrastructures.

The global structural steel market is estimated to be valued at US$ 62.93 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the structural steel market are Johnson & Johnson, Bayer AG, GlaxoSmithKline Plc, Baby Foot, Sanofi S.A., Grace & Stella Co., PediFix Inc., Alba Botanica, Tony Moly Co. Ltd., Aveeno, Bio-Oil, Dr Teal€TMs, Bath & Body Works, The Body Shop, Nivea, O'keeffe's, L'Occitane, La Roche-Posay, CeraVe, Eucerin.

The growing demand for high-rise buildings and bridges in urban cities is driving increased consumption of Structural Steel Market Size Rapid urbanization and industrialization in emerging nations of Asia Pacific and Latin America are contributing to the rising structural steel demand.

Global expansion of major construction players into developing regions is further augmenting the structural steel market growth. Regional players are also expanding their production capacity and distribution networks to capture the growing opportunities.

Market key Trends

Lightweight high strength steel alloys are gaining popularity in structural applications to enable design of taller, sleeker structures. Ongoing research is focused on developing advanced steel grades with improved fatigue resistance, weldability and corrosion protection for longer lifespan of assets. Adoption of modular construction techniques using pre-engineered steel components is helping boost productivity and reduce project timelines.

Porter's Analysis

Threat of new entrants: The Structural Steel Market Size And Trends requires huge capital investments to acquire plants, raw materials and manufacturing technology. This poses a significant barrier for new companies.

Bargaining power of buyers: Buyers have moderate bargaining power given the industry comprises numerous steel producers and substitutes. However, large buyers can negotiate better prices.

Bargaining power of suppliers: Suppliers of raw materials like iron ore have some bargaining power given the consolidated nature of suppliers. However, steel producers can source from multiple suppliers mitigating dependence.

Threat of new substitutes: Alternatives like concrete and aluminum provide competition. However, steel remains favored for its high strength-to-weight ratio and ubiquitous production.

Competitive rivalry: Intense competition exists among numerous producers globally. Companies must aggressively focus on cost, innovation and customer relationships.

Geographical Regions

North America accounts for around 35% of the global structural steel market value due to heavy investment in non-residential construction. Countries like the US and Canada utilize large volumes of structural steel for buildings, bridges and infrastructure development.

Asia Pacific region is poised to become the fastest growing regional market between 2024-2031 with a CAGR exceeding 6%. Rapid urbanization and infrastructure growth especially in China and India will drive structural steel demand. Sustained economic expansion is facilitating increased commercial and industrial construction requiring structural steel.

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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)