Structural steel finds wide applications in the construction of buildings, bridges, warehouses, stadiums and other commercial structures due to its high strength, durability and versatility. Increasing urbanization has boosted infrastructural development activities globally. The rising demand for commercial buildings and investment in public infrastructure development projects are fueling the growth of the structural steel market.

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.

Market key trends:

One of the key trends driving the structural steel market is the increasing infrastructural development. There has been a significant rise in infrastructure investment by governments globally to support economic growth. Various countries are investing heavily in developing roads, railways, airports, commercial buildings, power projects etc. which has augmented the demand for structural steel. According to the World Bank, the global infrastructure investment needs are estimated to be $94 trillion by 2040. Continued government focus on expanding building construction and upgrading aging infrastructure will accelerate the consumption of structural steel. Materials like steel offer high tensile strength, durability and sustainability which make them suitable for large infrastructure projects.
Segment Analysis
Content: The structural steel market is segmented by type into light section, heavy section and pipes & tubes. The heavy section segment dominated the market in 2022 and is projected to maintain its dominance over the forecast period. Heavy steel sections have wide applications in heavy construction projects like bridges, buildings, industrial structures etc. Their high load bearing property makes them suitable for building large structures requiring heavy duty structural support.

Key Takeaways
The Global Structural Steel Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis The Asia Pacific region held the largest share of the global structural steel market in 2022. The growth of the construction industry and ongoing infrastructure development projects in China, India and other emerging economies are driving the demand for structural steel in the region. The region is expected to remain the fastest growing market during the forecast period owing to rising construction expenditures and government initiatives to develop transportation and social infrastructure. 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.

Key players The major players operating in the structural steel market include 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. These key manufacturers focus on expanding their production capacities and geographical reach to meet the growing demand for structural steel. Strategic mergers and acquisitions are also common in this highly competitive market.

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