Global Structural Steel Market by Product Types, Applications, and Regions — Global Industry Analysis, Growth, Share, Size, Trends and Forecast 2020–2026
The global structural steel market is expected to reach a considerable value by 2026, expanding at a substantial CAGR during the forecasted period from 2020 to 2026. Structural steel is a type of steel and is widely used for making construction material. It is used in various industries such as shipping, transport, healthcare, and construction. It comes in different sizes and takes the form of an elongated rode having a profile of a specific cross-section. The properties of structural steel such as high durability, corrosion resistance, easy fabrication, and high tensile strength have fueled its demand and made suitable for a wide range of services.
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Structural steel offers various applications such as elasticity, recyclability, uniformity, ductility, ease of fabrication, lightweight, high tensile strength, and toughness. In addition, other applications of structural steel include multi-story and high-rise buildings, long-span structures, bridges, towers, sports stadiums & complexes, portal frames, buildings, and heavy-duty plants. The Asia Pacific is growing rapidly owing to the increased construction activities in India and China for both residential and industrials purposes. The government of such countries have taken initiatives construction activities. For example, the Indian government has launched the Pradhan Mantri Awas Yojana (PMAY), under which more than 15 million houses will be constructed in the coming years. In addition, it caters one of the biggest steel manufacturers in the world such as Tata, Mittal, and Adani steel. These factors have bolstered the growth for the structural steel market and are expected to continue the same in the forecasted period.
Market Trends, Drivers, Restraints, and Opportunities:
- Factors driving the growth for the structural steel market are increased urbanization, increased construction activities, changing lifestyles, lucrative government policies, and growing applications of structural steel in various industries such as mining, transport, and shipping.
- The use of structural steel has increased in industrial buildings. The latest trend is using structural steel in large facades, walls, curvilinear roofs, and various other engineering materials.
- The high cost associated with the initial investment in R&D to develop durable products having high physical strength is hampering the growth.
- The increased urbanization in the North America region provides many opportunities for the growth of the structural steel market. In addition, changing lifestyle, construction of malls, and institutions have fueled the growth.
Competitive Landscape:
Key players operating in the global structural steel market are Benxi Beiying Iron & Steel Group Co. Ltd, Tata Steel Limited, Anyang Iron & Steel Group Co. Ltd, Hunan Valin Iron & Steel Group Co., Baosteel Group Corporation, Nippon Steel & Sumitomo Metal Corporation (NSSMC), POSCO, Anshan Iron & Steel Group Corporation, Baogang Group, Gerdau S.A, Arcelor Mittal S.A., Hebei Steel Group, Bohai Steel Group Co. Ltd, Uttam Steels, and JSW Steel Limited. Major strategies followed by these players are partnerships, investment in R&D for developing cost-effective products, increase production, partnerships, joint ventures, and mergers & acquisitions. The structural steel market is highly competitive and is mostly dominated by the big players. Tata Steel is one of the biggest players in the market, this company has dominated the Indian market and is known for its strong and durable steel products. Tata steel is rapidly expanding its market and increasing the geographic reach to get an edge over its competitors.
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The Global Structural Steel Market has been segmented based on
Product Types
- Carbon steels
- Corrosion resistant
- High Strength Low Alloy Steels
- Forged Steel
- High Strength Low Alloy Steels
- Quenched and Tempered Alloy Steels
Applications
- Residential
- Non-Residential
Regions
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Structural Steel Market Overview
- Global Structural Steel Market Analysis and Forecast by Type
- Global Structural Steel Market Analysis and Forecast by Application
- Global Structural Steel Market Analysis and Forecast by Sales Channel
- Global Structural Steel Market Analysis and Forecast by Region
- North Structural Steel Market Analysis and Forecast
- Latin Structural Steel Market Analysis and Forecast
- Europe Structural Steel Market Analysis and Forecast
- Asia Pacific Structural Steel Market Analysis and Forecast
- Middle East & Africa Structural Steel Market Analysis and Forecast
- Competition Landscape
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