Structural steel is a form of steel, which is used for building construction. It comes in variety of shapes & size depending upon their applications. It can be reused & recycled in tandem with the continuous improvement in construction sector. The key properties are durability, easy fabrication and high tensile strength makes them suitable for a wide range of application. Due to this, it is widely used in both residential and non-residential constructional projects.
According to study, “World Structural Steel Market Research Report 2024(Covering USA, Europe, China, Japan, SEA and India)” the key companies operating in the world structural steel market are Gerdau S.A., Nippon Steel Sumitomo Metal, Arcelor Mittal, Thyen Krupp, POSCO, Ear Steel, JSW Steel, Southern Steel Company(C), TISCO, Krakatau Steel, Tata Steel, Sahaviriya Steel Industries, Pomina, Capitol Steel, GSteel PCL, PAG-ASA Steel Works, Inc. (PSWI), SAMC, Steel Centre Philippines Inc. (SCPI), Ansteel, Baosteel, Shagang Group, Wuhan Ironand Steel, MaSteel, Shandong Iron & Steel Group, BohaiSteel, Anyang Iron & Steel Group, Shougang Group, Baogang Group, Valin Steel. The real estate companies in developing region are directing to set up shopping malls & office spaces in the several parts of the cities to develop infrastructural. This factor is anticipated to drive construction spending and it is expected to propel consumption of structural steel in commercial sector.
Based on type, structural steel market is segmented into rebar, light structural steel and heavy structural steel. Heavy structural steel display superior features such as good seismic resistance, high speed of erection, ease of fabrication, high strength, and excellent ductility. Based on product type, market is segmented into alloy structure steel, carbon structural steel and others. Based on shape type, market is segmented into Angle (L shaped), channel (C shaped), I beam (I shaped), bearing pile (H shaped), pipe, tee (T shaped) and Hollow Steel Section (HSS). Based on service type, market is segmented into machining, metal folding, metal cutting, metal punching, metal forming, metal shearing, metal rolling, metal welding and metal stamping. In addition, based on application, market is segmented into industrial (energy development (onshore structure & offshore structure), residential, non-residential (commercial, offices, institutional and health buildings), bridges, and station & hangers.
The structural steel market is driven by rise in awareness among consumer about design & flexibility in construction materials, followed by increase in use of product in construction of residential & non-residential building, rise in urbanization & increase in disposable income, growth in preference for high quality structural developments, rise in investment in steel industry, increase in need for housing developments & improved infrastructure, growth in technological advancements in prefabricated & pre-engineered building projects and strict norms & regulations associated with Carbon Dioxide (CO2) emissions. However, high maintenance cost of products may impact the market. Moreover, increase in focus on innovation in green construction materials is a key trend for market.
Based on geography, China and India countries hold major share in structural steel market owing to rapid industrial growth, growth of residential & housing sector and high growth of GDP in the countries. USA and Europe are expected to witness lucrative growth due to rise in demand from commercial industries over the forecast period. It is estimated that future of the market will be bright on account of increase in consumer consciousness regarding safe construction during the forecast period.
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Ankur Gupta, Head Marketing & Communications