Structural Steel Market Portrays High-End Demand across Major Geographies During 2027 –

2021-12-24 07:46:49 By : Mr. Harry Davies

The global structural steel market size is expected to be USD 291.2 billion in 2020 and reach USD 447.3 billion in 2027, growing at a CAGR of 7.42% in 2021-2027. The global market for structural steel is primarily driven by growing construction spending worldwide since both developed and developing economies aim to improve public infrastructure due to the rapidly growing population and their changing needs.

Urbanization and infrastructure development have increased the demand for steel products, including structural steel, to provide the desired design. High quality is one of the key factors anticipated for the growth of the structural steel market.

Companies are focusing on developing advanced and high-quality products to increase the adoption of structural steel for various applications. Structural steel needs an exclusive fireproof treatment and is disposed to corrosion in outdoor atmospheres. This factor is expected to hamper the growth of the structural steel market.

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The report outlines the global structural steel market study based on product type and application.

Considering the application segment, the residential application is gaining traction in the structural steel market due to the redevelopment of old buildings and the rising construction of civic amenities. In the commercial segment, skyscraper buildings fuel the demand for structural steel in the global market.

Based on the region, the global structural steel market has been segmented into five geographical regions: North America, Europe, Asia Pacific, South America, and the Middle East & Africa. In 2020, Asia Pacific was estimated to be the largest market in terms of revenue and accounted for a 55% market share in the global structural steel market. The regional growth is mainly driven by growing housing construction activities in emerging economies such as China, India, Indonesia, Malaysia, Vietnam, and Thailand. Unfractured projects in these countries are another promising area expected to drive the demand for structural steel products.

The trade war between China and the USA is probably impacting the structural steel market dynamics. For instance, in September 2018, the US government enforced a 10% tariff on Chinese goods worth USD 200 billion, including aluminum and steel. Respond to this; the Chinese government enforced tariffs on USA products worth of additional USD 60 billion. This trade uncertainty between these two major countries has been impacting the market’s growth for a long period. The impact of retaliation and tariffs could be significant and result in increased consumer prices and a slowdown in market investments.

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Several market players focus on achieving economies of scale by decreasing energy costs and other variable operational costs. Chinese and other Asian manufacturers have created a massive impact on the market dynamics due to the low-cost structural steel production due to the high availability of labor. Emerging economies such as China, India, Mexico, and Brazil are expected to be key for structural steel consumption in the coming years. The global structural steel market is fragmented, with the presence of key players across the globe. The key players operating in the structural steel industry are –

The structural steel market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market player’s presence in the respective segment and region/country. The information concluded in the report includes the inputs from primary interviews with industry experts.

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