The 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 Overview:
Structural steel refers to steel products that are designed to provide strength and durability for construction applications. It is commonly used for structural support or load-bearing applications in buildings, bridges, shipbuilding, and more. Structural steel provides many benefits such as high strength, durability, flexibility in design, and recyclability. Common structural steel products include W-shapes, S-shapes, angles, channels, plates, tees, and beams.

Market Dynamics:
The global structural steel market is primarily driven by the robust growth of the construction industry globally. According to the Global Construction 2030 report, the global construction industry output is estimated to reach US$ 15.5 trillion by 2030, which is expected to boost the demand for structural steel products. Furthermore, increasing demand for buildings and infrastructure developments such as bridges, roads, airports, and railways is also augmenting the growth of this market. Moreover, structural steel is increasingly preferred over concrete in construction due to benefits such as less material usage, easy installation process, corrosion resistance, and faster construction. These advantages of structural steel are further propelling its adoption in the construction sector across the globe. Some of the other drivers of this market include rapid urbanization, growing investments in public infrastructure, and rising commercial construction activities.

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