Structural steel is a category of steel used primarily for the construction of buildings, bridges, industrial plants and other structures. Consisting mainly of steel beams, columns, plate girders and tubing, structural steel is used extensively in the construction industry owing to its high tensile strength, corrosion-resistant properties and versatility in construction. It allows for larger, column-free interior spaces ideal for modern offices, retail buildings, sports facilities and more.
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 9.6% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising construction spending remains one of the key drivers of growth for the global structural steel market over the forecast period. According to estimates, global construction spending is forecast to grow by 85% to over $15.5 trillion by 2030. This growth is driven by rapid urbanization and industrialization in emerging economies and advancements in building technologies in developed regions. A significant portion of this spending will be directed towards steel-intensive commercial, industrial and infrastructure construction projects thereby driving up demand for structural steel. Additionally, structural steel has gained popularity as a sustainable building material. Compared to concrete, it requires lesser raw material inputs, has a significantly lower carbon footprint and allows for construction of lighter, more energy-efficient buildings through use of thinner and narrower members. Therefore, growing focus on green building codes and sustainability in the construction industry will further boost market growth of structural steel going forward.
SWOT Analysis
Strength: Structural steel has high tensile strength and durability, making it suitable for constructing tall buildings and bridges. Its malleability allows for easy fabrication and installation. It is also cost-effective compared to other building materials like concrete.
Weakness: Structural steel requires special coatings for corrosion protection. Left unprotected, it can rust which weakens the structural integrity. Its production is also energy-intensive since steel mills consume huge amounts of energy for smelting iron ore.
Opportunity: Growing construction activity in emerging economies is driving the demand for structural steel. Megaprojects in cities across Asia, Latin America, Middle East and Africa involve heavy use of steel frameworks in buildings, ports and infrastructure. Development of high-strength steel alloys through advanced thermomechanical processing expands its application scope.
Threats: Fluctuation in raw material prices especially of iron ore and scrap steel poses risks. Disruptions in global supply chains during the pandemic impacted steel production. Rising environmental concerns are pushing the industry towards lower-carbon steelmaking through hydrogen reduction and electric arc furnace routes.
Key Takeaways
The global Structural Steel Market Demand is expected to witness high growth over the forecast period supported by rapid urbanization and infrastructure development worldwide.
The Asia Pacific region currently dominates the market attributed to China being the largest steel producer globally and major ongoing construction projects. Countries like India, Indonesia, Vietnam and the Philippines are also contributing to regional market expansion.
Key players operating in the structural steel market are Johnson & Johnson, Bayer AG, GlaxoSmithKline Plc, Baby Foot, Sanofi S.A., Grace & Stella Co., PediFix Inc., Alba Botanica, Tony Moly Co. Ltd., Aveeno, Bio-Oil, Dr Teal’s, Bath & Body Works, The Body Shop, Nivea, O'keeffe's, L'Occitane, La Roche-Posay, CeraVe, Eucerin. These companies are focusing on expanding their manufacturing facilities and distribution networks across developing nations to tap the business opportunities. Strategic partnerships with local construction firms help gain better market access.
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