The global structural steel market size is expected to reach USD 119.10 billion, according to a new study by Grand View Research, Inc. Shift in preference towards ease of installation and faster completion of projects is expected to drive structural steel demand for residential and non-residential applications. Design flexibility and high ROI on constructing pre-engineered buildings (PEB) are other major factors expected to significantly influence the demand. Growing manufacturing facilities such as chemicals, automobiles and footwear in Asia Pacific and Middle East is also expected to develop the global market. Volatile raw material prices such as coking coal and iron ore are expected to challenge industry growth.
Non-residential applications accounted for over 50% of total market volume in 2014. Increasing construction spending in building malls and educational institutes in Tier-2 and Tier-3 cities of Asia Pacific and Latin America is expected to drive demand for non-residential applications. Residential application is expected to grow at moderate growth of 4.0% from 2015 to 2022.
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Further key findings from the study suggest:
- Global structural steel market demand was 120.10 million tons in 2014 and is expected to reach 164.66 million tons by 2022, growing at a CAGR of 4.1% from 2015 to 2022.
- North Asia structural steel market emerged as the leading regional industry and accounted for over 60% of global demand in 2014. Increasing construction spending in China owing to rapid industrialization is expected to drive the regional market. South Asia powered mainly by India is expected to witness the most significant growth in its market size over the forecast period. The region is expected to grow at a CAGR of 4.5% from 2015 to 2022.
- Affordable housing scheme by governments across Brazil and Colombia is expected to drive the Central & South American structural steel market over the next seven years.
- The global structural steel industry is highly fragmented with a mix of both large multinational corporations and domestic manufacturers. Key players operating in the global market include Baosteel Group, Arcelor Mittal, POSCO, Nippon Steel & Sumitomo Metal Corporation, Hyundai Steel and Tata Steel Group. Other players operating in the market include Baoganag Group, Valin Group, JSW Steel Ltd., Benxi Steel, Bohai Steel Group Co., Unites States Steel Corporation, Hebei Steel Group, ThyssenKrupp AG, Wuhan Iron & Steel (Group) Corp., Evraz Group, Ansteel Group and Anyang Iron & Steel Co. Ltd.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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