Global Structural Steel Market By Service (Machining, Metal Welding, Metal Foaming, and Other Services) By Application (Residential and Non-Residential) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast: 2022-2032

Structural Steel Market Overview

The Structural Steel Market size is expected to be worth around USD 165.80 Billion by 2032 from USD 96.940 Billion in 2021, growing at a CAGR of 5% during the forecast period 2022 to 2032.

Infrastructural development in both developed and developing countries will remain a primary driver of structural steel demand. The increasing demand for steel products is also driven by the growing need for housing the world’s population.

According to the United Nations projections, the global population will grow to 11.2 billion by 2100. This will in turn increase demand and contribute indirectly to market growth. The U.S. market is growing on account of the increasing preference for sustainable materials.

Global Structural Steel Market Scope:

Service Analysis

In terms of ‘Service’, this market was dominated by the ‘Machining Services’ segment, which accounted for a 29.5% share in 2021. Technology is rapidly changing due to advances in science. This has led to the invention of numerous machines for the construction, automotive, and aerospace industries, which are largely made up of structural metal.

These key factors are expected to drive this segment’s market growth trajectory. These services include machining, metal welding, metal foaming, and other services.

Application Analysis

The ‘Non-Residential’ segment accounted for more than 52.4% of this Structural Steel market’s revenue share. This segment is projected to grow further, indexing the fastest CAGR over the forecast timeline due to increasing spending on healthcare facilities. This segment can further be divided into industrial, commercial offices, offices, and institutional sub-segments.

The ‘Industrial’ sub-segment accounted for the non-residential segment’s largest share. Due to its high strength, structural metal is most commonly used in industrial buildings. This helps with structural integrity as well as reducing the possibility of damage. Structural steel is also great for large bridges because of its outstanding durability and strength-to-weight ratio. This ensures that it can withstand the weight and impact of pedestrians as well as vehicles.

In 2020, the second highest revenue share was accounted for the ‘residential’ applications segment. This product is used widely in housing and residential construction projects due to its lightweight and high-strength attributes, which reduce foundation loads and substructure costs.

Due to its modular construction flexibility, structural steel can also be dismantled easily and moved around, preserving buildings’ asset values. Structural steel is versatile and can be used in various residential buildings. These include single-family homes or large mixed-space buildings. Additionally, structural steel can be 100% recycled without any degradation.

Key Market Segments:

By Service

• Machining
• Metal Welding
• Metal Foaming
• Other Services

By Application

• Residential
• Non-Residential
• Industrial
• Commercial
• Offices
• Institutional

Market Dynamics:

Due to its high recyclability, structural steel can be considered as a green material for construction purposes. Accordingly, there is expected to be a surge in the number of green buildings being constructed around the world.

According to the Green Building Council (LEED), certified buildings use 11% less energy and 25% less water in the U.S. Green buildings are also known for their positive environmental impact, which is why these buildings are becoming more popular in the U.S.

In the United States, California accounts for the majority of green building sales, both in terms of revenue and area. This state is on track to reach zero-net energy by 2030. However, the COVID-19 pandemic in 2021 caused industry growth to slow.

The World Steel Association estimates that finished steel demand will decline by 2.4% in 2021. The pandemic resulted in plant shutdowns and a shortage of end-products, which disrupted global supply chains. These restriction measures impacted consumption, which led to a decline in demand.

Various economies are working hard to recover from COVID-19, and so, are investing more towards infrastructural development, which in turn is expected to boost structural steel market growth prospects. As part of the Economic Recovery Agreement, Mexico announced a US$14.2 billion infrastructure investment plan in October 2020, which was also shared with private sector firms for 29 projects.

A greater focus on green construction materials innovation is one of the key trends that will drive demand for steel buildings in the future.

Regional Analysis

The Asia Pacific accounted for more than 63.1% of global Structural Steel market revenues. In 2021, this region accounted for the largest revenue share and is expected to retain its market lead over the forecast period. Moreover, this region is slated to continue growing at the fastest annual CAGR over the forecast period. Market growth is expected to be supported by investments in the residential and commercial sectors in developing economies such as India and China.

Southeast Asia is another emerging region in this global Structural Steel market. Large investments must be made to address the infrastructure gaps in this region. Japan has funded projects totaling US$230 billion since 2000.

China has invested around US$150 billion towards infrastructure improvement in Southeast Asia. These investments are expected to increase product demand over the coming years.

North America will experience a 3.4% Compound Annual Growth Rate (CAGR), in terms of revenue over the forecast period. The COVID-19 pandemic caused a significant economic loss for the U.S. and Mexico in particular.

However, this region’s construction industry has been experiencing a rebound since the second half of 2020. It is expected that this region will continue to experience growing product demand due to its aging infrastructure.

The Middle East & Africa are expected to grow at a high CAGR over the forecast period. In the future, there will be many projects that will drive Structural Steel market growth. Some of these projects include the development of residential villas, factory construction of volumetric modular assembling plants, and the King Fahad Medical City Expansion, Saudi Arabia.

Key Regions and Countries Covered in This Report:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Structural Steel Market Competitive Landscape:

Market fragmentation is evident due to several small large-scale businesses operating in different parts of the world. Companies are now focusing more on expansion initiatives and acquisitions to expand their global reach.

Some major market players in the structural steel market are Anshan Iron & Steel Group Corporation, Nippon Steel & Sumitomo Metal Corporation, Tata Steel Limited, Evraz PLC, Anyang Iron & Steel Group Co., Ltd, China Steel Corporation, China BaoWu Steel Group Corporation Limited, ArcelorMittal S.A, Evraz Group, Bohai Steel Group Co. Ltd, Hebei Steel Group, Hyundai Steel Co. Ltd., JSW Steel Limited, Novolipetsk Steel, Pohang Iron and Steel Company, VISA Steel and other companies.

ArcelorMittal committed to reducing carbon emissions at its Spain plant, which it announced in July 2021. The plant is expected to produce 1.6 million tons of zero-carbon-emission steel annually by 2025.

This global market is dominated by the following major players:

Structural Steel Market Key Players:

• ArcelorMittal
• Baogang Group
• Evraz Plc
• Gerdau S.A.
• JSW Steel
• POSCO
• Nippon Steel Corp.
• Tata Steel
• SAIL
• Other Key Players