increasing steel production in developing countries is driving the Structural Steel Market
Technavio analyzes that the Structural Steel Market is expected to grow at a CAGR of 4.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 30559.1 million.There are various factors that contribute to the growth of the market. The structural steel market is experiencing significant growth due in part to the increasing steel production in developing countries. These nations are expanding their industrial sectors, leading to a surge in demand for robust and durable structural steel. This trend is particularly notable in Asia, where countries like China, India, and South Korea are investing heavily in infrastructure projects. As a result, the global structural steel market is poised for continued expansion in the coming years.
The structural steel market plays a pivotal role in the construction sector, with light sectional steel and rebar products being key components. In New York, USA, a significant development was announced in October 2024, with the commencement of the USD4 billion Terminal 6 project. This commercial building, spanning 1.0 million square feet, is being constructed in two phases. The first phase, which includes the arrivals and departures hall and five gates, is slated for completion in 2026. The second phase, comprising the remaining gates, is anticipated to be finished by 2028. Designed to improve passenger services, this industrial facility boasts expanded gate and taxiway capacity, modern security features, and enhanced roadway access.
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Structural Steel Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Structural Steel market is witnessing significant growth due to its integration in energy-efficient and eco-friendly construction projects. By reducing waste and carbon emissions, it contributes to deforestation mitigation. Sustainable practices, such as using eco-friendly products and green building materials like structural steel, are essential in residential and non-residential applications. Stainless steel, heavy and light sectional steel, and rebar are crucial components. Green buildings, including LEED-certified and high-rise structures, prioritize strength-to-weight ratio and raw materials like iron ore and scrap metal. Eco-Friendly Steel, engineered with Computer-Aided Design (CAD), is a popular choice for both sectors. Steel angles and other construction materials complete the solution for housing needs, industrial buildings, and modular construction.
The structural steel market is a significant segment of the global metals and mining industry, focusing on the production of steel for various industrial applications. According to Technavio, the metals and mining market size is determined by the consolidated revenue generated by aluminum, copper, gold, silver, steel, diversified metals and mining entities, and precious metals and minerals providers. The steel sector comprises iron and steel manufacturers and related product providers, as well as metallurgical coal mining used for steel production. Key growth drivers in the global steel market include the increasing demand for steel, particularly in China due to construction stimulus measures, as well as the market's potential for energy conservation, waste reduction, and carbon emissions mitigation through sustainable practices. These factors contribute to the industry's significance in promoting deforestation reduction and adhering to eco-friendly manufacturing processes.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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