The structural steel market involves the manufacturing and sales of steel products for use in construction of buildings, bridges, shipbuilding and other structures. Structural steel, also known as engineering steel, offers high tensile strength with less weight compared to other building materials like concrete. It is corrosion resistant and can withstand seismic activities very well, making it suitable for construction in extreme weather conditions and natural disaster prone areas. The wide range of products in structural steel include I-beams, angles, plates, rods and other sections which are fabricated as per the project requirements. Structural steel finds application in commercial buildings, industrial infrastructure, bridges and provides strength, stability and safety in construction.
The Global Structural Steel Market is estimated to be valued at US$ 94.93 Bn in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024 to 2030.
Key Takeaways
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.
The growing demand for high-rise buildings, infrastructure development and transportation sector is propelling the demand for structural steel. The need for more sustainable and durable construction materials along with space saving designs are contributing to structural steel gaining preference over other conventional materials.
Countries across the world are investing heavily in development of roads, bridges, metros, ports and other infrastructural projects which provide huge growth opportunities for structural steel market players with rising global exports. The structural steel market is expanding rapidly in Asia Pacific region with China, India, Japan and other developing nations undertaking massive infrastructure development activities.
Market Key Trends
One of the key trends driving growth in the Structural Steel Market Demand is the rising popularity of green construction practices. Structural steel has advantages of being hundred percent recyclable at the end of building life without losing its inherent properties. It can be reused, recycled and repurposed multiple times with minimum processing. This sustainable nature of structural steel is appealing to architects, builders and clients shifting focus towards environment friendly building materials. Its high strength to weight ratio enables design of structures that are durable yet consume less materials during construction. The reduced dead weight of the structure also results in lower foundation work. The trend of designing sustainable yet durable infrastructure is expected to further fuel adoption of structural steel over the forecast period.
Porter’s Analysis
Threat of new entrants: Structural steel industry requires large investments in production facilities, technology and transportation network limiting entry of new players.
Bargaining power of buyers: There are many buyers in construction industry hence buying power is high for large volume buyers but fragmented for small buyers.
Bargaining power of suppliers: Suppliers have moderate power as raw materials like iron ore and coking coal are commodities traded globally.
Threat of new substitutes: Alternate building materials like concrete pose competition but structural steel still remains preferred material for tall and complex commercial buildings.
Competitive rivalry: Industry has few large players globally with local and regional competitors making it moderately competitive.
Geographical Regions
The structural steel market in Asia Pacific region accounts for around 40% of global market value led by China, India and other developing economies undertaking massive infrastructure development. The region witnesses highest consumption of steel owing to rapid urbanization and construction activities in the region.
North America is the second largest market for structural steel globally accounting for over 25% value share. Presence of developed economies like United States and Canada with their emphasis on commercial building construction drives the consumption. The regional market is projected to grow at a CAGR of over 8% during forecast period with non-residential construction sector spearheading the demand.
