Major players in the steel structure market have focused on
business expansion and product launch strategies to gain maximum
share in the market. This further results in consolidation of the
steel structure market.
PORTLAND, Ore., July 30, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Steel Structure
Market by Product (Angles, Channels and Rounds), and Application
(Industrial, Commercial, Institutional and Residential): Global
Opportunity Analysis and Industry Forecast, 2024-2032".
According to the report, the steel structure market was valued
at $118.9 billion in 2023, and is
estimated to reach $169.7 billion by
2032, growing at a CAGR of 4.1% from 2024 to 2032.
Prime Determinants of Growth
Rapid urbanization in emerging economies is leading to an
increase in demand for residential, commercial, and industrial
buildings, which utilize steel structures due to their strength,
durability, and flexibility in design. Moreover, major
infrastructure projects, including bridges, airports, and highways,
rely heavily on steel structures, thereby driving the of the
market growth.
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Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base Year
|
2023
|
Market Size in
2023
|
$118.9
billion
|
Market Size in
2032
|
$169.7
Billion
|
CAGR
|
4.1 %
|
No. of Pages in
Report
|
187
|
Segments
covered
|
Product, Application
and Region
|
Drivers
|
Rapid industrialization
and infrastructure development
Growth in steel industry
|
Opportunities
|
Technological
advancements in steel manufacturing
|
Restraints
|
Volatile price of raw
materials
|
COVID-19 Scenario
- Outbreak of the COVID-19 pandemic had a negative impact on the
steel structure market, owing to temporary closure of manufacturing
firms during the lockdown.
- The production and sale of steel structure was hampered due to
the closure of manufacturing factories across the globe, especially
in the initial period of the pandemic.
The angles segment dominated the global steel structure
market share, in terms of revenue
On the basis of product, the market is divided into angles,
channels, and rounds. Rapid industrialization and infrastructure
development in emerging markets create new opportunities for steel
structure manufacturers. The demand for Steel Structure is
particularly high in regions with significant industrial activity,
such as North America,
Europe, and Asia-Pacific. These regions have extensive
infrastructure and industrial facilities that require robust and
reliable walkway solutions.
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The welded steel structure segment dominated the
market in 2023
Depending on application, the market is classified into
industrial, commercial, institutional, and residential. Innovations
in steel production and fabrication, such as high-strength steel
and automated manufacturing processes, have made steel structures
more cost-effective and efficient to produce. This has lowered the
overall cost and increased the quality and performance of steel
structures.
Asia-Pacific dominated
the market share in terms of revenue in 2023
The steel structure market is analyzed across North America, Europe, Asia-Pacific, Latin
America, and MEA. In 2023, Asia-Pacific accounted for
more than one third of market share, and it is expected to grow at
a significant CAGR during the forecast period. China holds the
maximum share in the steel structure market in Asia-Pacific. Rise in commercial buildings,
such as office complexes and shopping malls, along with residential
projects, is a significant driver of the growth of the market in
the region.
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Leading Market Players: -
- P&R Metals Inc.
- Arcelor Mittal S.A.
- Baogang Group
- Evraz plc
- Gerdau S.A
- Nippon Steel Corporation
- JSW Steel Limited
- Tata Steel Limited
- SAIL
- Wuhan Iron & Steel (Group) Corp
- Hebei Steel Group
The report provides a detailed analysis of these key players in
the steel structure market. The players have adopted different
strategies such as new product launches, expansion, and
acquisitions to increase their market share in different regions.
The report is valuable in highlighting business performance,
operating segments, product portfolio, and strategic moves of
market players to showcase the competitive scenario.
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