The global structural steel market is anticipated to expand at a CAGR of 4.8% from 2023 to 2033, reaching a valuation of US$ 166 billion by the end of 2033. Further, the valuation of the global structural steel market is US$ 103.8 billion in 2023.
Structural Steel Market Overview
The global structural steel market is projected to grow at a CAGR of 4.8% from 2023 to 2033, reaching a value of $166 billion by 2033. Structural steel is extensively used in construction due to its high strength, recyclability, and adaptability. Demand is driven by rapid urbanization and industrialization, particularly in non-residential construction sectors like commercial buildings, factories, and bridges.
Key Players
Major companies include:
- Anshan Iron & Steel Group Corporation
- JSW Steel Limited
- Hyundai Steel Co.
- Hebei Steel Group
- Baosteel Group Corporation
These firms are heavily investing in supply chain expansion, technological upgrades, and sustainability initiatives, such as zero-carbon emission plants and new product development. For example, Nippon Steel's acquisition of Essar Steel and ArcelorMittal’s sustainable steel production ventures highlight the market’s focus on innovation and expansion.
Future Opportunities
Structural steel's role in green construction is growing as it is 100% recyclable and key to reducing environmental impacts. The market for green buildings certified by LEED is increasing, driving demand for sustainable materials like structural steel. Additionally, government infrastructure projects, particularly in Asia-Pacific, and innovations in high-strength, low-alloy steel present new growth opportunities.
Market Analysis
The non-residential sector, accounting for over 52% of revenue, dominates the market, driven by increased investments in hospitals, airports, data centers, and manufacturing facilities. The residential sector is also growing at a 5.1% CAGR, bolstered by structural steel’s use in high-rise buildings. Regional analysis shows Asia-Pacific leading the market, with rapid industrial growth and increased construction activities in China and India.
Latest Industry News
Key industry developments include:
- ArcelorMittal's zero-carbon plant upgrade in Spain
- POSCO's launch of its premium INNOVILT brand
- Mergers such as Nippon Steel and ArcelorMittal’s acquisition of Essar Steel
These initiatives underscore a strong industry focus on sustainability and technological advancements, positioning structural steel as a critical material for future construction needs.
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