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(Transportation-News.com, September 24, 2021 )
Market Overview
Structural steel is widely used to construct residential & commercial buildings, warehouses, aircraft, hospitals, school buildings, metro stations, stadiums, bridges, etc. Structural steel also offers applications in freight cars, construction equipment, truck parts, machinery, crane booms, transmission towers, truck frames. The structures used in the construction projects need structural steel design components such as channels, angles, beams, and plates. Structural steel is gaining high emphasis due to its ductility, variety of shapes, thicknesses and customization to meet specific building needs. Structural steel offers numerous advantages over others, such as ease of design, enhanced productivity, sustainability, accelerated schedules, future adaptability, quality and predictability.
Structural steel materials are segmented based on the strength, compositions and yield pressure in the countries. U.S specifies steel grades based on ASTM International. Likewise, Asia and Europe have their regulating bodies and standards.
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Market Dynamics
The global structural steel market growth is driven by the construction of tall buildings and stadiums, increasing urbanization in developing countries, statutory standards on structural steel and high demand from the renovation of buildings.
The construction of tall buildings and stadiums are expected to drive market growth
The rapid growth of tall buildings and stadiums will create a high demand for the structural steel market. According to the American Institute of Steel Construction report, structural steel contains 47% of all construction materials for designing structures, buildings, stadiums or bridges. In 2020, the American Institute of Steel Construction had selected nine winning projects for Innovative Design in Architecture and Engineering with Structural Steel Awards, regarded as the highest honor in the U.S. structural steel industry.
Structural steel has been used at high rates for constructing stadiums and structures globally, such as the World's largest stadium has been constructed in India named Sardar Patel Stadium in 2021. The stadium has used 11,000 tons of steel rebars to construct roofs, primary radial beam, vomitory staircases. In 2020, Allegiant Stadium, the new home to the Raiders football team, completed its structural steel topping construction milestone. Also, upcoming sports events such as FIFA World Cup 2022 will create opportunities for the structural steel market over the coming years in the Middle Eastern region.
The continuous hike in steel prices is likely to hinder the structural steel market growth
The structural steel market is impacted by the shortage of supplies and high demand from the industry resulting in high steel prices. Various countries observed a hike in steel prices for more than 160% in 2020 and the hike is expected to remain by 2022, is one of the major factor responsible for restraining the market growth.
Segment Analysis
Application
• Buildings
• Freight cars
• Construction equipment
• Machinery
By Grade
• High Carbon
• Medium Carbon
• Low Carbon
By Shape
• Bar
• I-beam
• Z-shape
• Angle
By End-User
• Construction
• Mining
• Transportation
• Marine
• Energy
By Service
• Detailing
• Fabrication
• Connection Design
• Others
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Geographical Analysis
Asia Pacific region holds the largest market for global structural steel globally
Asia Pacific region holds the largest market share for the structural steel market globally and is expected to continue its dominance in the forecast period. China has been the largest steel producer globally every year, producing more than half of the world’s steel. According to World Steel Association, China produced 996.3 Mt of steel in 2019, contributing 53.3% to the global steel market. India has also replaced Japan as the world's second-largest steel producing country due to increasing urbanization in the country. The region posses a high demand for structural steel due to high investments in construction activities. The leading market players have been investing in the region to mark presence in region. For instance, in 2019, ArcelorMittal and Nippon Steel's joint venture completed the acquisition of Essar Steel India Limited worth $5.7 billion.
The growing construction of high-rise buildings in the region is also a significant factor in the spike in demand for structural steel. According to the Council on Tall Buildings and Urban Habitat, 18 new skyscrapers were built in 2018, 76% of the completion of the building was observed in Asia, wherein China was the leading country for such buildings with the construction of around 23000 meters height.
Competitive Landscape
The structural steel market is highly competitive and consolidated with the presence of global companies, contributing to the significant share in the market growth. In addition, some of the key players contributing to the growth of the market are SteelFab Inc, Arcelor Mittal S.A., Benxi Beiying Iron & Steel Group Co. Ltd., Baogang Group, Bohai Steel Group Co. Ltd, Gerdau S.A, Hebei Steel Group, Nippon Steel & Sumitomo Metal Corporation JSW Steel Limited, Tata Steel Limited, Baosteel Group Corporation, and others. The major players are adopting various new strategies to dominate the market, such as providing additional services, acquisitions, and collaborations, contributing to the growth of the structural steel market globally.
Related Topic's
Electrical Steel Market, Steel Market, Coated Steel Market, Seamless Steel Pipes Market, Stainless Steel Drums Market
DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
Source: EmailWire.Com 
Source: EmailWire.com
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