14-June-2019: The global structural steel market is expected
to reach USD 140.4 billion by 2025, according to a new report by Grand View
Research, Inc. It is projected to expand at a CAGR of 5.6% during the forecast
period. Increasing construction spending in emerging economies is projected to
drive the demand for structural steel.
Strong economic growth in
several economies has led to high investment in construction of public
infrastructure such as hospitals, bridges, housing societies, and offices. As
per the reports of the United Nations Conference on Trade and Development
(UNCTAD), China and India witnessed around USD 136 billion and USD 40 billion
worth Foreign Direct Investment (FDI) respectively, in 2017. Rising need for
housing in these countries is driving investments in construction sector.
Another factor driving the
structural steel market is strict norms and regulations associated with Carbon
Dioxide (CO2) emissions. Structural steel is considered as one of the green
materials as it minimizes impact of natural disasters. Steel products can be
recycled again and again which helps reduce energy consumption. The industry is
leading in terms of recycling and has recovery rate of more than 90%. In the
recent past, this sector has developed various technologies resulting in
reduction of greenhouse gases.
South Asia is anticipated to
exhibit ample potential for application of structural steel in industrial
building. The entry of international players is anticipated to create revenue
as well as employment opportunities in emerging economies including India and
Maldives. Numerous government initiatives for the development of projects such
as Smart Cities, have contributed significantly to growth of construction
sector in the past few years.
Use of advanced software is projected
to augment growth of the market over the forecast period. These software help
design structural analysis programs for various applications. This analysis
involves complex and time consuming calculations. Software such as SemiComp
Member Design and FERPINTA Member Calculator help design truss structures,
hollow structural applications, long span roofs, bracing applications, and
footbridges.
In
depth research report on Structural
Steel Market
Further
key findings from the report suggest:
· In
terms of revenue, non-residential application is anticipated to reach USD 75.5
billion by 2025
· In
terms of revenue, commercial sub-segment is projected to register a CAGR of
4.7% over the forecast period
· Industrial
segment in non-residential application led the global structural steel market
with a global market share of 44.36 % in 2018
· North
America is anticipated to reach 12,840.5 kilotons by 2025
· In
terms of revenue, Central and South America is projected to witness a
significant CAGR of 3.8% over the forecast period
· Some of
the key companies present in the market are Arcelor Mittal S.A., Anyang Iron
& Steel Group Co. Ltd., Anshan Iron & Steel Group Corporation, Baogang
Group, Bohai Steel Group Co. Ltd. and Baosteel Group Corporation.
Grand View Research has
segmented the global structural steel market on the basis of application and
region:
Structural
Steel Application Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
· Residential
· Non-residential
· Industrial
· Commercial
· Offices
· Institutional
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About
Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
