The global Structural Steel market is forecast to reach USD 152.57 Billion by 2027, according to a new report by Reports and Data. New residential building activities in developing countries such as the U.S., Germany, and Canada are experiencing modest development. This, in effect, fuels demand numerous structural steel products, including channels, wide-flange forms, tubes, and angles. Increasing investments in transportation facilities, long-range platforms, houses, multi-story and high-rise buildings, and bridges are also a leading factor boosting the global steel structure industry. Increased deployment of lightweight urban construction systems with thin sheet-covered surfaces is also the latest advance in this sector, further rising demand for high-strength structural steel.
Some of the leading players in the global Structural Steel market:
Tata Steel Limited, JSW Steel Limited, Arcelor Mittal S.A., Nippon Steel Sumitomo Metal Corporation (NSSMC), Benxi Beiying Iron Steel Group Co. Ltd., Baosteel Group Corporation, Hyundai Steel Co. Ltd. (HSC), Anshan Iron Steel Group Corporation, POSCO, and Hunan Valin Iron Steel Group Co. Ltd.
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Further key findings from the report suggest
- Based on Product, Carbon Structural Steel generated a revenue of USD 30.48 billion in 2019. It projected to rise with a CAGR of 6.0% in the forecast period, as they are typically protected by robust heat treatment systems, firm water, and precipitation, thereby making it suitable for a variety of applications.
- The Light Structural Steel is expected to grow with a CAGR of 6.9% in the forecasted period, owing to the upsurge of government support and privately financed smart city projects that would improve product utilization.
- The residential sector is the major contributor to the Structural Steel market. The residential sector in the Asia Pacific region is the major shareholder of the market and held around 56.0% of the market in the year 2019, owing to a growing population, coupled with increasing housing needs.
- The Asia Pacific dominated the market for Structural Steel in 2019. The region's consistent focus on cost-effective and innovative procedures that are adopted in the area is driving the market. The Asia Pacific region held approximately 65.0% of the market, followed by North America, which contains around 15.0% market in the year 2019.
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Structural Steel Market Segmentation:
Product Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Alloy Structural Steel
- Carbon Structural Steel
- Heat-Resistant Steel
Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Heavy Structural Steel
- Light Structural Steel
- Rebar
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Residential
- Non-Residential
- Commercial
- Institution
- Offices
- Industrial
- Energy Development
- Others
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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