Global Structural Steel Market was valued at USD 116.56 billion in 2023, and it is expected to increase from USD 122.69 billion in 2024 to USD 181.37 billion by 2031, with a CAGR of 5.74% between 2024 and 2031.
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Key Industry Developments
May 2024 (Expansion): Nucor Steel Berkeley expanded its presence in the market by constructing a USD 425 million automotive-grade continuous galvanizing line to boost its market share in the automotive and consumer durables sectors. The new line, supplied by Primetals, was developed with an annual capacity of 500,000 tons, aimed at producing various high-grade sheet metals. This expansion supported Nucor’s sustainable steelmaking process, which used recycling to lower carbon emissions. REW further provided comprehensive engineering and construction administration services.
Kings Market Research has published a detailed analysis of the “Structural Steel Market”. The report includes key business insights, demand analysis, pricing analysis, and competitive landscape
List of Top 10 Key Companies in Structural Steel Market:
- Arcelor Mittal S.A.
- Gerdau S/A
- Tata Steel
- Voestalpine Stahl GmbH
- EVRAZ plc
- JFE Steel Corporation
- JSW Ltd
- NIPPON STEEL CORPORATION
- SAIL
- SSAB
Regional Analysis:
Europe is projected to grow at a robust CAGR of 7.23% through the projection period. This rapid growth is stimulated by substantial investments in sustainable infrastructure and green building practices. European countries are increasingly adopting advanced construction technologies and materials to meet stringent environmental regulations and carbon reduction goals.
The region's focus on renovating and modernizing aging infrastructure, including transportation networks and public buildings, is boosting demand for high-quality structural steel. Additionally, the growth of the automotive and aerospace industries in Europe, which require lightweight and strong materials, is aiding regional market expansion.
Future Trends:
- Smart Cities: The development of smart cities is expected to boost the demand for advanced structural steel solutions that support innovative and sustainable urban infrastructure.
- Modular Construction:The trend towards modular construction, which uses prefabricated steel structures, is gaining momentum. This approach offers time and cost savings, along with enhanced quality control.
- High-Strength Steel:The adoption of high-strength steel, which offers better performance and durability, is expected to increase, particularly in high-rise buildings and large infrastructure projects.
Challenges:
Despite the positive outlook, the market faces challenges such as fluctuating raw material prices and the need for skilled labour in steel fabrication and construction. Addressing these challenges requires strategic planning and investments in technology and workforce development.
Structural Steel Market:
By Product Types:
- Heavy Structural Steel
- Light Structural Steel
- Rebar
By Types:
- Hot-Rolled Steel
- Cold-Rolled Steel
By Application:
- Residential
- Non-Residential
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