Business Management March 14, 2019
Structural Steel Market Competitive landscape By 2023
Structural Steel Market Research Report, By Product (Heavy Sectional Steel, Light Sectional Steel, and Rebar), Application (Residential, Non-Residential (Commercial, Institutional, Offices) and Infrastructure) and Region — Global Forecast till 2023
Market Synopsis: Global Structural Steel Market
The global structural steel market is anticipated to witness sustainable growth in the upcoming years which is attributed to the rise in disposable income coupled with technological advancements in the prefabricated and pre-engineered building projects in the overall construction industry. High demand for infrastructure in emerging economies such as China and India have further expected to generate impressive growth of the structural steel market in the next few years. Increase in focus on innovation in green construction materials is one of the trends in the construction industry, which is expected to fuel the demand for structural steel building designs over the forecast period. These materials are recyclable, environmentally friendly, and also reduces the greenhouse gas emissions.
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The demand for structural steel is also gaining traction due to the impressive growth in the real sector especially in the emerging economies such as Asia-Pacific and Latin America.
Hence, the global structural steel market is expected to witness a CAGR of around 5.3% over the forecast period.
Global Structural Steel Market: Regional Analysis
Geographically, the global structural steel market is segmented on the basis of region into North America, Europe, Asia-Pacific, and Rest of the world (RoW). Asia-Pacific held the largest share in the structural steel market, in 2017, which will retain its position by the end of 2023. The market in this region is majorly driven by rapid industrial growth coupled with technological advancements in construction industry in the region. Increase in construction spending is also fueling up the demand for structural steel market in the region. China emerged as the lucrative country in this region due to the high growth of GDP, which in turn fuel up the demand for construction activities. Exponential growth of residential & housing sector in this region is also propelling the demand for structural steel market.
The global structural steel market has been segmented on the basis of product, application, and region. The product segment is classified into heavy sectional steel, light sectional steel, and rebar. On the basis of product, heavy sectional steel accounted the largest share in 2017 and is expected to retain this position till 2023, which is attributed to increase in industrial and infrastructural construction projects coupled with technological advancements in construction industry, which further enhanced the demand for overall structural steel market.
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On the basis of application, the market is divided into residential and non-residential segments. The non-residential segment accounted for the largest market share in 2017 which is expected to retain this position till 2023, which is attributed to the expansion of construction activities of commercial, offices, and institutional buildings for which the demand for high-quality construction matetial is also gaining demand in the emerging economies such as China and India.
Key players operating in the global structural steel market includes ArcelorMittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, POSCO, Wuhan Group, Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, Hyundai Steel Co. Ltd., Bohai Group, and many others.
The global structural steel market is highly competitive with many companies, across the globe. The companies adopted various strategies to expand their global presence and increase their foothold in the overal market. Some of the key strategies adopted by the companies include expansions & investments, acquisitions, and securing contracts.
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