Structural Steel Market Size By Product (Heavy Structural Steel [Angle[L Shaped], Bearing Pile [H Shaped], Channel [C Shaped], I Beam [ I Shaped], Tee [T Shaped], Pipe, Hollow Steel Section [HSS]), Light Structural Steel [Angle[L Shaped], Bearing Pile [H Shaped], Channel [C Shaped], I Beam [ I Shaped], Tee [T Shaped], Pipe, Hollow Steel Section [HSS]), Rebar), By Application (Residential, Non Residential [ Commercial, Institutional, Offices, Health Buildings], Industrial [Energy Development {Onshore Structure, Offshore Structure}], Station & Hangers, Bridges) Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024

Published Date: Aug 2018  |  Report ID: GMI2207  |  Authors: Kunal Ahuja, Sonal Singh

Report Format: PDF   |   Pages: 800   |   Base Year: 2017

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Structural Steel Market size was over USD 230 billion in 2017 and industry expects consumption of above 600 million tons by 2024. Oil & gas projects surpassed $110 billion in 2017 owing to low cost for offshore development, increased gas demand and higher oil prices, which is likely to spur the market by 2024.

Structural Steel Market

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Increasing awareness among consumer about design and flexibility in construction materials is likely to stimulate structural steel market over the projected timeframe. Increasing use of product in construction of residential and non-residential building in Mexico, China, India, Japan and Middle East countries are major factor driving product demand. It offers properties including ductility, fire resistance, toughness and high strength, which intensify its usage in construction of pipeline, buildings, ships and bridges.

Structural steels have extensive application in construction, transmission line towers and manufacturing sheds. These products are produced in numerous shapes including I-beam, angle (L-shape), hollow structural section (HSS) shape, Z-shape, and T-shaped.

These products are considered as green construction material owing to their property of being able to be recycled and reused, continuous improvement in construction sector has led to the manufacturing of environmentally friendly products and reduced greenhouse gas emissions, thus propelling the structural steel market share.

Rising ecological trepidations are encouraging governments, manufacturers and customers to use sustainable and nature friendly products, which is projected to escalates demand for structural steel. Manufacturers are developing technically advanced steel products which can help in reducing waste and scraps, which are prominent in case of wood. Buildings made by these products do not necessitate treatments for preventing decay, mold, and insect infestation, which is likely to drive structural steel market growth in the anticipated timeline.

Structural Steel does not engross moisture, therefore cannot withstand any microorganisms that can have effect on the well-being of home’s habitants, thereby enhancing structural steel market analysis. These products are resistant to floods, earthquakes and snowstorms. Structural steel homes are resistive to flood and earthquakes, up to a magnitude of 7.9 on Richter scale, which is likely to drive product demand.

China infrastructure spending was over $686 billion in 2017 owing to numerous initiatives by government for providing reliable electricity network, telecommunications, roads and rails, which is anticipated to rise the number of infrastructure project, which in turn stimulating structural steel market.

Global construction spending is likely to surpass USD 10 trillion by 2024.Government support is demonstrated in budgetary distributions for infrastructure projects and in beneficial regulatory reforms that are initiating new construction projects investment is likely to mount construction sector globally, thus expanding structural steel market.

Structural steel is an alloy of iron which makes it vulnerable to corrosion. The problem can be overcome using anti-corrosion products, due to which maintenance cost increases which may hamper its market size and industry profitability. Additionally, high fireproofing cost involved in product may affect structural steel market price trends.

Structural Steel Market Report Coverage
Report Coverage Details
Base Year: 2017 Market Size in 2017: 230 Billion (USD)
Historical Data for: 2013 to 2017 Forecast Period: 2018 to 2024
Pages: 800 Tables, Charts & Figures: 787
Geographies covered (35): U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Poland, Sweden, Netherlands, Belgium, Hungary, Romania, Luxembourg, China, India, Japan, South Korea, Australia, New Zealand, Malaysia, Thailand, Vietnam, Indonesia, Brazil, Argentina, Venezuela, Chile, Turkey, Saudi Arabia, UAE, , South Africa, Egypt
Segments covered: Product, Application Residential, Non Residential and Region
Companies covered (40): ArcelorMittal S.A., Shagang Group Company Limited, Hesteel Group Company Limited, Nippon Steel & Sumitomo Metal Corporation, POSCO, VISA Steel, Steel Authority of India Limited, Anyang Iron & Steel Group Co. Ltd., Baosteel Company, Tata Steel, China Steel Corporation, Novolipetsk Steel, Evraz Group, Hyundai Steel Co. Ltd. (HSC), Wuhan Iron & Steel (Group) Corp., Shaaban Group, Gerdau Steel India Pvt. Ltd., Steel Limited, Maanshan Iron and Steel Company, Nucor Corporation, Nanjing Iron & Steel United Co. Ltd., Erdemir Group, Hunan Valin Iron & Steel Group Co. Ltd., HBIS Group Co. ltd, JFE Steel Corporation, Voestalpine AG, Severstal, SSAB AB, Liberty OneSteel Manufacturing, Gunung Steel Group, Jindal Steel and Power Ltd., Salzgitter AG, Stahlwerk Thuringen GmbH, AFV Acciaierie Beltrame SpA, Duferdofin-Nucor Srl, Riva Fire SpA, Celsa Cia Espanola de Laminacion SL, British Steel, POSCO SS Vina, AK Steel Holding Corporation
Growth Drivers:
  • North America: Growing Steel consumption and increasing residential housing units
  • Asia Pacific: Growing infrastructure and increasing number of skyscrapers
  • Europe: Growth in Residential and Non-Residential infrastructure

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Market, By Product

Heavy sectional steel segment is estimated to surpass $78 billion by 2024. These products display superior features including high speed of erection, good seismic resistance, high strength, ease of fabrication, and excellent ductility. Increasing application scope in airports, data centers, healthcare facilities, big box retail stores, and manufacturing facilities is anticipated to foster demand for heavy sectional segment.

Reinforcement bar segment is poised to witness gains of up to 4% by 2024 owing to its increasing usage followed by the housing, and industrial segments. Reinforcement bar increase tensile strength of concrete assemblies in pillar structures, highways and bridges. Growing project tallies for bridges and highway are anticipated to fuel structural steel market in the forecast timeframe.

Market, By Application

Residential application may exceed USD 190 billion by 2024. Growing initiatives from governments to provide funds and subsidies to make housing affordable, especially for low-income families, is likely to drive residential sector which in turn may drive structural steel market by 2024.

Industrial application may witness gains of up to 4%. Growing consumer spending and governmental investments in tourism, office buildings and retail space, and manufacturing facilities is anticipated to stimulate structural steel market. Industrial construction includes design, installation, and maintenance in factories and power plants, which requires high strength and sophisticated materials. thus, propelling product demand.


US Structural Steel Market by Non Residential Application

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Market, By Region

Asia Pacific, led by South Korea, Japan, India and China are estimated to surpass 480 million tons in the estimated timeframe owing to growing consumer consciousness regarding safe construction. Rise disposable income in India and China and has led to an increase in urban development projects. The Chinese government’s initiative to convert migrants into urban citizens is likely to fuel construction activities, thereby driving the structural steel market growth over the forecast period.

Europe, led by UK, Italy, France and Germany may record gains over 4% through 2024. Growth in residential, non-residential and civil engineering along with upgradation in construction and renovation will drive product demand in this region. Improving financial situation of the region will allow for stronger public investment in construction, which is anticipated to boost structural steel market in the projected timeframe.

Brazil may observe strong expansion due to growing industries and swift urbanization which will prompt construction sector, thereby propelling product demand.  Need for housing developments and improved infrastructure is projected to drive structural steel market in the region.

Competitive Market Share

Global market for structural steel is moderately fragmented and competitive with major manufacturers include Shagang Group, Hunan Valin, ArcelorMittal, Nippon & Sumitomo Metal Corporation, POSCO, Evraz Group and Tata.

Manufacturers are currently focused on joint ventures and mergers & acquisitions to enhance their market presence. Companies are investing in research & development for technical progressions, cost minimization and production maximization.

Industry Background

Structural steel has application designing and buildings owing to its high strength to weight ratio that makes it ideal to be used in construction structures including bridges, buildings, warehouses and factories. Plates, girders, bars, beams, frames and columns are produced by manufacturer which are used in the construction industry. Major industry players are projected to integrate their business operation including extraction, processing, and distribution, thus stimulating structural steel industry by 2024.

Structural steel market report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in Tons and revenue in USD from 2013 to 2024, for the following segments:

By Product

  • Heavy Sectional Steel
    • L Shaped
    • H Shaped
    • Sheet Pile
    • C Shaped
    • I Shaped
    • T Shaped
    • Pipe
    • HSS
  • Light Sectional Steel
    • L Shaped
    • H Shaped
    • Sheet Pile
    • C Shaped
    • I Shaped
    • T Shaped
    • Pipe
    • HSS
  • Rebar

By Application

  • Residential
  • Non-Residential
    • Commercial
    • Institutional
    • Offices
    • Health Buildings
  • Industrial
    • Energy Development
  • Onshore
  • Offshore
    • Station & Hangers
    • Bridges
    • Others
  • Others

The above information is provided on a regional and country basis for the following:

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Poland
    • Sweden
    • Netherlands
    • Belgium
    • Hungary
    • Romania
    • Luxemburg
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • New Zealand
    • Malaysia
    • Thailand
    • Vietnam
    • Indonesia
    • Brazil
    • Argentina
    • Venezuela
    • Chile
  • Middle East
    • Turkey
    • Saudi Arabia
    • UAE
    • Iran
  • Africa
    • South Africa
    • Egypt
    • Algeria


Frequently Asked Questions (FAQ) :

According to the report published by Global Market Insights Inc., the structural steel business is expected to hit at $420 billion (USD) by 2024.
Growing steel consumption and increasing residential housing units, rising infrastructure and increasing number of skyscrapers and increase in residential and non-residential infrastructure are the key factors expected to drive the growth of global market.
ArcelorMittal, POSCO, SAIL, Erdemir Group, Nucor Corporation, Voestalpine AG, Jindal and TATA. Other prominent industry participants include Evraz Group, Shaaban Group, BCI Limited, and Riva Fire are some of the top contributors in the industry.

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