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Structural Steel Market size worth over $500 billion by 2026

  • Published Date: March 9, 2020

According to a new research report by Global Market Insights Inc., the Structural Steel Market size is set to surpass $500 Billion by 2026. Growing construction activities owing to increasing airport and health center development projects will foster product demand.

Structural steel is mainly used for the construction of buildings, manufacturing sheds, transmission line towers, and others. The product is available in various sizes and shapes including angle (L-shape), hollow structural section (HSS), Z-shape, I-beam, and T-shaped.

As per market analysis, structural steel has been considered the premier green construction material. The structural steel industry continues to improve its leading environmental-friendly position by further reducing greenhouse gas emissions. Increasing awareness for indulging in ecofriendly construction developments will positively impact the structural steel market share.

Growing light structural steel demand owing to its utilization for constructing commercial and residential buildings will foster product demand

Light structural steel segment is anticipated to exceed $90 billion by the end of 2026. Light sectional structures have cross-sectional diameter of less than 80mm. Cold formed steel sections have applications in several construction sectors including industrial buildings, hotels, mezzanine floors, residential sectors, and commercial buildings.

Growing product application scope in construction, transportation, and manufacturing industries owing to its highly accurate standard section is anticipated to spur the structural steel market growth in projected timeframe.

Browse key industry insights spread across 1084 pages with 1570 market data tables and 73 figures & charts from the report, “Structural Steel Market, 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] {Square Hollow Section [25*25mm to <400*400mm], Rectangular Hollow Section [50*25mm to <450*250mm], Circular Hollow Section [20mm to <500 mm]}, 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] {Square Hollow Section [25*25mm to <400*400mm], Rectangular Hollow Section [50*25mm to <450*250mm], Circular Hollow Section [20mm to <500mm]}, 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, Competitive Market Share & Forecast, 2015 – 2026” in detail along with the table of contents:

Rising oil & gas exploration activities will stimulate structural steel demand

“According to market analysis and trends, structural steel market from energy development application is expected to grow at CAGR of over 5% from 2019 to 2026.”

Offshore concrete structures are constructed in the sea area. There are several types of offshore structures including floating structures and bottom founded structures. The structures are built using structural steel for different oil and gas application purposes including exploration and production. Increasing number of exploration activities will stimulate drilling equipment and platforms demand thus fostering the structural steel market value.

“As per industry forecasts, Europe is anticipated to grow over 3.5% through 2026 owing to growing residential and non-residential construction activities”

Massive influx of migrants in the Western European countries including Germany and the Netherlands will enhance the demand of residential spaces in the region. This will have a positive impact on regional housing sector either new construction or renting or purchasing existing homes, thereby propelling the structural steel market demand

Key manufacturers in structural steel industry report include VISA Steel, ArcelorMittal S.A, POSCO, SAIL, Tata Steel, Baosteel Company, Evraz Group, Novolipetsk Steel, JFE Steel Corp., Steel Limited, and Nucor Corporation.

As per market analysis, the market players are also engaged in carious strategical initiatives which includes strategic acquisitions & mergers, partnerships, and collaborations to improve their market share and product developments. For example, In July 2019, Evraz Group collaborated with vertically integrated steel producer PAO Severstal to launch an online sales platform for metal products which should allow market expansion and streamline business processes.

Authors: Kunal Ahuja, Sonal Singh

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