Growing investment of domestic governments and private institutions in infrastructure development, along with surge in domestic growth in emerging countries together contribute to the stable growth of the global structural steel market.
Dallas, United States - April 23, 2021 /MarketersMedia/ —
The global structural steel market was valued at USD 142.9 billion in 2018 and is expected to grow with a CAGR of 3.5% from 2019 to 2025. Increasing investment in construction and infrastructure, long span structures, towers, multi-story and high-rise buildings, and bridges is a contributing factor driving the global structural steel market.
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A couple of benefits of the structural steel include, to protect them from collapsing, or wearing out over small incidences, buildup, earth, rust, oil, water, air and utilization, which will regardless change properties of these materials, is stimulating the improvement of global structural steel market advancement over the guess time period. Further, supportive properties of the structural steels like low weight, ductility, power and adequacy is similarly adding to the improvement of global structural steel industry.
Further, extending determination of new advancements across various areas, similarly as upgrades in new advances constantly is furthermore empowering the business improvement over the guess period of time. In like manner appeal for electronic parts in various organizations like safeguard, flight, machines and others is also adding to the improvement of global structural steel market in coming years. Rise in the construction sector over the past years due to rising urbanization is contributing to the industry growth in the coming years.
Rapid urbanization, combined with significant infrastructure projects for sporting activities such as the FIFA World Cup 2022, is expected to fuel demand for structural steel in the Middle East region in the coming years. According to the official FIFA website, the roof of the Al Rayyan Stadium is backed by 48 steel columns. Each column has a weight of almost 140 metric tons, creating a significant demand for structural steel components.
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Increasing construction of high-rise buildings is another important factor expected to boost the use of structural steel in the coming years. According to the Council on Tall Buildings and Urban Environment (CTBUH), 18 new super-sized skyscrapers were constructed in 2018, where China became the leading destination for such towers. A total of 143 buildings with a height of 200 meters were constructed globally in 2018, of which 88 were in China. As a result, the steady development of new high-rise buildings is expected to have a significant effect on structural steel demand over the forecast period.
Further, various cycles and areas like clinical centers, food and reward and others are in like manner fueling the business advancement over the examination time period. Nevertheless, rising regularity of COVID-19 has caused temporary terminations of plants and endeavors; along these lines the creators of structural steels are experiencing a decrease in wages and interest for thing on account of the brief determination of a couple of spots and low need of the item, which oppositely influences the business advancement over the assessment time span.
Moreover, attempts taken by a couple of associations for the headway of improved and optimal use of steel for giving better assurance to the things and machines is furthermore setting out open entryways for the advancement of global structural steel market over the examination time period. Regardless, financial log jam caused in view of the pandemic is most likely going to challenge the market improvement in the new occasions. Furthermore, creating meaning of wellbeing of metals from the risky infections picking them, is moreover adding to the expansion of global structural steel market throughout the measure time span.
Considering the geographical analysis, the global structural steel market is fragmented into Saudi Arabia, Germany, India, Egypt, United States, Canada, Turkey, Korea, Philippines, Poland, Nigeria, Netherlands, Sweden, UAE, China, France, Belgium, Thailand, USA, China, Europe, Columbia, Switzerland, South UK, Chile, Australia, Spain, Italy. In terms of product spectrum, the document is bifurcated into residential, non residential, commercial, non-industrial and institutional.
Key market players include Arcelor Mittal S.A., Baosteel Group Corporation, Anshan Iron & Steel Group Corporation, Benxi Beiying Iron & Steel Group Co. Ltd., Baogang Group, Bohai Steel Group Co. Ltd, Gerdau S.A, Hebei Steel Group, Nippon Steel & Sumitomo Metal Corporation (NSSMC), JSW Steel Limited, Tata Steel Limited, Anyang Iron & Steel Group Co. Ltd, Hunan Valin Iron & Steel Group Co., Ltd, Hyundai Steel Co., Ltd. (HSC), and POSCO.
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Key Segments of the Global Structural Steel Market
Application Overview, 2015-2025 (USD Million)
Non-residential
Industrial
Non-industrial
Commercial
Institutional
Residential
Regional Overview, 2015-2025 (USD Million)
North America
U.S.
Canada
Europe
Germany
Spain
United Kingdom
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
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