Structural Steel Market

Global Structural Steel Market: Overview

The structural steel is a type of steel which is particular used for building construction.  They come in variety of shapes and size depending upon their applications. The properties of structural steel such as durability, high tensile strength, easy fabrication makes them suitable for a wide range of application.  Owing to this, they are widely used in both residential and non-residential constructional projects.

An upcoming Transparency Market Research report on the global structural steel market promises to cover all essential details that could help bolster growth in the future. The report covers key trends, challenges, geographical distribution, and the competitive landscape of the global structural steel market.

Global Structural Steel Market: Notable Developments

Some of the notable developments in the global structural steel market are

• Indian government has launched a scheme called Pradhan Mantri Awas Yojana (PMAY). Under this more than 14 million houses will be constructed in the coming years. This is expected to increase the demand of structural steel.

• Similarly, In the U.S., Department of Energy has introduced Advanced Manufacturing Office (AMO). It works on a broad spectrum and help private and public bodies to develop commercialize technologies to succeed in the global structural steel market. This is expected to encourage entrepreneurship in the country and thus help in commercial infrastructural development.

Some of the key players operating in the global structural steel market are Arcelor Mittal S.A., Baogang Group, Bohai Steel Group Co. Ltd, Hebei Steel Group, JSW Steel Limited, Baosteel Group Corporation, Nippon Steel & Sumitomo Metal Corporation (NSSMC, and Tata Steel Limited.

Global Structural Steel Market: Key Growth Dynamics

The structural steel market is likely to grow at a noteworthy pace in the coming years. This is because of the growing application of the structural steel in the several industries. Construction, transport, mining, ship building, and energy are some of the industries which are key end user of structural steel.  The properties of structural steel such as excellent tensile strength, durability, and corrosion resistance make it prefect for various applications.

In the recent years, industrial buildings have become a crucial aspect of architecture. Structural steel finds applications in large facades, walls and glass surfaces, stairwells, curvilinear roofs, and various other engineering materials.  

Apart from this, there has been a significant increase in residential and non-residential construction in several parts of the world. This is a vital factor that is expected to swell the demand for structural steel. This is expected to offer a significant boost to the structural steel market.

Moreover, real estate companies in developing region are targeting to set up shopping malls and office spaces in the several parts of the cities to improve infrastructural.  This factor is expected to drive construction spending and it is anticipated to propel consumption of structural steel in commercial sector.

Global Structural Steel Market: Regional Outlook

Geographically, Asia Pacific is expected to dominate the global structural steel market in the coming years.  This is mainly because of the several initiatives taken by the government to improve housing situation in various countries.  Apart from this, growing employment rates and expansion of existing infrastructure are two strong factors expected to propel construction industry in the region. The flourishing construction industry in the region has a direct impact on the growth of the structural steel market.