Global Steel Structure Market Set to Grow at 5.21% CAGR | Industry Analysis and Forecast Report
Evolve Business Intelligence has published a research report on the Global Steel Structure Market, 2023–2033. The global Steel Structure Market is projected to exhibit a CAGR of around 5.21%during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Steel Structure Market: ArcelorMittal S.A., Hebei Group, Baosteel Group Co., Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, Nippon Steel & Sumitomo Metal Corporation, Hyundai Steel Co. Ltd. and Bohai Group.
Market Highlights
The Steel Structure Market is projected to be valued at USD 0.152 Billion by 2033, recording a CAGR of around 5.21% during the forecast period. The Steel Structure Market is a crucial segment of the construction and infrastructure industry, encompassing the design, fabrication, and installation of steel-based structures. These structures are widely used in commercial, residential, industrial, and infrastructure projects due to their high strength, durability, and flexibility. Structural steel is a highly recyclable material, aligning with the growing demand for sustainable construction practices and green building initiatives.
The Steel Structure Market is expected to grow steadily due to the rising demand for sustainable and cost-effective construction solutions. The structural steel market is poised for continued growth, driven by increasing construction activities, sustainability trends, and technological advancements.
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Segmental Analysis
The Steel Structure Market has been segmented based on Product Type and Sales Channel.
Based on Product, the Steel Structure Market is segmented into Heavy Sectional Steel, Light Sectional Steel and Rebar. The Heavy Sectional Steel segment is anticipated to dominate the market.
Based on Application, the Steel Structure Market is segmented into Residential, Non-Residential, Infrastructure. The Non-Residential segment is anticipated to dominate the market.
Regional Analysis
The Steel Structure Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. In North America region, The U.S. and Canada have a mature market with steady investments in warehouses, data centers, and logistics hubs. The U.S. Infrastructure Bill is boosting demand for steel bridges, highways, and public buildings. Increasing infrastructure development and renovation projects and rising construction spending. Europe is leading in eco-friendly and sustainable steel structures with strict regulations on carbon emissions. Growing demand for steel in manufacturing and energy sectors and It Emphasis on green building initiatives. In Asia-Pacific region, Countries like China, India, and Japan are heavily investing in high-rise buildings, bridges, and industrial facilities and APAC is a global hub for manufacturing, requiring steel-based industrial structures. Significant investments in infrastructure development, including transportation and construction projects and growing demand for residential and commercial buildings and China is a major player, being one of the world’s largest steel producers. In Latin America region, Countries like Brazil and Mexico are investing in steel structures for transport and energy sectors. Market faces challenges due to economic instability and steel import dependency and Growth is influenced by infrastructure development and urbanization. The Middle East is investing in large-scale projects like Neom City (Saudi Arabia) and stadiums for global events. Growth is driven by infrastructure projects, particularly in the Gulf region and investments in commercial and residential construction contribute to market expansion.