The global structural steel market size is
expected to reach USD 119.10 billion, according to a new study by Grand View
Research, Inc. Shift in preference towards ease of installation and faster
completion of projects is expected to drive structural steel demand for
residential and non-residential applications. Design flexibility and high ROI
on constructing pre-engineered buildings (PEB) are other major factors expected
to significantly influence the demand. Growing manufacturing facilities such as
chemicals, automobiles and footwear in Asia Pacific and Middle East is also
expected to develop the global market. Volatile raw material prices such as
coking coal and iron ore are expected to challenge industry growth.
Non-residential
applications accounted for over 50% of total market volume in 2014. Increasing
construction spending in building malls and educational institutes in Tier-2
and Tier-3 cities of Asia Pacific and Latin America is expected to drive demand
for non-residential applications. Residential application is expected to grow at
moderate growth of 4.0% from 2015 to 2022.
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Further key findings from the study suggest:
- Global structural steel market demand was 120.10 million tons in 2014 and is expected to reach 164.66 million tons by 2022, growing at a CAGR of 4.1% from 2015 to 2022.
- North Asia structural steel market emerged as the leading regional industry and accounted for over 60% of global demand in 2014. Increasing construction spending in China owing to rapid industrialization is expected to drive the regional market. South Asia powered mainly by India is expected to witness the most significant growth in its market size over the forecast period. The region is expected to grow at a CAGR of 4.5% from 2015 to 2022.
- Affordable housing scheme by governments across Brazil and Colombia is expected to drive the Central & South American structural steel market over the next seven years.
- The global structural steel industry is highly fragmented with a mix of both large multinational corporations and domestic manufacturers. Key players operating in the global market include Baosteel Group, Arcelor Mittal, POSCO, Nippon Steel & Sumitomo Metal Corporation, Hyundai Steel and Tata Steel Group. Other players operating in the market include Baoganag Group, Valin Group, JSW Steel Ltd., Benxi Steel, Bohai Steel Group Co., Unites States Steel Corporation, Hebei Steel Group, ThyssenKrupp AG, Wuhan Iron & Steel (Group) Corp., Evraz Group, Ansteel Group and Anyang Iron & Steel Co. Ltd.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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