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.
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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.
Grand View Research has segmented the structural steel market on the basis of application and region:
Global Structural Steel Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
Table of Contents
Chapter 1 Methodology & Scope
1.1 Research Methodology
1.2 Research Scope & Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Structural Steel - Industry Summary & Key Buying Criteria
Chapter 3 Structural Steel Industry Outlook
3.1 Market segmentation
3.2 Market size and growth prospects, 2012-2022
3.3 Structural steel market value chain analysis
3.3.1 Raw material suppliers
3.3.2 Structural steel manufacturers
3.3.3 Distribution channel
3.3.4 End-use industries
3.3.5 Vendor landscape
3.4 Structural steel market dynamics
3.4.1 Market driver analysis
184.108.40.206 Increasing construction spending in emerging economies
220.127.116.11 Recovery of construction industry in developed markets
3.4.2 Market restraint analysis
18.104.22.168 Volatile raw material prices
3.5 Regulatory/legislative framework
3.5.1 European Union
3.5.3 Hong Kong
3.6 Key opportunities – Prioritized
3.7 Industry analysis - Porter’s
3.8 Structural steel PESTEL analysis