Smart Security Systems Is Fastest Growing Segment Fueling The Growth Of Structural Steel Market

Structural Steel Market

The Global Structural Steel Market is estimated to be valued at US$ 82.4 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Structural steel is used in the construction of bridges, buildings, houses and other structures to carry and transfer loads of weight to load bearing foundations. It offers advantages like high strength, corrosion resistance, formability and recyclability. Growing demand for safe and secure infrastructure is driving the need for structural steel in construction.

Market key trends:
One of the key trends in the structural steel market is the use of advanced analytical tools to optimize structural design and minimize material requirements. Software tools implementing finite element analysis (FEA), computational fluid dynamics (CFD) and real-time simulations are being used at the design stage to visualize load transfer, stresses and deflections. This allows engineers to effectively gauge member sizing and configurations for optimized performance. Such analysis helps reduce material usage without compromising on strength and safety.

Segment Analysis

The global structural steel market is segmented by product type and application. By product type, the market is divided into rebars, structural profiles, and wires. The structural profiles segment currently dominates the market due to increasing construction activities globally. Structural profiles such as beams, columns, and channels are widely used in the construction of buildings and bridges.

Key Takeaways

The Global Structural Steel Market Size is expected to witness high growth, exhibiting a CAGR of 5.7% over the forecast period, due to increasing infrastructure development activities worldwide. The market size for structural steel was valued at US$ 82.4 Mn in 2023.

Regional analysis
Asia Pacific region is currently the fastest growing as well as dominating regional market for structural steel. Abundant availability of raw materials and rapid urbanization & industrialization in countries like China and India is driving the demand for structural steel in this region.

Key players
Key players operating in the structural steel market are Arcelormittal, Nippon Steel Corporation, Shougang, Tata Steel, Hyundai Steel, Anyang Iron & Steel Group Co., Ltd., British Steel, China Ansteel Group Corporation Limited, Emirates Steel, Evraz Plc, and Gerdau S/A. ArcelorMittal is the largest steel producing company globally with presence across major markets.

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