NEW YORK, Nov. 23, 2022 /PRNewswire/ — The structural steel market is forecast to grow at a CAGR of 6.41% over 2022-2027. Market Insights Read the full report: https://www.reportlinker.com/p06364040/?utm_source=PRN • Structural steel is carbon steel, meaning up to 2.1% carbon by weight. Therefore, it can be said that coal is an indispensable raw material for the production of structural steel after iron ore. Very often structural steel is used in various construction works. Structural steel comes in many forms, giving architects and civil engineers the freedom to design. Structural steel is used to build warehouses, aircraft hangars, stadiums, steel and glass buildings, industrial sheds and bridges. In addition, structural steel is used in whole or in part for the construction of residential and commercial buildings. Structural steel is an adaptable and user-friendly building material that helps create versatility and provides structural strength without excess weight, from commercial to residential and road infrastructure. Structural steel is also used in various industries such as power generation, transmission and distribution, and mining. The lower structural members in shafts are mainly supported by structural steel beams and columns. Structural steel is used to make all structural parts of factories, offices and mines such as mine screens, fluidized bed boilers and other structures. Structural steel is often defined by industry or national standards such as the American Society for Testing and Materials (ASTM), the British Standards Institute (BSI), the International Organization for Standardization (ISO) and others. In most cases, standards specify basic requirements such as chemical composition, tensile strength and load-bearing capacity. Many standards around the world define the form of structural steel. In short, the standards define the angles, tolerances, dimensions, and cross-sectional dimensions of steel, referred to as structural steel. Many profiles are made by hot or cold rolling, while others are formed by welding flat or curved panels together. Structural steel beams and columns are connected by welding or bolting. Steel structures are widely used in the construction of industrial sheds due to their ability to withstand enormous loads and vibrations. Vehicles using structural steel. Structural steel withstands external pressure and can be produced quickly. These properties make structural steels suitable for the naval industry. Therefore, many structures that support the maritime industry, such as files and ports, make extensive use of steel structures. Market Trends and Opportunities Growing Light Steel Framing Market Lightweight Steel Framing (LGSF) construction is a new generation construction technology widely used in the structural steel market for both residential and commercial buildings. This method uses cold-formed steel. Typically, lightweight steel framing is applied to roof systems, wall systems, roof panels, floor systems, decking and entire buildings. The design of the LGSF structures provides great design flexibility. Compared to conventional reinforced concrete and timber structures, LGSF can be used over longer distances, providing design flexibility. The use of steel in construction allows designers and architects to take advantage of steel’s high strength for design freedom. This flexibility of the LGSF allows for a larger floor area compared to reinforced concrete structures. LGSF technology is cost-effective for residential and commercial construction, so demand for LGSF structures is expected to increase in emerging economies due to low disposable incomes. Growing demand for sustainable building materials • The global structural steel market is rapidly growing in demand for sustainable building materials, as these materials are environmentally friendly and help the construction industry practice sustainable development. Structural steel is one of the sustainable building materials in the construction industry and is used in many buildings and industrial shed projects. Structural steel is widely used in industrial sheds, due to the constant wear and tear of various manufacturing operations, structural steel components may be damaged. Therefore, structural steel components are regularly replaced and repaired to maintain structural integrity. Structural steel is a highly recyclable building material commonly used in industrial sheds and some residential buildings. In addition, steel buildings™ last longer than conventional brick and concrete structures. Steel structures take less time to build and due to the pre-engineered nature of the building, there is less material waste. Industry Issues High Maintenance Costs • Maintenance costs for steel structures are higher than for traditional buildings. For example, if a steel column is damaged, the entire column must be replaced, but for traditional columns, there are procedures to repair the damage. Similarly, steel structures also require more anti-corrosion coatings and paints to prevent steel structure from rusting. These anti-corrosion paints and paints increase the cost of maintenance of steel structures, thus, expensive maintenance is holding back the growth of the structural steel market. Segment Analysis by Application The structural steel market is segmented on the basis of application into infrastructure, industrial, commercial and residential. Infrastructure is expected to be the largest application segment in the structural steel market. The CAGR is expected to be 6.65% over the forecast period. Structural steel is used in a variety of infrastructure including trains, bridges, towers, tunnels, airports, ports, power grids and other buildings. Demand for the infrastructure sector is expected to increase significantly in recent years due to rapid industrial development and population growth. Thus, the demand for structural steel in the infrastructure segment is also expected to grow. Governments and developers use structural steel for infrastructure projects because of its cost-effective, time-efficient and sustainable properties. Infrastructure development is critical to a country’s economic success™, which is why the government is investing heavily in infrastructure projects such as trains, roads, electricity, water and sanitation. Application Segmentation • Infrastructure • Industry • Commercial Real Estate • Residential Sector By Type Hot rolled steel is the largest segment of the structural steel market and is expected to reach 235.29 billion by 2027. Hot rolled steel is widely used in structural steel structures. Hot-rolled steel is easier and cheaper to manufacture than cold-rolled steel. Therefore, many contractors, architects and building designers use hot rolled steel, which saves a lot of money in the construction of buildings. For hot rolled steel, pressing processes such as rolling, metal extrusion and forging are applied. Because the metal can be formed at high temperatures without additional delay, it can be produced in larger quantities than cold rolled steel. By type Hot-rolled steel Cold-rolled steel GEOGRAPHICAL ANALYSIS There are many well-known companies operating in the main regions of the world in the global structural steel market. The Asia-Pacific region is one of the largest structural steel markets with a CAGR of 6.68%. The growth is attributed to the rapidly growing infrastructural and industrial development in the region due to the large population, abundant supply of raw materials, friendly government policy, increased foreign direct investment, and the availability of skilled and unskilled labor. The Asia-Pacific region is home to several developing countries such as India, China, South Korea and Indonesia. The governments of these developing countries are formulating monetary and fiscal policies to attract investment in industrial and infrastructure activities and promote economic development. Similarly, a growing population is strengthening the commercial and residential sectors due to increased economic activity. Although the Asia-Pacific region is the world’s dominant market, many other countries with great structural steel development opportunities will challenge the Asia-Pacific region’s dominance. Regions such as North America and Europe are home to the most advanced countries with mature industries that require extensive infrastructure to support the day-to-day operations of various sectors. In addition, rising sustainability awareness in developed countries is expected to drive the structural steel market in North America and Europe. By Geography?North AmericaUnited StatesCanada?EuropeRussiaGermanyItai FranceSpainUnited KingdomRest of Europe?APACoChinaIndiaJapanSouth KoreaRest of Asia Pacific Middle East & Africa UAECSudovskaya ArabiaSouth AfricaMEAOther RegionsLatin AmericaBrazilMexicoLatin AmericaRest of LANDSCAPE SUPPLIER Structure and various industries using structural steel. This gives companies a competitive edge, thereby increasing their market share. Large companies have developed after-sales services that create value for customers. Companies in the structural steel industry compete strategically. The development of sustainable processes and initiatives poses challenges for all companies around the world. Investment in research and development, technological advances, and environmental and economic concerns are driving demand for innovative and environmentally friendly structural steel products. Some of the key players in the global structural steel market include ArcelorMittal (Luxembourg), Tata Steel (India), Nippon Paint (Japan), Hyundai Steel (South Korea) and Shougang (China). These players have adopted strategies such as expansion, acquisition, new product development and joint ventures to increase revenue in the structural steel market. In addition, other well-known companies such as Anyang Steel Group (China), British Steel Group (UK), Emirates Steel Group (UAE), Evraz (UK), etc. have invested heavily in R&D to develop products from structural steel, which are attractive to customers. Consequently, these other well-known companies are serious competition to the big players. Major Suppliers ArcelorMittal Nippon Steel Corporation Shougang Tata Steel Hyundai Steel Other Suppliers Anyang Iron & Steel Group Ltd¢ British Steel Corporation • China Angang Steel Corporation • United Arab Emirates Steel Corporation • Evraz PLC • Gerdau S/A • HBIS Group • JSW Steel • Nucor • Posco • SSAB • Steel Authority India Limited (SAIL) • Tangshan Junnan Trading Co. Ltd • Voestalpine AG MAIN ANSWERS1. How big is the steel structure market? 2. What is the forecast size of the global structural steel market in 2027? 3. What is the growth rate of the global structural steel market? 4. Which region dominates the global structural steel market? 5. What are the main trends in the metal structures market? 6. Who are the key players in the global structural steel market? Read the full report: https://www.reportlinker.com/p06364040/?utm_source=PRN About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you can instantly get all the market research you need in one place. __________________________ Contact Clare: clare@reportlinker.com US: (339)-368-6001 International: +1 339-368-6001
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