Structural steel is a form of steel, which is
used for building construction. It comes in variety of shapes & size
depending upon their applications. It can be reused & recycled in tandem
with the continuous improvement in construction sector. The key properties are
durability, easy fabrication and high tensile strength makes them suitable for
a wide range of application. Due to
this, it is widely used in both residential and non-residential constructional
projects.
According to study, “World
Structural Steel Market Research Report 2024(Covering USA, Europe,
China, Japan, SEA and India)” the key companies operating in the world
structural steel market are Gerdau S.A., Nippon Steel Sumitomo Metal, Arcelor
Mittal, Thyen Krupp, POSCO, Ear Steel, JSW Steel, Southern Steel Company(C),
TISCO, Krakatau Steel, Tata Steel, Sahaviriya Steel Industries, Pomina, Capitol
Steel, GSteel PCL, PAG-ASA Steel Works, Inc. (PSWI), SAMC, Steel Centre
Philippines Inc. (SCPI), Ansteel, Baosteel, Shagang Group, Wuhan Ironand Steel,
MaSteel, Shandong Iron & Steel Group, BohaiSteel, Anyang Iron & Steel
Group, Shougang Group, Baogang Group, Valin Steel. The real estate companies in
developing region are directing to set up shopping malls & office spaces in
the several parts of the cities to develop infrastructural. This factor is anticipated to drive
construction spending and it is expected to propel consumption of structural
steel in commercial sector.
Based on type, structural steel market is
segmented into rebar, light structural steel and heavy structural steel. Heavy
structural steel display superior features such as good seismic resistance,
high speed of erection, ease of fabrication, high strength, and excellent
ductility. Based on product type, market is segmented into alloy structure
steel, carbon structural steel and others. Based on shape type, market is
segmented into Angle (L shaped), channel (C shaped), I beam (I shaped), bearing
pile (H shaped), pipe, tee (T shaped) and Hollow Steel Section (HSS). Based on
service type, market is segmented into machining, metal folding, metal cutting,
metal punching, metal forming, metal shearing, metal rolling, metal welding and
metal stamping. In addition, based on application, market is segmented into
industrial (energy development (onshore structure & offshore structure),
residential, non-residential (commercial, offices, institutional and health
buildings), bridges, and station & hangers.
The structural steel market is driven by rise
in awareness among consumer about design & flexibility in construction
materials, followed by increase in use of product in construction of
residential & non-residential building, rise in urbanization & increase
in disposable income, growth in preference for high quality structural
developments, rise in investment in steel industry, increase in need for
housing developments & improved infrastructure, growth in technological
advancements in prefabricated & pre-engineered building projects and strict
norms & regulations associated with Carbon Dioxide (CO2) emissions.
However, high maintenance cost of products may impact the market. Moreover,
increase in focus on innovation in green construction materials is a key trend
for market.
Based on geography, China and India countries
hold major share in structural steel market owing to rapid industrial growth,
growth of residential & housing sector and high growth of GDP in the
countries. USA and Europe are expected to witness lucrative growth due to rise
in demand from commercial industries over the forecast period. It is estimated
that future of the market will be bright on account of increase in consumer
consciousness regarding safe construction during the forecast period.
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