Structural steel market set to take off
November 29, 2018
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According to a new research report by Global Market Insights, structural steel market size is set to surpass US$420 billion by 2024.
Growing awareness among consumers owing to benefits including design flexibility, faster completion and energy efficiency of prefabricated building projects using heavy and light sized products is anticipated to drive demand of structural steel products.
Increase of infrastructure development projects in China, Japan, South Korea and India with improving standards of living and necessities for sanitation are likely to stimulate product demand.
China structural steel market size is poised to surpass US$130 billion up to 2024.
Growing preference for high quality structural developments along with increasing investment in steel industry supported by adoption of sustainable mining techniques will have a positive impact on product demand.
The report suggests that opportunities for companies that can offer technologies to support work force productivity, energy saving will surge market growth.
Request a copy of the report at: https://www.gminsights.com/request-sample/detail/2207
Highlights of the report include:
- Structural steel industry size from industrial application may reach up to 125 million tons by 2024;
- Rise in consumer awareness towards green construction material by further reducing greenhouse gas emissions will favour product demand;
- Structural steel industry size from energy development application is anticipated to surpass 45 million tons by 2024; and
- Optimizing costs and risks of installing large offshore platforms and different construction strategies have been developed including the use of the product, thus stimulating product demand.
Light sectional structural steel segment is anticipated to be over 110 million tons in the projected timeframe. It has eminent usage in residential and small building manufacturing owing to its light weight, and quick building ability without using heavy tools or equipment. Manufacturers are engaged in developing cost-efficient equipment with low environmental impacts which will foster market growth.
U.S. structural steel market size from commercial application will witness significant gains of over five per cent. Growing prefabricated buildings has led to increased consumption of product supported by regulations to reduce emissions and use of recycled material will contribute towards regional product demand.
Global structural steel market share is moderately fragmented with major players including ArcelorMittal, POSCO, SAIL, Erdemir Group, Nucor Corporation, Voestalpine AG, Jindal and TATA. Other prominent industry participants include Evraz Group, Shaaban Group, BCI Limited, and Riva Fire.