North America Structural Steel Market to have steady growth by 2023

Posted by Mayur Yeole on February 23rd, 2021

Market research future published a half-cooked research report on global structural steel market. The structural steel market is expected to grow over the CAGR of around 5.3% during the period 2018 to 2023.

Market Highlights

The global structural steel market is anticipated to witness sustainable growth during the forecast period. The rising demand for eco-friendly & sustainable construction and government support and increase in focus on green buildings fuel the demand of structural steel market across the globe. However, high cost of the raw materials coupled with lack of skilled labor, hinders the growth of the structural steel market.

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Asia-Pacific region, to see a gradual increase in the structural steel market over the forecast period

Based on region, the global structural steel market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific region dominated the global structural steel market, followed by North America and Europe, primarily due to the high demand for infrastructure projects, which in the process creates demand for green construction materials and services, which in turn fuels up the demand for structural steel market. Asia-Pacific is projected to be the most lucrative region with construction industry investing in prefabricated and pre-engineered building projects. Furthermore, various global manufacturers are investing in the manufacturing sector, which is further expected to boost the demand for structural steel market. China is one of the leading markets in this region. Growing industrialization and increased population, fuel the demand of residential houses.  Hence, the structural steel market is expected witness a CAGR of 5.3% over the forecast period.

Non-residential segment, to witness maximum growth rate in the overall structural steel market

In terms of application, the infrastructure segment, accounted for the highest contributor to the global structural steel market in terms of value and volume both in 2017, which is expected to continue its dominance between 2018 and 2023, which is attributable to the rapid urbanization and increase in construction activities in the industrial and residential projects across the emerging economies such as Asia-Pacific and Middle East & Africa. Counties such as India, China, UAE, and Saudi Arabia are projected to witness tremendous growth in infrastructural development over the forecast period. The segment is also anticipated to exhibit maximum growth for the next future.

Scope of the Report

This study provides an overview of the global structural steel market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific and the rest of the world (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global structural steel market by product, application, and region.

Key Players

The prominent players in the structural steel market are ArcelorMittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, POSCO, Wuhan Group, Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, Hyundai Steel Co. Ltd., Bohai Group, and many others.

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