Press Release

Global Structural Steel Market to Grow at a CAGR of 5.7% During 2024-2032, Aided by the Rapid Urbanisation and Increased Housing Demands

Global Structural Steel Market

According to a new report by EMR titled, ‘Global Structural Steel Market Report and Forecast 2024-2032’, The global structural steel market stood at a value of around USD 113.37 billion in 2023. The market is further expected to grow at a CAGR of 5.7% in the forecast period of 2024-2032 to attain a value of USD 186.87 billion by 2032.

The global structural steel industry is being driven by heightened urbanisation and growing housing demands. In the major world regions with high population density, rapid urbanisation and industrialisation are being observed. These are leading to an increased development of residential and non-residential buildings to fulfill the housing and infrastructural demands of the growing population. Moreover, along with rapid technological advancements, new and improved product varieties are being introduced in the market. This factor is likely to provide impetus to the market in the forecast period.

 

The growing focus of the leading players to enhance the production of structural steel by applying advanced technological solutions is expected to catalyse the industry growth in the forecast period. In May 2021, Ternium S.A. (NYSE: TX) announced the successful launch of their new hot rolling mill located in the Ternium Industrial Center in Pesqueria, Mexico, which produced its first two coils. In addition, this mill has the capacity to produce 4 million tons of specialised steel in a year for the automotive and white goods industry. Moreover, the mill is 100% automated and is equipped with more than 6000 sensors to enhance production operations. Meanwhile, another leading structural steel manufacturer Cleveland-Cliffs Inc (NYSE: CLF), in December 2020, announced the successful acquisition of all operations of ArcelorMittal USA LLC and its subsidiaries, making it the largest flat-rolled steel producer in North America. These developments are expected to positively impact the growth of the structural steel industry in the forecast period.

 

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Market Breakup by Application, and Region:

  • The market is divided based on application into non-residential and residential. Among these, the non-residential segment is further distributed into industrial, commercial, offices and institutional.
  • Region-wise, the global market for structural steel can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • The global market for structural steel is being driven by the rapid urbanisation and industrialisation observed globally.
  • The demand for housing and non-residential infrastructure has significantly contributed to the market expansion.
  • Increased investments in the R&D of structural steel manufacturing are also aiding the industry growth.
  • The rising technological advancements in the construction industry are further propelling the market growth.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for structural steel for the periods (2018-2023) and (2024-2032).
  • The report also offers historical (2018-2023) and forecast (2024-2032) market information for the applications, and major regions of structural steel.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global structural steel market are Anshan Iron & Steel Group Corporation, Anyang Iron & Steel Group Co. Ltd., Arcelor Mittal S.A., Tata Steel Limited, and McFarlane Mfg., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

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