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An extensive study offering forecast assessment on Structural Steel Market has recently been released by Kenneth research, which is a platform containing market research reports on FMCG, food and beverages. Kenneth Research aims to provide quality reports to its customers and help company investors planning for expansion of their business to take key decisions and form strategies by providing insights with the latest market trends and scope that helps them gain an extra edge over competitiveness in the marketplace.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Structural Steel Market products.
The global structural steel market size is estimated to reach USD 141.49 billion by 2026 growing at a CAGR of 5.6% during the forecast period, according to a new study published by Polaris Market Research. The report 'Structural Steel Market, [By Product (Heavy Structural Steel and Light Structural Steel), By Application (Non-Residential {Industrial, Commercial, Offices, Institutional, and Others} and Residential), By Regions]: Market size & Forecast, 2018 – 2026' provides an extensive analysis of present market dynamics and predicted future trends.
Structural steel market is primarily driven by increased utilization in heavy-material industries. Increasing R&D operations in structural steel production to improve corrosion resistance, strength, and durability is likely to have a positive impact on the global structural steel industry. Rapidly growing demand from end-use industries such as is also expected to boost the market growth over the forecast period.
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Structural steels have extensive application in transmission line towers, construction, and manufacturing sheds. Increasing awareness among consumer about flexibility and fabrication in construction materials is anticipated to increase structural steel market size over the forecast period. Increasing use of product in construction of residential and non-residential structures especially in the developing countries are major driving factors for the market.
Transmission tower is among one of the most significant applications that consumes large quantity of different type of structural steel. Global target by different regional governments to achieve maximum electrification, specifically in the underdeveloped areas has further strengthened the transmission tower market. This in turn has led to increased utilization of structural steel for manufacturing different types of transmission towers.
Rising environmental impacts are encouraging governments, manufacturers and consumers to use environmentally sustainable products, which is further expected to escalate demand for structural steel. Major manufacturers are developing technically advanced steel products which can help in waste reduction and can be suitably recycled. Buildings made by these products do not include mandates such as treatments for preventing insect infestation, mold, and decay, which is anticipated to strengthen the market growth.
structural steel market
Building & construction is among the most lucrative application segment for structural steels. Growing number of supportive initiatives by the governments across the regions to provide subsidies and funds to make housing affordable, especially for the lower- & middle-income factories has resulted in increased consumption of structural steel in residential construction.
Asia Pacific is the dominant regional segment for structural steel with rapid demand coming from China, India and Southeast Asian countries such as Indonesia, Vietnam, and Thailand. Demand in these countries is boosted by extensive infrastructural investments. North America and Europe have also witnessed moderate growth rates in the market.
The global market if highly competitive and moderately fragmented. Mergers & acquisitions and joint ventures are some of the key strategies undertaken by the major market players in the industry. Some of the key structural steel market players includes Arcelor Mittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, POSCO, Tata Limited, Wuhan Group, and Bohai Group.
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Polaris Market Research has segmented the global greenhouse film market on the basis of Product type and region:
Structural Steel by Product Outlook (Revenue, USD Million, 2015 – 2026)
Heavy Structural Steel
Light Structural Steel
Structural Steel by Application Outlook (Revenue, USD Million, 2015 – 2026)
Non-Residential
Industrial
Commercial
Offices
Institutional
Others
Residential
Structural Steel by Region Outlook (Revenue, USD Million, 2015 – 2026)
North America
U.S.
Canada
Europe
Germany
UK
France
Rest of Europe
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
Saudi Arabia
UAE
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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