Structural Steel Market Projected to Reach USD 169.60 Billion by 2032 | Growth Driven by Rising Infrastructure Development and Industrialization
The structural steel market is experiencing significant growth, driven by urbanization, sustainability initiatives, and strategic industry consolidation.
Austin, Feb. 21, 2025 (GLOBE NEWSWIRE) — The structural steel market is experiencing substantial growth, fueled by increasing demand in construction, transportation, and industrial applications. The market is projected to reach a valuation of USD 169.60 billion by 2032, expanding at a compound annual growth rate (CAGR) of 4.95% from 2024 to 2032.
Trends Shaping the Structural Steel Market
Growing urbanization across the globe, coupled with increasing endeavors toward sustainable construction practices in the industry, plays an important role in the growth of the global structural steel market. Available in a variety of grades, structural steel is an incredibly strong material that withstands the test of time and is inherently recyclable, making it the choice for many modern infrastructural and industrial applications. Market growth is also being accelerated by the growing utilization of prefabricated steel structures in commercial buildings and as housing solutions.
The structural sector is still the largest end consumer of structural steel. They have identified a significant and rapidly growing demand for high-strength steel structures primarily driven by rapid infrastructure development in emerging economies worldwide. The market growth is also being propelled as governments at a global level are pouring in investments in smart cities & large-scale infrastructure projects. When it comes to versatility, there can be no better solution than structural steel– an option that helps make possible everything from bridges to high-rise buildings to industrial facilities with an eye toward long-term development.
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Key Players:
- Anshan Iron & Steel Group Corporation (Hot Rolled Steel, Cold Rolled Steel)
- Arcelor Mittal S.A. (Hot Rolled Coils, Steel Beams)
- Baogang Group (Hot Rolled Steel, Steel Plates)
- Baosteel Group Corporation (Hot Rolled Steel, Steel Coils)
- Bohai Steel Group Co. Ltd. (Hot Rolled Steel, Steel Plates)
- British Steel (Structural Steel Sections, Wire Rod)
- China Ansteel Group Corporation Limited (Hot Rolled Steel, Steel Coils)
- Emirates Steel (Rebar, Steel Billets)
- Evraz plc (Steel Beams, Reinforcing Bars)
- Gerdau S.A. (Steel Rebars, Steel Billets)
- Hebei Steel Group (Hot Rolled Steel, Steel Plates)
- Hyundai Steel (Hot Rolled Steel, Steel Plates)
- JSW Steel Limited (Hot Rolled Steel, Structural Steel)
- Nippon Steel Corporation (Hot Rolled Steel, Steel Plates)
- POSCO (Hot Rolled Steel, Steel Sheets)
- SAIL (Steel Authority of India Limited) (Hot Rolled Steel, Steel Plates)
- Shougang (Steel Plates, Structural Steel)
- Tata Steel Limited (Hot Rolled Steel, Steel Beams)
- Anyang Iron & Steel Group Co., Ltd. (Hot Rolled Steel, Steel Plates)
- Evraz Group (Steel Beams, Reinforcing Bars)
Structural Steel Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 110.04 Billion |
| Market Size by 2032 | USD 169.60 Billion |
| CAGR | CAGR of 4.95% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | •By Type (Carbon-manganese Steel, HSLA (High Strength, Low Alloy Steel), Heat Treated Carbon Steel, Heat Treated Alloy Steel) •By Product Type (Angles, Channels, Rounds, Squares, Beams) •By Application (Residential, Commercial, Industrial) •By End-Use Industry (Construction, Manufacturing, Energy, Transportation, Others) |
| Key Drivers | •Increasing Urbanization and Infrastructure Development Drives Demand for Structural Steel in Residential and Commercial Construction Projects •Rising Focus on Sustainable and Green Construction Practices Stimulates Demand for Recycled and Eco-Friendly Structural Steel |
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Which Region Leads the Structural Steel Market Growth?
Asia-Pacific dominated the structural steel market in 2023, accounting for approximately 45% of the total market share. The region’s leadership is primarily driven by rapid urbanization and extensive infrastructure projects in China, India, and Southeast Asia. China, the world’s largest producer and consumer of steel, continues to lead due to government-backed construction initiatives and expansion in the manufacturing sector.
India is emerging as a significant market, with increased investments in smart cities, highways, and commercial developments. The Indian government’s focus on industrialization and infrastructure expansion is expected to propel the structural steel market further. Additionally, favorable policies promoting sustainable construction are accelerating the adoption of high-performance steel materials in the region.
Market Segmentation
By Type
Carbon-manganese steel held the largest market share around 40% in 2023. This steel is commonly used for its good strength, ductility, and weldability properties for a variety of construction applications. Carbon and manganese composition also helps to increase mechanical property assistance, assuring it to carry heavy loads and minimizing deformation. From skyscrapers to bridges to industrial plants, the construction industry depends on carbon-manganese steel for structural components, including beams, columns, and reinforcements. In addition, this type of steel is less expensive than higher alloy steel and thus can be a considerable choice for any economically minded project.
By Product Type
In 2023, the structural steel market was dominated by the beams segment, which held a market share of 35%. In construction, beams are essential structural elements that carry loads and transmit weight from the roof and higher levels to the foundation. Being some of the most sturdy, dependable, and flexible construction materials, they are most commonly used in residential homes, commercial high-rises, bridges, and industrial buildings as well. Steel beams come in several shapes and sizes depending on the design and load-bearing requirements. Urban construction projects and infrastructure development have raised a demand for beams since they are essential components in developing stable and durable structures.
By Application
The industrial application segment dominated the structural steel market in 2023, with a market share of 45%. The structural steel market has been categorized into commercial, industrial, and residential. Structural steel is used for the construction of industrial facilities, manufacturing plants, warehouses, and distribution centers. Due to the inherent strength and toughness of steel, it is almost the preferred material for supporting the weight of heavy machinery, large equipment, and extensive production processes. The rising trend of industrialization, especially in developing economies, has enabled the industrial sector to grow significantly in terms of the overall consumption of structural steel.
Recent Developments
In 2023, ArcelorMittal launched a new range of high-strength, low-carbon structural steel products to cater to the growing demand for sustainable building materials. The new product line focuses on reducing carbon emissions in construction projects while maintaining durability and performance.
Nippon Steel Corporation announced the expansion of its structural steel production capacity in 2023, enhancing its ability to meet the surging demand in the Asian and North American markets. This move is expected to strengthen its market presence and improve supply chain efficiency.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Structural Steel Market Segmentation, by Type
8. Structural Steel Market Segmentation, by Product Type
9. Structural Steel Market Segmentation, by Application
10. Structural Steel Market Segmentation, by End-Use Industry
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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