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Global Structural Steel Market Outlook 2021-2028 - Set to Cross $146.4 Billion by 2028 due to the Rising Demand for Steel as a Green & Sustainable Material - ResearchAndMarkets.com

The "Structural Steel Market Size, Share & Trends Analysis Report By Application (Residential, Non-Residential), By Region (Asia Pacific, North America), And Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global structural steel market is expected to reach USD 146.41 billion by 2028, expanding at a CAGR of 5.3% over the forecast period.

The market growth is attributed to the growth in the construction sector and rising demand for steel as a green and sustainable material. Structural steel is utilized for construction-related applications. Its high carbon content offers high strength and low ductility. It is available in the form of various shapes such as I-beam, Z-shape, angle, tee, bar, and rod, depending upon the applications. It can be customized into a variety of shapes in different thicknesses and sizes owing to its ductility. Based on application, the market is segmented into residential and non-residential, where the latter dominates the market, in terms of revenue share.

Growing spending on the commercial sector & infrastructural developments across various nations is augmenting the product demand in non-residential applications. The segment is further divided into industrial, commercial, offices, and institutional. Structural steel is widely used in numerous industrial sectors owing to its high strength-to-weight ratio.

In the construction industry, it is utilized in designing and building industrial spaces, such as warehouses, bridges, and factories. Growth in the manufacturing sector is expected to propel the need for new factories and plants. For instance, after the emergence of the COVID-19 pandemic, various new facilities were established to meet the rising demand for PPE in the U.S.

Asia Pacific was the dominant regional market in 2020 and this trend is anticipated to continue over the forecast period. The growing construction spending in the developing economies of the region is anticipated to augment the product demand. For instance, in August 2021, India announced that it aims at spending INR 100 trillion (USD 1.35 trillion) on infrastructure development for boosting economic growth and jobs in the country.

The competitive rivalry is extremely high in the market due to the presence of several small- and large-scale players spread across the world. The companies are striving to recover from their losses caused by the COVID-19 pandemic and are taking initiatives, such as mergers & acquisitions and capacity expansions, to further widen their reach.

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For more information about this report visit https://www.researchandmarkets.com/r/ty4u1c

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News published on 9 december 2021 at 04:30 and distributed by: