Market Research Future published a research report on “Structural Steel Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.
Market Highlights
The global Structural steel Market is projected to exhibit an impressive growth during the foreseeable future. Market Research Future (MRFR) reports that the market is set to demonstrate 5.3% CAGR from 2018 to 2023. Macroeconomic factors such as rising per capita income, growth of global GDP, rapid industrialization and urbanization are making a positive impact on the market.
The Structural Steel Market is benefiting from advances in construction technology. Modernization of construction techniques has increased the use of pre-engineered and prefabricated building materials. Growing focus on infrastructure development in third-world countries and infrastructure modernization in advance countries is also influencing the market.
The construction sector is witnessing transformation in several fronts. The pressure of utilizing minimum resource to achieve a maximum output continues to growth. Over the years several new construction materials have come up. Evolution in the construction steel segment. Manufacturers are focusing on areas such as environment sustainability, light weight, durability, recyclability, price etc. Growing inclination towards eco-friendly and sustainable construction is prompting manufacturers to invest in research and development programs. Nonetheless, lack skilled labour and price fluctuation of raw materials are some of the factors undermining the market potential.
Global Structural Steel Market: Competition Analysis
Key players operating in the global Structural Steel Market includes 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.
Global Structural Steel Market: Segmental Analysis
MRFR’s report includes a detailed segmental analysis of the market based on application, product and region.
Based on application, the market has been segmented into non-residential and residential. Currently, the non-residential segment commands a significant share of the market. In addition, the segment is expected to remain highly profitable over the next several years. Increased construction activities coupled with development of special economic zones in developing countries has reflected favourably on the market. Emerging economies such as India and China are posting a strong demand for high-quality construction materials.
Based on product, the market has been segmented into rebar, light sectional steel, and heavy sectional steel. Of these, the heavy sectional steel segment accounts for the lion’s share and the trend is likely to continue beyond 2018. Demand for heavy section steel has picked up steam due to its increased usage in construction of large-scale structures such as skyscrapers.
Global Structural Steel Market: Regional Analysis
Geographically, the global structural steel market has been divided into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the world. Asia-Pacific region accounted for the largest market share in 2018, which is expected to witness a tremendous growth over the forecast period. Technological advancements in the construction industry is one of the major factors which fuels up the demand for structural steel market in this region.
Economies in emerging countries of Asia-Pacific region are strengthening and its positive demographic outlook suggests a long-term growth. As Asia-Pacific is slowly transitioning toward being the global economic powerhouse, the infrastructure needs, across the region are changing. There is a high demand for infrastructure projects, which in the process creates demand for imported building, which in turn fueling up the demand for structural steel market. Hence, the region is also anticipated to witness maximum growth rate over the forecast period.
Table of Content:
- Global Structural steel Market Overview
- Manufacturers Profiles
- Global Structural steel Sales, Revenue, Market Share and Competition by Manufacturer
- Global Structural steel Market Analysis by Regions
- Global Market Segment by Type
- Global Structural steel Market Segment by Application
- Structural steel Market Forecast (2018-2023)
- Sales Channel, Distributors, Traders and Dealers
- Appendix
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