Steel Structure Market to Reach $169.7 Billion, Globally, by 2032 at 4.1% CAGR: Allied Market Research

Major players in the steel structure market have focused on business expansion and product launch strategies to gain maximum share in the market. This further results in consolidation of the steel structure market.

PORTLAND, Ore., July 30, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Steel Structure Market by Product (Angles, Channels and Rounds), and Application (Industrial, Commercial, Institutional and Residential): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the steel structure market was valued at $118.9 billion in 2023, and is estimated to reach $169.7 billion by 2032, growing at a CAGR of 4.1% from 2024 to 2032.

Prime Determinants of Growth

Rapid urbanization in emerging economies is leading to an increase in demand for residential, commercial, and industrial buildings, which utilize steel structures due to their strength, durability, and flexibility in design. Moreover, major infrastructure projects, including bridges, airports, and highways, rely heavily on steel structures, thereby driving the of the market growth.

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Report Coverage & Details:

COVID-19 Scenario

• Outbreak of the COVID-19 pandemic had a negative impact on the steel structure market, owing to temporary closure of manufacturing firms during the lockdown.
• The production and sale of steel structure was hampered due to the closure of manufacturing factories across the globe, especially in the initial period of the pandemic.

The angles segment dominated the global steel structure market share, in terms of revenue

On the basis of product, the market is divided into angles, channels, and rounds. Rapid industrialization and infrastructure development in emerging markets create new opportunities for steel structure manufacturers.  The demand for Steel Structure is particularly high in regions with significant industrial activity, such as North America, Europe, and Asia-Pacific. These regions have extensive infrastructure and industrial facilities that require robust and reliable walkway solutions.

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The welded steel structure segment dominated the market in 2023

Depending on application, the market is classified into industrial, commercial, institutional, and residential. Innovations in steel production and fabrication, such as high-strength steel and automated manufacturing processes, have made steel structures more cost-effective and efficient to produce. This has lowered the overall cost and increased the quality and performance of steel structures.

 Asia-Pacific dominated the market share in terms of revenue in 2023

The steel structure market is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA. In 2023, Asia-Pacific accounted for more than one third of market share, and it is expected to grow at a significant CAGR during the forecast period. China holds the maximum share in the steel structure market in Asia-Pacific. Rise in commercial buildings, such as office complexes and shopping malls, along with residential projects, is a significant driver of the growth of the market in the region. 

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Leading Market Players: -

• P&R Metals Inc.
• Arcelor Mittal S.A.
• Baogang Group
• Evraz plc
• Gerdau S.A
• Nippon Steel Corporation
• JSW Steel Limited
• Tata Steel Limited
• SAIL
• Wuhan Iron & Steel (Group) Corp
• Hebei Steel Group

The report provides a detailed analysis of these key players in the steel structure market. The players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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