Structural Steel Tube Market to Reach $167.5 billion, Globally, by 2033 at 4.8% CAGR: Allied Market Research

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Aug 01, 2024, 10:20 ET

The structural steel tube market is growing due to rise in construction activities, increase in infrastructure investments, and rise in demand for durable, versatile building materials. Advances in manufacturing technology and sustainable practices further drive the market growth, positioning structural steel tubes as a critical component in modern construction and engineering projects.

WILMINGTON, Del., Aug. 1, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Structural Steel Tube Market By Type (Hot-Rolled Steel and Cold-Rolled Steel), Material (Stainless Steel Tube, Carbon Steel Tube, Alloy Steel Tube, and Others), Sales Type (Direct, Distribution), and Application (Industrial Machinery, Medical, Aerospace and Defense, Transportation, Construction, Automotive, Energy, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, "the structural steel tube market" was valued at $105.3 billion in 2023, and is estimated to reach $167.5 billion by 2033, growing at a CAGR of 4.8% from 2024 to 2033.

Prime determinants of structural steel tube market growth

The global structural steel tube market is experiencing growth due to infrastructure development and technological advancements. However, fluctuations in raw material prices and environmental regulations hinder the market growth. Moreover, rise in demand for steel tubes from emerging markets, and global awareness towards sustainability provide opportunities for expanding the structural steel tube market.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2024–203
Base Year	2023
Market Size in 2023	$105.3 million
Market Size in 2033	$167.5 billion
CAGR	4.8 %
No. of Pages in Report	375
Segments Covered	Type, Material, Sales Type, Application, and Region
Drivers	Infrastructure development Technological advancements
Opportunity	Rise in demand for steel tubes from emerging markets Global awareness towards sustainability
Restraint	Fluctuating raw material price Environment guidelines

The hot-rolled steel segment is expected to dominate during the forecast period.

The hot-rolled steel type segment dominated the structural steel tube market in 2023, due to its superior mechanical properties, cost-effectiveness, and versatility in various industries. Hot-rolled steel tubes are manufactured by rolling steel at high temperatures, which makes the steel easier to shape and form, resulting in stronger and more durable products. This process also allows the production of larger sizes and varied shapes, catering to diverse construction and industrial applications.

Hot-rolled steel tubes are preferred in construction projects for their robustness, that are essential for structural integrity in buildings, bridges, and other infrastructure. Additionally, they offer better weldability and machinability, simplifying fabrication and reducing labor costs. The lower production costs of hot-rolled steel compared to cold-rolled alternatives make it a more economical choice for large-scale projects. These factors collectively drive the dominance of hot-rolled steel tubes in the structural steel tube market, meeting the high demand for reliable and affordable building materials.

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The carbon steel tube segment is expected to dominate during the forecast period.

The carbon steel tube material segment dominated the structural steel tube market in 2023, due to its superior mechanical properties, cost-effectiveness, and wide availability. Carbon steel tubes offer high tensile strength, durability, and resistance to wear and tear, making them ideal for demanding construction and engineering applications. In addition, carbon steel is more affordable compared to other materials like stainless steel or aluminum, providing a cost-efficient solution for large-scale projects. Its versatility allows for easy fabrication and welding, further enhancing its appeal in various industries such as construction, automotive, and manufacturing. Moreover, advancements in carbon steel production techniques have improved its quality and performance, reinforcing its dominance in the market. The combination of these factors such as strength, affordability, versatility, and technological advancements ensures that carbon steel tubes remain the preferred choice for structural applications, driving their significant market share.

The distribution segment is expected to dominate during the forecast period.

The distribution segment dominated the structural steel tube market in 2023, due to its extensive network, which ensures wide market coverage and accessibility. Distributors often have established relationships with numerous buyers, including small and medium-sized enterprises, enabling efficient supply chain management and timely delivery of products. Their ability to offer various products from multiple manufacturers also provides customers with a broader selection, enhancing their purchasing convenience.

The construction segment dominated the structural steel tube market in 2023.

The construction segment dominated the structural steel tube market in 2023, due to the extensive use of these tubes in various infrastructure projects, including commercial buildings, residential complexes, and industrial facilities. Structural steel tubes offer high strength, durability, and flexibility, making them ideal for withstanding heavy loads and ensuring structural integrity in construction. In addition, the growing trend of urbanization and the need for modern infrastructure drive the demand for structural steel tubes in the construction industry.

However, the medical segment is the fastest-growing due to the increasing adoption of advanced medical equipment and devices. Structural steel tubes are essential in manufacturing hospital beds, surgical instruments, and diagnostic equipment due to their biocompatibility, corrosion resistance, and ease of sterilization. The rise in healthcare infrastructure development, coupled with advancements in medical technology, fuels the rapid growth of structural steel tubes in the medical sector, catering to the escalating healthcare demands.

The Asia-pacific segment to dominate the market by 2033.

Based on region, Asia-Pacific held the highest market share in 2023. Rapid urbanization and industrialization in countries like China and India drive significant demand for construction and infrastructure projects. These nations invest heavily in building residential, commercial, and industrial structures, requiring substantial quantities of structural steel tubes for their strength and durability.

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In addition, government initiatives and policies in the region, aimed at improving infrastructure and boosting economic growth, further stimulate market demand. The availability of raw materials and cost-effective manufacturing processes in Asia-Pacific contributes to its leading position. Moreover, the expansion of the automotive and aerospace industries in the Asia-Pacific region fuels the need for structural steel tubes in various applications. Technological advancements and innovations in steel production enhance product quality and performance, making the region a key player in the global structural steel tube market.

Leading Market Players: -

Arcelor Mittal
Tata Steel
JFE Steel Corporation
Nippon Steel Corporation.
Posco Holdings Inc.
Baosteel Group Corporation
Hyundai Steel
Nucor Corporation
Maanshan Iron and Steel Company Limited
Gerdau S.A.
Apl Apollo Tubes Ltd.

The report provides a detailed analysis of these key players in the structural steel tube market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares 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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