Structural Steel Market Outlook, Scope, Trends and Forecast 2024-2031

Global Structural Steel Market was valued at USD 116.56 billion in 2023, and it is expected to increase from USD 122.69 billion in 2024 to USD 181.37 billion by 2031, with a CAGR of 5.74% between 2024 and 2031. 

List of Key Companies in Structural Steel Market

• Arcelor Mittal S.A.
• Gerdau S/A
• Tata Steel 
• voestalpine Stahl GmbH
• EVRAZ plc
• JFE Steel Corporation
• JSW Ltd
• NIPPON STEEL CORPORATION
• SAIL
• SSAB

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Regional Analysis:

• North America: Expected to maintain a steady growth rate due to ongoing infrastructure renovations and new projects.
• Europe: Anticipated to witness moderate growth driven by sustainable construction practices and regulatory frameworks.
• Asia-Pacific: Projected to lead the market with rapid urbanization, infrastructural development, and significant investments in construction projects.
• Latin America and Middle East & Africa: These regions are likely to experience steady growth with increasing investments in infrastructure and construction.

Future Trends:

1. Smart Cities: The development of smart cities is expected to boost the demand for advanced structural steel solutions that support innovative and sustainable urban infrastructure.

2. Modular Construction: The trend towards modular construction, which uses prefabricated steel structures, is gaining momentum. This approach offers time and cost savings, along with enhanced quality control.

3. High-Strength Steel: The adoption of high-strength steel, which offers better performance and durability, is expected to increase, particularly in high-rise buildings and large infrastructure projects.

Challenges:

Despite the positive outlook, the market faces challenges such as fluctuating raw material prices and the need for skilled labor in steel fabrication and construction. Addressing these challenges requires strategic planning and investments in technology and workforce development.

Structural Steel Market:

By Product Type

• Heavy Structural Steel
• Light Structural Steel
• Rebar

By Type

• Hot-Rolled Steel
• Cold-Rolled Steel

By Application

• Residential
• Non-Residential

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