The global structural steel market is expected to reach USD 140.4 billion by 2025, according to a new report by Radiant insights, inc. recovery of construction industry in developed markets of the U.S., Germany and UK is expected to foster industry growth.
Increasing awareness among end-users owing to advantages such as design flexibility, energy efficiency and faster completion of prefabricated/engineered building (PEBs) projects using channels and beams is expected to drive demand. Upsurge in infrastructure development projects in China and India, improving standards of living, high urbanization rates and requirements for sanitation are the major growth drivers for Asia Pacific region, particularly in commercial and residential sectors.
Companies are investing in R&D for technological advancements, cost minimization, and production maximization. Technologies deployed for the production are thin-slab casting, electric furnace and vacuum degassing. Residential segment is expected to grow at a CAGR of 4.1%, from 2016 to 2025, owing to rapid urbanization and positive outlook on economic development. It minimizes the loads on foundations and also reduces sub-structure costs in residential buildings.
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Further key findings from the report suggest:
Structural steel market volume was estimated at nearly 125 million tons in 2015, and is projected to grow at a CAGR of over 4.0% from 2016 to 2025
North Asia emerged as the leading regional market and accounted for over 60% of the overall volume in 2015. North Asia is expected to grow significantly over the forecast period owing to increasing construction spending in countries such as China, Japan and Hong Kong
Demand in construction industry is further driven by adoption of advancements in structural design methods, evolving building practices, and strong raw material availability
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Industrial applications are likely to generate high demand as well over the forecast period owing to governments focus towards construction development such as Smart Cities project in India
India is one of the fastest emerging economies in steel production and is characterized by substantial number of economic reforms and implementation of merger & acquisition deals by companies.
Major key operating companies include Baogang Group, Bohai Group Co., Ltd., Anshan Iron & Group Corporation, Anyang Iron & Group Corporation, Arcelor Mittal S.A., Benxi Beiying Group Co. Ltd., Evraz Group, Hebei Group, POSCO, Tata Limited, Steel Authority of India Limited, Gerdau S.A. and Nippon Steel & Sumitomo Metal Corporation (NSSMC)
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