Selbyville, Delaware, March 11, 2020 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights, Inc., the structural steel market was valued at $285 billion in 2019 and is projected to surpass $500 billion by 2026, registering a CAGR of 7.5% from 2020 to 2026. The report provides a detailed assessment of the market size and estimations, competitive scenario, key investment pockets, drivers and opportunities, top winning strategies, and wavering market trends.
As per the market analysis, structural steel is widely used in the construction of bridges, institutions and health buildings. It provides a solid structure which complies with environmental regulations. It is also used in the on-shore and offshore construction, growing oil and gas activities around the world are likely to cater product demand. Rising consumer inclination towards better construction materials may boost the structural steel market share.
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Non-residential application segment is anticipated to grow over 5.0% by the end of 2026. The product owing to its good tensile and shear properties are used in several non-residential sectors including institutional, offices, commercial, and health buildings. Robust demand for office developments and renewed public-sector commitments for funding health and education facilities will spur the Structural steel market growth.
North America is anticipated to witness strong gains, rising over 4.0% CAGR, owing to the increasing number of skyscrapers in the U.S. These structures save cost & time and utilizes resources to replace conventional building materials along with adopting innovative construction methodologies. Robust government investments in infrastructure and non-residential construction support the growth of structural steel market size in this region. Several government programs, including, New Building Canada Plan (NBCP), Affordable Housing Initiative (AHI), and Made in Canada will positively impact the market growth by 2026.
Some Major Findings of the Structural Steel Market Report Include:
- Rising concerns towards the environment along with growing urbanization has boosted the demand of green construction materials. This will support product growth over the forecast period
- An increasing number of proven reserves in several regions including North America and the Middle East will foster the demand of steel products thereby driving the structural steel industry outlook.
- Some of the key companies manufacturing structural steel are ArcelorMittal S.A, Nippon Steel & Sumitomo Metal Corporation, POSCO, VISA Steel, SAIL, Baosteel Company, Tata Steel, Novolipetsk Steel, Evraz Group, Steel Limited, Nucor Corporation, and JFE Steel Corporation.
- Statistics for the structural steel market for residential applications were the highest and the segment is further expected to grow due to increasing urbanization trends and a greater number of people shifting to metropolitan areas.
- The Asia Pacific holds a significant share in the global structural steel market.
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Structural steel manufacturers are widely focusing on joint ventures, mergers, and acquisitions to enhance their sales and improve their market presence. Additionally, companies are also engaged in research and development activities for minimizing cost and improved production. For instance, in July 2018, British Steel upgraded its Scunthorpe mill by investing Euro 50 million to enhance its production capacity and expand its sales domestic and overseas.
Leading market players analyzed in the structural steel industry report include ArcelorMittal S.A., Shagang Group Co., Ltd., Hesteel Group Company Limited, Nippon Steel & Sumitomo Metal Corporation, POSCO, VISA Steel, Steel Authority of India Limited, Anyang Iron & Steel Group Co., Ltd, China BaoWu Steel Group Corporation Limited, Tata Steel, China Steel Corporation, Novolipetsk Steel, Evraz Group, Hyundai Steel Co., Ltd. (HSC), SHYAM STEEL INDUSTRIES LIMITED, Shaaban Steel, Gerdua S/A JSW Steel Limited, Maanshan Iron and Steel Company, Nucor Corporation among others.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.