The
global structural steel market is expected to reach USD 140.4 billion by 2025,
according to a new report by Grand View Research, 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.
In depth research report on Structural Steel Market
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
·
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)
Grand
View Research has segmented the structural steel market on the basis
application and region:
Structural Steel Application Outlook (Volume, Kilo
Tons; Revenue, USD Million; 2014 - 2025)
·
Commercial
·
Offices
·
Institutional
·
Residential
Structural Steel Regional Outlook (Volume, Kilo
Tons; Revenue, USD Million; 2014 - 2025)
·
North America
·
U.S.
·
Canada
·
Mexico
·
Western Europe
·
Germany
·
UK
·
France
·
Spain
·
Eastern Europe
·
Russia
·
Turkey
·
Poland
·
Rest of Eastern Europe
·
North Asia
·
China
·
Taiwan
·
Japan
·
Southeast Asia
·
Thailand
·
Malaysia
·
Singapore
·
Indonesia
·
Vietnam
·
Philippines
·
South Asia
·
India
·
Oceania
·
Australia
·
New Zealand
·
Central & South America
·
Brazil
·
Middle East & Africa
·
Saudi Arabia
·
UAE
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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