The global structural steel market was estimated at $230 billion in 2018 and is poised to surpass $420 billion through 2024, according to a research report by Global Market Insights Inc.
Increasing structural steel consumption across the energy development segment in North America, increasing infrastructure activities and the surging use in trolley truck beds and elevator frames in the Asia Pacific, upsurge in the non-residential and industrial infrastructure in Europe are the major factors proliferating the structural steel market.
Additionally, the growing number of production facilities would be “a key factor augmenting the industry demand,” as carbon and iron are the two main constituents used to produce structural steels.
These products are used to construct transmission line towers, manufacturing sheds, and buildings. They are produced in several shapes like T-shape, hollow structural section (HSS), Z-shape, I-beam, and angle (L-shape).
Key reasons for structural steel market growth:
- Increasing structural steel consumption across the energy development segment in North America.
- Increasing infrastructure activities and the surging use in trolley truck beds, and elevator frames in the Asia Pacific.
- The upsurge in the non-residential and industrial infrastructure in Europe.
Heavy sectional steel and reinforcement bar segments to play a pivotal role into 2024
Based on product, the structural steel market is segmented into heavy sectional steel, light sectional steel, and rebar. The heavy sectional steel segment contributed well in 2017 and is expected to maintain its role throughout the study period.
However, the reinforcement bar segment is estimated to register a CAGR of four per cent through 2024 owing to its growing usage supported by the housing, and industrial segments.
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