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Structural Steel Market Size & Share, By Application (Non-residential (Industrial, Commercial, Offices, Institutional), Residential), Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Report ID: FBI 1148


Published Date: Aug-2023


Format : PDF, Excel

Market Outlook:

Structural Steel Market size surpassed USD 119.21 Billion in 2023 and is poised to reach USD 188.71 Billion, growing at over 6.15% CAGR between 2024 and 2032. Structural steel is a versatile material used in the construction industry due to its high strength, durability, and sustainability. It is extensively used in various applications such as buildings, bridges, infrastructure, and industrial plants.

Base Year Value (2022)

USD 100.3 Billion

18-23 x.x %
24-33 x.x %

CAGR (2024-2032)


18-23 x.x %
24-33 x.x %

Forecast Year Value (2032)

USD 188.71 Billion

18-23 x.x %
24-33 x.x %
Structural Steel Market

Historical Data Period


Structural Steel Market

Largest Region

North America

Structural Steel Market

Forecast Period


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Market Dynamics:

Growth Drivers & Opportunities:

1. Infrastructure Development: The rising need for infrastructure development, including residential, commercial, and industrial buildings, is driving the demand for structural steel. The expanding population and urbanization are major factors contributing to this growth.

2. Sustainable Construction: Structural steel is known for its eco-friendly nature as it can be recycled and reused. The growing focus on sustainable construction practices is propelling the demand for structural steel as it helps reduce the carbon footprint.

3. Strength and Durability: Structural steel possesses exceptional strength and durability compared to other construction materials. It offers high load-bearing capacity, seismic resistance, and fireproofing properties, making it ideal for large-scale constructions.

4. Government Initiatives: Governments worldwide are investing in infrastructure development projects to boost economic growth. These initiatives create favorable conditions for the growth of the structural steel market.

Report Scope

Report CoverageDetails
Segments CoveredApplication, region
Regions Covered• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company ProfiledArcelor Mittal S.A., Baogang Group, Evraz plc, Gerdau S.A, Nippon Steel Corporation, JSW Steel Limited, Tata Steel Limited, SAIL, Wuhan Iron & Steel (Group) Corp, Hunan Valin Iron & Steel Group Co., Ltd., Hyundai Steel Co., Ltd. (HSC), Hebei Steel Group, Benxi Beiying Iron & Steel Group Co. Ltd., Baosteel Group Corporation, Bohai Steel Group Co. Ltd., Anyang Iron & Steel Group Co. Ltd., Anshan Iron & Steel Group Corporation, POSCO

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Industry Restraints & Challenges:

1. Fluctuating Raw Material Prices: The price volatility of raw materials used in steel production, such as iron ore and coal, poses a challenge to the market. Changes in raw material prices directly impact the cost of structural steel, affecting market growth.

2. Stringent Regulations: The structural steel industry is subjected to various regulations and standards regarding safety and environmental factors. Compliance with these regulations can pose challenges for manufacturers and increase production costs.

3. Substitution Threat: The growing popularity of alternative construction materials, such as wood and concrete composites, poses a threat to the structural steel market. Manufacturers need to continuously innovate and promote the benefits of structural steel to overcome this challenge.

4. COVID-19 Pandemic: The outbreak of the COVID-19 pandemic has impacted the construction industry, causing disruptions in the supply chain and delaying construction projects. However, as the global economy recovers, the market is expected to regain its growth trajectory.

In conclusion, the global structural steel market is poised for substantial growth in the coming years. Factors such as infrastructure development, sustainability initiatives, and the inherent strength and durability of structural steel are driving market growth. However, challenges such as fluctuating raw material prices and substitution threats need to be addressed strategically to ensure sustained market expansion.

Market Analysis

Structural steel is a crucial material in the construction industry due to its high strength-to-weight ratio, durability, and versatility. It finds applications in various sectors, such as commercial buildings, industrial infrastructure, bridges, and residential buildings. The global structural steel market is witnessing significant growth due to growing urbanization, increasing construction activities, and infrastructural development.

Report Coverage & Deliverables

Historical Statistics Growth Forecasts Latest Trends & Innovations Market Segmentation Regional Opportunities Competitive Landscape
Structural Steel Market
Structural Steel Market

Regional Forecast:

1. North America

- The excellent growth in the construction industry, along with increasing investments in infrastructure development, drives the demand for structural steel in North America. The presence of key market players and advanced manufacturing technologies further contributes to the market growth in this region.

2. Asia Pacific

- Asia Pacific region dominated the structural steel market with around 67% share in 2023 owing to rapid urbanization and industrialization. Countries like China, India, and Japan are experiencing substantial construction activities, which fuels the demand for structural steel in this region. Additionally, favorable government initiatives and increased infrastructure spending are driving market growth in the Asia Pacific.

3. Europe

- Europe is a well-established market for structural steel due to ongoing construction projects, especially in the commercial and residential sectors. The demand for sustainable construction materials and the need to upgrade existing infrastructure are significant factors boosting the growth of the structural steel market in Europe.

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Segmentation Analysis:

1. Segment: Product Type

- Sub-Segment: Carbon Structural Steel

Carbon structural steel is a widely used product type in the structural steel market. It possesses excellent mechanical properties, making it suitable for various applications. This steel grade is extensively used in the construction of buildings, bridges, and other structures due to its high tensile strength, ability to withstand heavy loads, and cost-effectiveness.

The L-Shape angle segment captured highest revenue share of around 31% in 2023.

2. Segment: Application

- Sub-Segment: Residential Buildings

Structural steel in residential buildings offers numerous advantages, including design flexibility, resistance to corrosion, and superior durability. It allows for open floor plans, large spans, and modern architectural designs. Moreover, the use of structural steel reduces construction time and provides a sustainable solution for housing, making it an ideal choice for residential buildings.

The Non-residential application held more than 51% market share in 2023.

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Competitive Landscape:

The structural steel market is highly competitive and fragmented, with several key players operating globally. Some of the major companies in the market include ArcelorMittal, Nippon Steel Corporation, POSCO, Tata Steel, and United States Steel Corporation. These companies focus on strategic initiatives like mergers and acquisitions, collaborations, and product innovations to maintain their market position and cater to the increasing demand for structural steel. The market players also emphasize on expanding their presence in emerging economies to tap into the growing construction industry.

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Structural Steel Market Size & Share, By Applicati...

RD Code : 24