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(Construction.IndustryNews247.Com, September 04, 2018 ) Industry Trend Analysis
In 2014, the global structural steel market was evaluated around USD 79.87 billion and is expected to reach approximately USD 128.75 billion by 2023 while registering itself at a compound annual growth rate (CAGR) of 5.45% over the forecast period. Robust recovery of construction market in emerged markets of the UK, U.S., and Germany is a major factor fueling the growth of the market. Steel segments like wide flanges, angles, I-beams, and channels are extensively utilized in construction market due to their brilliant energy efficiency and design flexibility. Exponential technological developments in market for production maximization and cost reduction have boosted the high performance structural steel demand. The product demonstrates advanced properties like excellent ductility and seismic resistance, high strength, speed of erection and ease of fabrication. Rising application scope in an extensive non-residential applications range involving data centers, manufacturing facilities, healthcare facilities, big box retail stores, and airports is anticipated to strengthen the demand. Elevated economic growth rate in developing regions has render governments’ considerable capital to fund the public infrastructure like hospitals, bridges, housing societies, and offices. Appearance of private sector construction firms in UAE, Mexico and India is projected to further bestow in construction expenditure, influencing the global market growth positively.
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Application Outlook and Trend Analysis
The global structural steel market has been split into non-residential and residential sections. In 2015, the non-residential appear as the leading application section, due to rising demand for superior-quality construction material in commercial, industrial, institutional buildings and offices. It is most frequently utilized in industrial building as its massive strength is advantageous not just for structural reliability but also for settling possible affect of repairs. It is also superlative for building huge bridges due to its elevated level of durability and brilliant strength-to weight allowance which make sure resisting the weight of pedestrians and cars. Developing countries of Asia Pacific such as China and Hong Kong have experienced rapid expansion rate in non-residential section during the last few years due to the implementation of dedicated novel construction methods like reclamation and design-and-build methods. An extensive application range in residential buildings varying from a mixed-space building to a single family house is directing towards amplified market demand. The rising significance of green products in different infrastructures has also fueled the growth of the structural steel as it is completely recyclable without any degradation. Commercial buildings industry is experiencing augmented number of big box, grocery, and drugstore stores during the last few years due to strong online sales along with excessive discounts. Rising investment in community infrastructure and enhancement in investors as well as consumers’ confidence are expected to boost the growth of the global market further in approaching years.
Regional Outlook and Trend Analysis
Northern Asia rules the global market due to rapid industrial development, technological advancements, increasing construction expenditure, and high GDP growth rates. China is anticipated to appear as the leading country in this region owing to population expansion combined with elevated GDP expansion. Rising number of public-private partnership (PPP) projects are expected to compliment the market demand further. Favorable government regulations involving Make-in-India combined with major augment in foreign direct investments are expected to remain the major market growth driving factor for the South Asian countries. The optimistic developments in the financial conditions of region are expected to promote developments in the housing & residential segment during the forecast years. North American market is anticipated to grow at a compound annual growth rate of 3.4% during the forecast years.
Competitive Outlook and Trend Analysis
Major industry participants are Nippon Steel & Sumitomo Metal Corporation, Arcelor Mittal S.A., Hebei Group, POSCO, Baosteel Group Co., Wuhan Group, Hyundai Steel Co. Ltd. (HSC Ltd.), Bohai Group, Anshan Iron & Steel Group Corporation, Baogang Group, Anyang Group Co. Ltd., and Tata Limited among others. Other major companies in the global market are also implementing several strategic initiatives involving mergers & acquisition to achieve a superior competitive edge and intensify their geographic range.
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The global structural steel market is segmented as follows –
By Application
Non-residential
Industrial
Commercial
Offices
Institutional
Residential
By Region
North America
U.S
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia Pacific
Rest of the World
Brazil
South Africa
Saudi Arabia
United Arab Emirates
Others
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Some of the key questions answered by the report are:
· What was the market size in 2014 and forecast from 2014 to 2023?
· What will be the industry market growth from 2014 to 2023?
· What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
· What are the major segments leading the market growth and why?
· Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
Qurate Business Intelligence
Nehal Chinoy
+919881074592
nehal@qurateresearch.com
Source: EmailWire.Com 
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