STRUCTURAL STEEL MARKET ANALYSIS

Structural Steel MarketSize and Trends

The global structural steel market size was valued at US$ 77.93 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.74% from 2023 to 2030. Strong growth of construction industry coupled with the increasing focus on high-rise buildings are prime factors propelling market growth. Moreover, growing advancement in engineering technology is further projected to augment market growth over the forecast period.

Figure 1. Global Structural Steel Market, By Regional, 2022

Global Structural Steel Market Trends:

Growing focus on energy efficient infrastructure

Structural steel is fire-resistant and can withstand extreme temperatures. This makes it a safe building material that can be used in a variety of construction environments, from residential to commercial. Typical applications of structural steel include bridges, pylons, and other structures that support heavy weights. It is also a popular choice for energy efficient infrastructure such as oil and gas pipelines. Hence, growing trend of energy efficient infrastructure is propelling market growth.

Long-term durability and affordability

The cost of producing structural steel is much lower than other building materials. This makes it an attractive option for building budgets, especially as it’s tensile and compression strengths mean that it can be used to create buildings with a high strength to weight ratio, which is the best way to reduce overall construction costs.