Structural Steel Market Size

Structural Steel Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The market for structural steel is expected to grow rapidly in the future, reaching $ 124.61 billion in 2025, with a projected increase to $ 211.46 billion by 2034. This growth rate will represent a strong CAGR of 6.1% over the forecast period. Among the main reasons for this growth, we would cite the need for the construction of new roads and railways, the growing need for urbanization, the use of sustainable construction practices, which favor the use of steel for its recyclability and its strength-to-weight ratio. Also, the development of new high-strength steels and the use of new fabrication methods will continue to boost the market. These innovations not only improve the performance of structural steel, but also reduce costs and improve the efficiency of the construction process. The main market players, such as ArcelorMittal, Tata Steel and Nucor, are undertaking strategic initiatives, such as alliances, R & D and the launch of new products, to take advantage of these trends and meet the evolving needs of the construction industry.

Regional Market Size

Regional Deep Dive

Structural Steel Market is experiencing a strong growth in different regions, driven by urbanization, the development of transport and communication systems, and the demand for sustainable building practices. North America is characterized by a high demand for steel in commercial and residential construction, while Europe focuses on the use of new steel solutions to meet the strictest European Union standards. Asia-Pacific is characterized by the rapid industrialization and urbanization processes, which lead to a rapid increase in the use of structural steel. The Middle East and Africa region is characterized by the large number of investments in the construction of new roads, railways, and ports, while Latin America gradually introduces modern building methods, which also affects the development of the market.

North America

• The United States, where the Biden administration has allotted $ 1.2 billion for the construction of new highways, is undergoing a great revival of the old system of roads, and the demand for structural steel has risen considerably.
• The use of the electric arc furnace by Nucor and others is reducing the carbon emissions and thereby influencing the market.
• In the United States, the regulations relating to the building codes, such as those in the state of California, are encouraging the use of high-strength steel, which is to give greater strength and reduce material.

Europe

• The European Union is aiming to make Europe climate-neutral by 2050. This means that the steel industry has to invest in cleaner production methods, such as hydrogen-based steelmaking.
• The construction industry is beginning to take on the task of reducing its carbon footprint. In this respect, ArcelorMittal, among other companies, is working to develop low-carbon steel products, which are becoming increasingly important in building projects in the region.
• In Germany, where the use of prefabricated elements is increasing, there is a growing demand for structural steel components. These prefabricated elements facilitate the construction process and reduce waste.

Asia-Pacific

• Steel is the most important building material in China, and the country's urbanization and the construction of the new road have greatly increased the demand for steel.
• The National Infra-structure Development Plan, with its goal of investing $1.4 trillion in national development projects by 2025, offers considerable opportunities for steel suppliers.
• The IoT is a big trend in Japan and South Korea. IoT is used to monitor the quality of steel, which is conducive to the construction of smart steel and IoT.

MEA

• The United Arab Emirates is investing heavily in large-scale projects such as Expo 2020 and the construction of skyscrapers, thus driving the demand for high-quality steel.
• The programme of development outlined in the Vision 2030 will be one of massive construction. It will mean a considerable rise in the demand for structural steel.
• The new regulations in countries such as Qatar are increasingly demanding sustainable solutions, which in turn are driving the use of eco-friendly steel.

Latin America

• Brazil’s expanding network of roads and railways has increased the demand for structural steels, particularly in the building industry.
• In Mexico, for example, the craze for modern construction methods, like steel truss construction, is due to the need for a faster and more efficient way of building.
• The government's housing and urban development policy will largely depend on the steel market, as the demand for cheap houses increases.

Did You Know?

“About fifty per cent of the world’s steel is used in construction, making it one of the most important materials in the structural steel market.” — World Steel Association

Segmental Market Size

Structural steel is experiencing a steady growth, as it is a vital material in the building and in the development of the country's infra-structure. The increasing urbanization and the need for durable, sustainable building materials are driving the demand. The increasing tendency towards a green economy and the use of sustainable building materials are also important drivers. The recyclability and strength-to-weight ratio of steel make it an ideal material for the construction of buildings.

In the steel industry, where a high degree of automation is already the rule, the introduction of new methods of production is still in the early stages. Steel is used mainly in buildings, bridges, and industrial plants. Its tensile strength and low cost make it a very popular material. The trend towards energy-saving buildings, the requirements of the EC, and the introduction of BIM are all accelerating the growth of this market.

Future Outlook

The Structural Steel Market is poised to grow at a strong CAGR of 6.1% between 2025 and 2034. This growth is driven by the growing demand for durable and sustainable building materials in emerging economies. By 2034, structural steel is expected to account for nearly 45% of the total construction material market, highlighting its critical role in modern construction.

A key development in the steel industry is the integration of smart manufacturing and the use of advanced steels. This will help increase the efficiency and sustainability of the steel industry. Also, the government’s policies to reduce CO2 emissions and promote green building will boost the use of structural steels. Steel offers better recyclability compared to other materials. Also, the growing use of prefabricated steel components and the growing use of prefabricated building methods will contribute to the growth of the market. Prefabricated construction methods enable faster construction and reduce labour costs. In this changing environment, the steel industry must be flexible to seize the opportunities and overcome the challenges posed by raw material prices and supply disruptions.