The steel structure market has seen significant activity from major industry players focused on expanding their businesses and launching new products. These efforts have contributed to a consolidation of the market as companies strive to capture a larger share.
A recent report by Allied Market Research, titled “Steel Structure Market by Product (Angles, Channels, and Rounds), and Application (Industrial, Commercial, Institutional, and Residential): Global Opportunity Analysis and Industry Forecast, 2024-2032,” provides insight into the market’s growth trajectory. The report notes that the steel structure market was valued at $118.9 billion in 2023, with projections suggesting it will reach $169.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.1% from 2024 to 2032.
Several factors are driving this growth. Rapid urbanization in emerging economies is leading to an increased demand for residential, commercial, and industrial buildings. Steel structures are favored for these developments due to their strength, durability, and design flexibility. Additionally, major infrastructure projects, such as bridges, airports, and highways, heavily depend on steel structures, further boosting the market.
The market is segmented by product types, including angles, channels, and rounds, with the angles segment dominating in 2023. Rapid industrialization and infrastructure development, particularly in regions like North America, Europe, and Asia-Pacific, are creating new opportunities for steel structure manufacturers. These regions, with their extensive industrial facilities and infrastructure, are crucial markets for steel structures.
The report also highlights the impact of the COVID-19 pandemic on the market. The pandemic led to the temporary closure of manufacturing firms and disrupted the production and sale of steel structures globally, particularly during the early stages of the lockdowns.
From an application perspective, the market is divided into industrial, commercial, institutional, and residential sectors. Innovations in steel production and fabrication, such as the development of high-strength steel and automated manufacturing processes, have made steel structures more cost-effective and efficient, driving their adoption across various applications.
Geographically, Asia-Pacific led the market in 2023, accounting for over one-third of the market share. The region’s growth is driven by the rise in commercial and residential building projects, with China holding the largest share in the Asia-Pacific steel structure market.
Key players in the steel structure market include P&R Metals Inc., Arcelor Mittal S.A., Baogang Group, and several others. These companies are actively pursuing strategies like product launches, business expansions, and acquisitions to enhance their market positions.
In conclusion, the steel structure market is poised for steady growth, driven by urbanization, infrastructure development, and innovations in steel production. Major players continue to expand and innovate, ensuring their relevance and competitiveness in this evolving market.
