The Structural Steel Market was estimated at USD 285 Billion in 2019 and is projected to surpass USD 500 Billion by the year 2026.

Ocean View, DE -- (SBWire) -- 04/06/2020 --Massive growth in construction activities across the world will have a major impact on structural steel market forecast, in terms of production as well as consumption. Structural steel is essentially a type of steel construction material that is manufactured in a certain shape or cross-section, with some chemical composition and high values of strength. It is primarily used as a to counter the low ductility and tensile strength of the concrete.

The material is known to be 100% recyclable and is one of the most reused materials in the world. Structural steel involves a wide variety of manganese or low carbon steel which are used in a large number of marine and civil engineering applications. The product is manufactured in plate shapes and sections that are further used to build ships, pipelines, buildings and bridges.

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It uses low carbon material that has high strength and low ductility with most structural steel sections in use being channels, flats, angles and beams. Growing global population has induced rapid urbanization which has further necessitated the growth of the infrastructure sector for basic amenities like education institutions, healthcare facilities, commercial as well as residential spaces, fueling global structural steel market size in the near future.

With 50% of the global population already living in urban areas, the World Bank has predicted that the urban population of the world will be increasing by 1.5 times reaching up to 6 billion in the year 2045. This has encouraged multiple national leaders to seek further development and provide basic infrastructure, affordable housing and services according to the need of the population.

Regional Growth Drivers of structural steel market are -

- North America: Growing Steel consumption and increasing residential housing units
- Europe: Growth in Residential and Non-Residential infrastructure
- Asia Pacific: Growing infrastructure and increasing number of skyscrapers

The U.S. has been largely involved in developing smart cities and upgrading the existing infrastructure. The government in the country had taken a pledge to support public work projects that will be boosting the investments for domestic infrastructure and engineering firms over the coming years, creating lucrative opportunities for structural steel manufacturers.

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Structural steel can also be used in pipes that are mainly made into cylindrical tubes largely utilized across the oil and gas operations worldwide. The pipes are mostly used in transporting products such as water and oil & gas from long distances that have encouraged the adoption of structural steel pipes in the construction of energy infrastructure, including offshore platforms.

As of June 2019, Kuwait had over US$494 billion worth projects active, that included basic infrastructure construction activities like building hospitals, schools, buildings, Nearly 44% of the total projects under construction were in the oil and gas sector The data represents a large existing as well as future market for structural steel in the Middle East region.

The country has been planning to increase capital spending on oil & gas projects substantially, which will open up prospects for several other industry verticals. Consistent expansion of public as well as energy infrastructure in Middle East and Africa region will expand the demand for structure steel to a great extent.

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Prominent Players of Structural Steel Market are –

ArcelorMittal S.A., Shagang Group Co., Ltd., Hesteel Group Company Limited, Nippon Steel & Sumitomo Metal Corporation, POSCO, VISA Steel,Steel Authority of India Limited, Anyang Iron & Steel Group Co., Ltd, China BaoWu Steel Group Corporation Limited, Tata Steel, China Steel Corporation, Novolipetsk Steel, Evraz Group, Hyundai Steel Co., Ltd. (HSC), SHYAM STEEL INDUSTRIES LIMITED, Shaaban Steel, Gerdua S/A JSW Steel Limited, Maanshan Iron and Steel Company, Nucor Corporation, Nanjing Iron & Steel United Co., Ltd, Erdemir Group, Hunan Valin Iron & Steel Group Co,. Ltd HBIS Group Co. ltd, JFE Steel Corporation, Voestalpine AG, Severstal, SSAB AB, InfraBuild, Gunung Steel Group, Jindal Steel and Power Ltd, Salzgitter AG, Stahlwerk Thüringen GmbH , AFV Acciaierie Beltrame, Duferdofin-Nucor, Riva Fire SpA, Celsa Cia Espanola de Laminacion SL, British Steel, POSCO SS Vina, AK Steel Holding Corporation