Sellbyville, DE -- (SBWIRE) -- 11/16/2018 -- Structural Steel Market from energy development application is anticipated to surpass 45 million tons by 2024. Optimizing costs and risks of installing large offshore platforms and different construction strategies have been developed including the use of the product, thus stimulating product demand.

Structural steel industry size from industrial application may reach up to 125 million tons by 2024. Rise in consumer awareness towards green construction material by further reducing greenhouse gas emissions will favor product demand.

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Structural Steel Market size is set to surpass USD 420 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing awareness among consumers owing to benefits including design flexibility, faster completion and energy efficiency of prefabricated building projects using heavy and light sized products is anticipated to drive demand of structural steel products. Increase of infrastructure development projects in China, Japan, South Korea and India with improving standards of living and necessities for sanitation are likely to stimulate product demand.

Structural steel exhibits excellent ductility, high strength, seismic resistance, and speed of erection. Rising application scope in non-residential applications including healthcare buildings, data centers, institutions, airports, offices and stadiums is projected to foster product demand. Increasing emphasis on technological development will facilitate faster manufacturing process with uniformity, user-friendly procedures to reduce quality issues will boost industry growth.

- Structural Steel Market By Product

- Heavy Sectional Steel
- Light Sectional Steel
- Rebar

- Structural Steel Market By Application

- Residential
- Non-Residential
o Commercial
o Institutional
o Offices
o Health Buildings
- Industrial
o Energy Development
o Onshore
o Offshore
o Station & Hangers
o Bridges
o Others
- Others

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The growing preference for metal structures considering their cost-saving, creativity, and durability benefits is poised to impel structural steel market trends. The material has indeed been used prominently in most of the construction structures comprising towers, multistory buildings, bridges, airports terminals, and industrial buildings of late. Considering that the deployment of metal structures in various residential and industrial building construction leads to better reliability and ensured high load carrying capacity, giants in the structural steel industry have been focusing on the development of waste and scrap free steel products.

Having identified the potential benefits of structural steel, a few days before, the European Standard, BSI revised the specific requirement for structural steelwork which could ensure the material's mechanical durability, stability, resistance, and serviceability. This upgradation of material manufacturing standards will help steelwork companies maintain a high level of assurance and quality of structural steel that would meet the design requirement of various construction projects. The upgradation depicts the vast expanse of Europe structural steel industry and the supposed influence of changing standardization policies on the market dynamics. As per estimates, Europe structural steel market will grow a CAGR of more than 3% over 2018-2024.

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Global structural steel market share is moderately fragmented with major players including ArcelorMittal, POSCO, SAIL, Erdemir Group, Nucor Corporation, Voestalpine AG, Jindal and TATA. Other prominent industry participants include Evraz Group, Shaaban Group, BCI Limited, and Riva Fire.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.