Steel Structure Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product, by Application : Global Opportunity Analysis and Industry Forecast, 2024-2032

Market Introduction and Definition

Steel structure refers to a construction method or system in which steel components such as beams, columns, and plates are used as the primary structural elements to support loads & provide stability to buildings, bridges, and towers. Steel structures are characterized by their strength, durability, and versatility, making them popular in various construction projects. The key components of a steel structure include beams, columns, trusses girders, and bracings.

Key Takeaways:

• The steel structure market overview study covers 20 countries. The research includes a segment analysis of each country in terms of value ($million) for the projected period.
• More than 1, 500 product literatures, industry releases, annual reports, and other such documents of major energy storage system industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
• The study integrated high-quality data, professional opinions & analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions to achieve their most ambitious growth objectives.

Industry Trends:

• In March 2024, India’s major steel companies, including Tata Steel and JSW Steel, collaborated to invest in increasing the steel capacity by at least 22 million tons per year in the 2024-2025 fiscal year.
• In March 2024, JSW Steel Italy SRL signed an agreement with the Italian government to re-start production operations at the Piombino plant via a $145 million investment.
• In December 2023, Japan based Nippon Steel Corporation planned to acquire U. S. Steel. The acquisition aims to expand its steel business globally.

Key Market Dynamics

Several factors contribute in driving the growth of the steel structure market. The rapid pace of urbanization globally, coupled with increasing investments in infrastructure projects such as residential buildings, commercial complexes, bridges, and industrial facilities creates significant demand for steel structures. The exponential growth in global population is boosting the need for housing, transportation, and public amenities. Steel structures offer a versatile and cost-effective solution for accommodating the growing population through the construction of residential buildings, schools, hospitals, and transportation infrastructure. As economies develop and industrialize, there is a high demand for industrial facilities, warehouses, manufacturing plants, and distribution centers. Steel structures are well-suited for these applications due to their strength, durability, and adaptability to various industrial processes.

Innovations in steel manufacturing, fabrication, and construction techniques have led to greater efficiency, productivity, and cost-effectiveness in the production and assembly of steel structures. Advanced technologies such as Building Information Modeling (BIM) , computer-aided design (CAD) , and robotic fabrication enable architects, engineers, and construction companies to design and construct complex steel structures with precision and accuracy.

Value Chain Analysis of the Global Steel Structure Market

Value chain analysis of the global steel structure market involves understanding various activities and processes involved in the production, distribution, and sale of steel structure, as well as identifying key players and their roles within the industry.

• Raw Material Sourcing: The value chain begins with the extraction & processing of raw materials such as iron ore, coal, and other alloys used in steel production. Raw material suppliers play a critical role in providing high-quality inputs to steel manufacturers.
• Steel Manufacturing: The next stage involves the conversion of raw materials into steel through processes such as smelting, refining, and casting. Steel manufacturers produce different types of steel products, including structural beams, plates, and pipes, which are used in construction & industrial applications.
• Fabrication and Processing: After steel is produced, it undergoes further processing and fabrication to create customized structures according to project specifications. Fabricators cut, bend, weld, and assemble steel parts into beams, columns, or trusses.

• Distribution and Logistics: After fabrication, steel structures are transported from manufacturing facilities to construction sites or distribution centers. Logistics companies play a crucial role in managing transportation, storage, and inventory of steel products, ensuring timely delivery & efficient supply chain management.

• Construction and Installation: At the construction site, steel structures are installed according to architectural and engineering plans. Construction companies, contractors, and subcontractors are responsible for supervising the assembly, welding, and installation of steel components to create buildings, bridges, and towers.

• Maintenance and After-sales Services: After steel structures are installed, continuous maintenance & after-sales services are required to ensure structural integrity, safety, and longevity. Maintenance activities include inspections, repairs, painting, and corrosion protection to preserve the quality & performance of steel structures over time.

• End Users and Customers: The ultimate beneficiaries of steel structures are end users, including building owners, developers, governments, and industrial enterprises. They utilize steel structures for various purposes such as commercial buildings, residential housing, transportation infrastructure, energy facilities, and manufacturing plants.

• Research and Development: Innovation and continuous improvement are essential components of the steel structure value chain. Research institutions, steel manufacturers, and engineering firms invest in R&D activities to develop new technologies, materials, and construction methods that enhance the performance, sustainability, & cost-effectiveness of steel structures.

• Regulatory Compliance and Standards: Throughout the value chain, adherence to regulatory requirements, industry standards, and quality certifications is critical to ensuring the safety, reliability, and compliance of steel structures with building codes & regulatory guidelines.

Market Segmentation

The steel structure market is segmented by product, application, and region.  Depending on product, the market is divided into angles, channels, and rounds. On the basis of application, the market is segregated into industrial, commercial, institutional, and residential. Region wise, the steel structure market share is analyzed across North America (the U.S., Canada, and Mexico) , Europe (Germany, the UK, France, Italy, and Rest of Europe) , Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific) , LAMEA (Latin America,  Middle East, Africa) .

Regional/Country Market Outlook

The regional and country market outlook for the steel structure market varies based on several factors including economic conditions, industrial development, infrastructure projects, regulatory policies, and construction activities.

• In the countries of North America such as the U.S. and Canada, the steel structure market is driven by robust construction activity, particularly in commercial & industrial sectors such as offices, warehouses, and manufacturing facilities. Infrastructure projects, including transportation and energy, contribute to market growth.
• European countries such as Germany, the UK, France, and Italy have a strong demand for steel structures in construction, automotive, and manufacturing sectors. Infrastructure upgrades, renewable energy projects, and industrial modernization drive market growth in these countries.
• Emerging markets in Eastern Europe, including Poland, Russia, and Turkey, present growth opportunities for manufacturers and suppliers of steel structure.
• Increase in investments in Asia-Pacific construction projects, manufacturing facilities, transportation infrastructure, and commercial buildings drive the demand for steel structure in the region.
• In Asia-Pacific, China, as the largest steel producer and consumer globally, represents a significant market for steel structure, especially in sectors such as manufacturing, logistics, and construction.
• In the Middle East, particularly countries such as the United Arab Emirates, Saudi Arabia, and Qatar, exhibit strong demand for steel structure driven by ongoing construction projects, industrial expansion, and infrastructure development initiatives.
• Latin American countries such as Brazil, Argentina, and Chile are key markets for steel structure, supported by infrastructure investments, industrial growth, and urban development projects.

Competitive Landscape

The major players operating in the steel structure industry include Arcelor Mittal S.A., Baogang Group, Evraz plc, Gerdau S.A, Nippon Steel Corporation, JSW Steel Limited, Tata Steel Limited, SAIL, Wuhan Iron & Steel (Group) Corp, and Hebei Steel Group.

Key Sources Referred

1. Global Construction Outlook 2023
2. World Steel Association
3. National Association of Architectural Metal Manufacturers (NAAMM)
4. Manufacturers Association (SMA)
5. American Institute of Steel Construction (AISC)
6. Ministry of Housing and Urban Affairs (India)
7. World Economic Forum
8. European Committee for Standardization (CEN)

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the steel structure market analysis from 2024 to 2032 to identify the prevailing steel structure market trend.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders maket profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the market segmentation assists to determine the prevailing steel structure market opportunity.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the steel structure market forecast analysis of the regional as well as global steel structure market trends, key players, market segments, application areas, and steel structure market growth strategies.