Top Companies in Structural Steel Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research

Structural Steel Market is projected to reach USD 130.9 billion by 2028 at a CAGR of 5.1% over the forecast period.

Top Companies in Structural Steel Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
structural steel market

The Global Structural Steel Market is valued at USD 97.1 billion in 2021 and is projected to reach USD 130.9 billion by 2028 at a CAGR of 5.1% over the forecast period. Due to its recycling capacity, Structural Steel is considered a green building material. Therefore, an increase in the country's green building stock is projected to fuel market expansion in the coming years. Due to increased disposable income and technological developments in prefabricated and pre-engineered building projects across the whole construction industry, the market for Structural Steel is anticipated to expand steadily in the upcoming years. In the upcoming years, the Structural Steel market is anticipated to rise due to the high need for infrastructure in developing nations like China and India.

Structural steel demand is expected to continue, primarily driven by infrastructure developments in developed and developing nations. One of the main variables influencing product demand is the expanding housing needs caused by the rising population worldwide.

However, a lack of knowledge about these Structural Steel advantages may limit market expansion in the building sector. The primary issue limiting the growth of the Structural Steel market is the fluctuating cost of raw materials.

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Amidst Exponential Growth in Structural Steel Adoption, What Trends Should We Look Forward to?

  1. A greater focus on innovation in green construction materials is one of the trends in the construction sector that is anticipated to drive demand for Structural Steel building designs throughout the forecast period. The growth of the Structural Steel market will be aided by adopting these recyclable, environmentally friendly materials that lower greenhouse gas emissions.
  2. Expanding other building constructions like roads and bridges also drives the need for Structural Steel. Government programs and growing funding for the development of smart cities are also anticipated to support market expansion over the forecast period.
  3. Due to its great tensile strength, flexibility, and corrosion resistance, Structural Steel is utilized in the construction of ships, lorries, trains, and other forms of transportation. These elements are fueling the transportation sector's need for Structural Steel.
  4. A popular new building technique in the Structural Steel market's commercial and residential construction sectors is the light gauge steel frame (LGSF) structure. Cold-formed steel is used in this technology. Typically, a light gauge steel frame is used for the building's complete structure, including the roof, walls, roof panels, floors, and decks.

The Structural Steel market is dominated by globally established players such as Clariant AG (Switzerland), BASF SE (Germany), Huntsman International LLC (US), Bayer AG (Germany), The DOW Chemical Company (US), Solvay (Belgium), Nufarm (Australia), Evonik Industries AG (Germany), Croda International PLC (UK), Helena Agri-Enterprises LLC (US), Ashland Inc. (US), Land O’ Lakes Inc. (US), FMC Corp. (US), ADAMA Ltd. (Israel), Stepan Company (US), Baogang Group (China), Gerdau S.A. (Brazil), Nippon Steel Corporation (Japan), Tata Steel (India), Arcelor Mittal (Luxembourg), Evraz PLC (UK), JSW Steel Ltd. (India), POSCO (South Korea), Steel Authority of India Ltd. (India), and Anshan Iron & Steel Group Corporation (China) to name a few. These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Structural Steel market.

Let's Look at the Top 5 Companies That are Taking the Structural Steel Market by Storm

The Structural Steel Market is expected to grow from USD 97.1 billion in 2021 to USD 130.9 billion in 2028 due to rising demand for sustainable development and increased usage of metals in various sectors, including building, the automobile industry, and others. Additionally, it is anticipated that the industry will benefit from expanding the global economy.

  1. Anshan Iron & Steel Group Corporation (China)

Chinese state-owned steel producer Anshan Iron & Steel Group Corporation. The State Council's State-owned Assets Supervision and Administration Commission was in charge of overseeing the corporation. It is a significant Structural Steel production.

  1. SAIL (India)

The Steel Authority of India Limited is a Maharatna of the Central Public Sector Enterprises and one of India's major steel manufacturers (SAIL). Iron and steel are produced in five integrated facilities and three specialty steel factories run by SAIL, largely in India's eastern and central regions and close to domestic raw material sources. SAIL manufactures and sells a range of Structural Steel products.

  1. Tata Steel (India)

As the first integrated private steel firm in Asia, Tata Steel was founded in India in 1907. It owns and runs captive mines that support continuous raw material supply, cost competitiveness, and production efficiency. This ensures the production of Structural Steel at the lowest cost in Asia.

  1. JSW Steel (India)

A flagship business of the JSW Group, JSW Steel Limited is a Mumbai-based international steel producer. The second-largest private Structural Steel firm in India is now JSW Steel due to the amalgamation of ISPAT Steel and Jindal Vijayanagar Steel Limited.

  1. Evraz PLC (UK)

Russian billionaires hold a portion of EVRAZ PLC, a multinational Structural Steel manufacturing and mining firm with U.K. incorporation. It primarily conducts business in Russia, the USA, Canada, and Kazakhstan.

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