Structural Steel Market Report 2024

This Structural Steel market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The structural steel market size has grown strongly in recent years. It will grow from $102.97 billion in 2023 to $109.06 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed during the historic period can be attributed to rising demand for energy conservation, the need to reduce waste in construction, stringent regulations on carbon emissions, the urgency to address rapid deforestation, and increasing populations in expanding economies.

The structural steel market size is expected to see strong growth in the next few years. It will grow to $137.75 billion in 2028 at a compound annual growth rate (CAGR) of 6%. The anticipated growth during the forecast period can be attributed to the rising need for stainless steel, a growing interest in green building construction, the expansion of manufacturing industries, increased focus on recycling, and a rising demand for sustainable steelmaking practices. Key trends in this period include digitalization and Industry 4.0, building information modeling (BIM), advanced high-strength steel (AHSS), sustainable steel production, and advancements in automation and robotics.

The rise in construction of residential and commercial infrastructure is expected to boost the growth of the structural steel market. Residential and commercial infrastructure encompasses the buildings and facilities that support housing and business activities, including homes, apartments, offices, retail spaces, and other essential structures. The growth in this sector is driven by smart city initiatives, strategic infrastructure planning, affordable housing projects, and sustainability efforts led by government bodies. Structural steel is crucial for these projects due to its strength and versatility, providing essential support and stability for building frameworks and large-scale construction efforts. For example, the US Census Bureau reported in August 2024 that the value of construction operations for residential projects in the US increased from $875.5 billion in June 2023 to $939.8 billion in June 2024, a 7.3% rise. Similarly, the value of non-residential construction operations grew from $1.15 trillion in June 2023 to $1.21 trillion in June 2024, a 5.3% increase. Thus, the growing construction of residential and commercial infrastructure is driving the expansion of the structural steel market.

Leading companies in the structural steel market are focusing on developing steel building solutions to enhance construction methods. These solutions offer robust, versatile, and efficient methods for creating durable and adaptable infrastructure. For instance, in July 2022, APL Apollo, an India-based structural steel tubing company, introduced next-generation steel building solutions technology. This innovation features heavy structural tubular products designed to accelerate project completion while delivering superior quality, strength, cost-effectiveness, and environmental benefits. The prefabricated, precisely engineered tubular sections simplify fabrication, saving time and effort in constructing various structures such as hospitals, factories, and commercial offices.

In May 2024, Lainco Inc., a Canada-based structural project management firm, acquired Charpentes D'Acier Sofab Inc. for an undisclosed amount. This acquisition aims to position Lainco for continued success and growth in the structural steel sector, enhancing its ability to offer innovative solutions and maintain high service standards for a wider customer base. Charpentes D'Acier Sofab Inc. is a structural steel manufacturing company based in Canada.

Major companies operating in the structural steel market are Severstal, ArcelorMittal S.A., POSCO, China Baowu Steel Group Corp Ltd, Nippon Steel Corporation, Thyssenkrupp AG, Nucor Corporation, JFE Steel Corporation, Tata Steel Limited, United States Steel Corporation, JSW Steel, HBIS GROUP, Hyundai Steel Co Ltd, Ansteel Group, Voestalpine AG, Jiangsu Shagang Group Co Ltd, Gerdau S.A, Evraz Plc, Steel Authority of India Limited (SAIL), SSAB AB, Outokumpu Oyj, Anyang Iron & Steel Group Co. Ltd, British Steel Limited.

Asia-Pacific was the largest region in the structural steel market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the structural steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the structural steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Structural steel is a category of steel used in construction to support and shape buildings and infrastructure. It encompasses various shapes and sizes, such as beams, columns, and plates, designed to withstand specific loads and stresses. Its strength, durability, and versatility make it an essential material in structural engineering and construction.

The main types of structural steel are hot-rolled steel and cold-rolled steel. Hot-rolled steel is processed at high temperatures, typically above its recrystallization point, to achieve the desired shapes and properties. This method results in a material with enhanced strength and durability. Products include heavy sectional steel, light sectional steel, and rebar, and these are used in both residential and non-residential applications.

The structural steel market research report is one of a series of new reports that provides structural steel market statistics, including structural steel industry global market size, regional shares, competitors with a structural steel market share, detailed structural steel market segments, market trends and opportunities, and any further data you may need to thrive in the structural steel industry. This structural steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The structural steel market consists of sales of carbon steel, high-strength carbon steel, weathering steel, and fire-resistant steel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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