DUBLIN , Dec. 16, 2022 /PRNewswire/ -- The "Structural Steel Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
Structural steel is carbon steel, meaning carbon content is up to 2.1% by weight. Therefore, we can say that coal is the essential raw material for structural steel after iron ore. Many times, structural steel is used in various construction activities. Structural steel comes in numerous shapes, giving architects and civil engineers freedom in designing.
Structural steel is used to construct warehouses, aircraft hangers, stadiums, steel and glass buildings, industrial sheds, and bridges. In addition, structural steel is wholly or partially used to construct residential and commercial buildings. Structural steel is an adaptable and convenient construction material that helps in manufacturing versatility and provides structural strength without excessive weight, from commercial to residential to road infrastructure. Structural steel is also used in various industries such as power generation, electricity transmission & distribution, mining, etc. Most of the substructure components in the mines are supported by structural steel beams and columns. Structural steel is used to construct all workshops, offices, and mine structural sections such as mining screens, fluidized bed boilers, and structures.
Structural steels are often specified by industry or national standards such as the American Society for Testing and Materials (ASTM), British Standards Institution (BSI), International Standards Organisation (ISO), and so on. In most situations, standards specify fundamental requirements, such as chemical composition, tensile strength, and load-carrying capacity. Many standards across the world specify structural steel forms. In brief, standards specify angles, tolerances, dimensions, and cross-sectional measurements of steel called structural steel. Many sections are manufactured by hot or cold rolling, while others are formed by welding flat or curved plates together. The structural steel beams and columns are connected by using welding or bolts. Steel structures are widely used in the construction of industrial sheds due to their ability to withstand enormous loads and vibrations. Additionally, ships, submarines, supertankers, ladders, steel floors and grating, steps, and manufactured steel pieces are examples of maritime vehicles that use structural steel. Structural steel can withstand external pressures and is quickly produced. These characteristics make structural steel suitable for use in the naval industry. Therefore, many structures that support the marine industry, such as docs and ports, use a wide range of steel structures.
Growing Market of Light Gauge Steel Framing
Light gauge steel frame (LGSF) structure is a new-generation construction technology widely used in residential and commercial construction in the structural steel market. This technology uses cold-formed steel. Generally, a light gauge steel frame is applied for roof systems, wall systems, roof panels, floor systems, decks, and the entire building. Designing LGSF structures offers great flexibility in the design. Compared to conventional RCC and wooden structures, the LGSF can be used for long distances, providing flexibility in design. Using steel in construction permits designers and architects to design freely by taking advantage of the high strength of steel. This flexibility of LGSF offers a large floor area compared to RCC structures. The LGSF technology is cost-effective for constructing residential and commercial buildings; therefore, the demand for LGSF structures is expected to grow in emerging economies due to the low disposable income of people.
Growing Demand for Sustainable Construction Materials
The demand for sustainable construction materials is increasing rapidly in the global structural steel market as these materials are environmentally friendly and help the construction industry to practice sustainable development. Structural steel is one of the sustainable construction materials for the construction industry that has been used in many buildings and industrial shed projects. Structural steel is widely used in industrial sheds; structural steel components get damaged because of continuous wear and tear due to various manufacturing activities. Therefore, structural steel components are regularly replaced and repaired to maintain structural integrity. Structural steel is a highly recyclable construction material that is generally used in industrial sheds and some residential structures. Additionally, structural steel buildings' life is more than regular bricks and concrete structures. Steel structures take less time to construct, and the wastage of materials is less due to the pre-engineered nature of construction.
The maintenance cost of structural steel buildings is higher than conventional buildings. For example, if the steel column gets damaged, you need to replace the whole column, but for conventional columns, there are some procedures to repair that damage. Similarly, steel structures need anti-rusting coating and paint more often to prevent steel structures rust. These anti-rust coats and paints increase the maintenance cost for steel structures; thereby, the expensive maintenance causes a hindrance to the growth of the structural steel market.
The major players in the structural steel market have formed strategic partnerships with various building and industrial shed construction companies and the various industries that use structural steel. This gives companies a competitive advantage that boosts their market share.
The key companies have developed aftermarket services that create value for their customers. Companies in the structural steel industry compete strategically. The growth in sustainable processes and initiatives has challenged all companies globally. Investments in R&D, technological advancement, and environmental and economic challenges drive the demand for innovative and sustainable structural steel products. Some key players in the global structural steel market include ArcelorMittal (Luxembourg ), Tata Steel (India ), Nippon (Japan ), Hyundai Steel (South Korea ), and Shougang (China ). These players have adopted strategies such as expansion, acquisitions, new product development, joint ventures, and others to increase their revenues in the structural steel market.
Furthermore, other prominent companies such as Anyang Iron & Steel Group (China ), British Steel (UK), Emirates Steel (UAE), Evraz (UK), and others have invested significant capital in R&D to develop structural steel products that will appeal to the customers. Therefore, these other prominent companies are giving tough competition to major companies. Key Vendors
Anyang Iron & Steel Group Co., Ltd.
China Ansteel Group Corporation Limited
Steel Authority of India Limited (SAIL)
Tangshan Jun Nan Trade Company Limited
Key Questions Answered: 1. How big is the structural steel market? 2. What is the projected market size of the global structural steel market by 2027? 3. What is the growth rate of the global structural steel market? 4. Which region dominates the global structural steel market? 5. What are the primary trends in the structural steel market? 6. Who are the key players in the global structural steel market? Key Topics Covered: 1 Research Methodology 2 Research Objectives 3 Research Process 4 Scope & Coverage 4.1 Market Definition 4.1.1 Inclusions 4.1.2 Exclusions 4.1.3 Market Estimation Caveats 4.2 Base Year 4.3 Scope of the Study 4.3.1 Market Segmentation by Geography 5 Report Assumptions & Caveats 5.1 Key Caveats 5.2 Currency Conversion 5.3 Market Derivation 6 Premium Insights 6.1 Introduction 6.1 Market Synopsis 6.1.1 Enablers 6.1.2 Opportunities 6.1.3 Challenges 6.2 Segment Review 6.2.1 Application 6.2.2 Type 6.3 Geography 6.4 Companies & Strategies 7 Market at a Glance 8 Introduction 8.1 Overview 9 Market Opportunities & Trends 9.1 Innovation & Technological Advances in Steel Industry 9.2 Residential & Infrastructure Development 9.3 Demand for Sustainable Construction Materials 10 Market Growth Enablers 10.1 Rapid Industrialization of Emerging Economies 10.2 Growth of Light Gauge Steel Framing Market 11 Market Restraints 11.1 Expensive Maintenance 11.2 Fluctuations in Raw Material Prices 12 Market Landscape 12.1 Market Overview 12.2 Market Size & Forecast 12.3 Five Forces Analysis 12.3.1 Threat of New Entrants 12.3.2 Bargaining Power of Suppliers 12.3.3 Bargaining Power of Buyers 12.3.4 Threat of Substitutes 12.3.5 Competitive Rivalry 12.4 Value Chain Analysis 12.4.1 Raw Material Suppliers 12.4.2 Manufacturers 12.4.3 Distributors 12.4.4 End-Users 12.5 Macro Economic Factors 13 Application 13.1 Market Snapshot & Growth Engine 13.2 Market Overview 13.3 Infrastructure 13.3.1 Market Overview 13.3.2 Market Size & Forecast 13.3.3 Market by Geography 13.4 Industrial 13.4.1 Market Overview 13.4.2 Market Size & Forecast 13.4.3 Market by Geography 13.5 Commercial 13.5.1 Market Overview 13.5.2 Market Size & Forecast 13.5.3 Market by Geography 13.6 Residential 13.6.1 Market Overview 13.6.2 Market Size & Forecast 13.6.3 Market by Geography 14 Type 14.1 Market Snapshot & Growth Engine 14.2 Market Overview 14.3 Hot-Rolled Steel 14.3.1 Market Overview 14.3.2 Market Size & Forecast 14.3.3 Market by Geography 14.4 Cold-Rolled Steel 14.4.1 Market Overview 14.4.2 Market Size & Forecast 14.4.3 Market by Geography 15 Geography
16 APAC 17 North America 18 Europe 19 Latin America 20 Middle East & Africa 21 Competitive Landscape 21.1 Competition Overview 22 Key Company Profiles 22.1 Arcelormittal 22.1.1 Business Overview 22.1.2 Financial Overview 22.1.3 Product Offerings 22.1.4 Key Strategies 22.1.5 Key Strengths 22.1.6 Key Opportunities 22.2 Nippon Steel Corporation 22.2.1 Business Overview 22.2.2 Financial Overview 22.2.3 Product Offerings 22.2.4 Key Strategies 22.2.5 Key Strengths 22.2.6 Key Opportunities 22.3 Shougang 22.3.1 Business Overview 22.3.2 Financial Overview 22.3.3 Product Offerings 22.3.4 Key Strategies 22.3.5 Key Strengths 22.3.6 Key Opportunities 22.4 Tata Steel 22.4.1 Business Overview 22.4.2 Financial Overview 22.4.3 Product Offerings 22.4.4 Key Strategies 22.4.5 Key Strengths 22.4.6 Key Opportunities 22.5 Hyundai Steel 22.5.1 Business Overview 22.5.2 Financial Overview 22.5.3 Product Offerings 22.5.4 Key Strategies 22.5.5 Key Strengths 22.5.6 Key Opportunities 23 Other Prominent Vendors 23.1 Anyang Iron & Steel Group Co. Ltd. 23.1.1 Company Overview 23.1.2 Product Offerings 23.2 British Steel 23.2.1 Company Overview 23.2.2 Product Offerings 23.3 China Ansteel Group Corporation Limited 23.3.1 Company Overview 23.3.2 Business Overview 23.3.3 Product Offerings 23.4 Emirates Steel 23.4.1 Company Overview 23.4.2 Product Offerings 23.5 Evraz plc 23.5.1 Company Overview 23.5.2 Business Overview 23.5.3 Product Offerings 23.6 Gerdau S/A 23.6.1 Company Overview 23.6.2 Business Overview 23.6.3 Product Offerings 23.7 Hbis Group Co. Ltd 23.7.1 Company Overview 23.7.2 Business Overview 23.7.3 Product Offerings 23.8 Jsw Steel 23.8.1 Company Overview 23.8.2 Business Overview 23.8.3 Product Offerings 23.9 Nucor 23.9.1 Company Overview 23.9.2 Business Overview 23.9.3 Product Offerings 23.10 Posco 23.10.1 Company Overview 23.10.2 Product Offerings 23.11 Ssab Ab 23.11.1 Company Overview 23.11.2 Business Overview 23.11.3 Product Offerings 23.12 Steel Authority of India Limited 23.12.1 Company Overview 23.12.2 Business Overview 23.12.3 Product Offerings 23.13 Tangshan Jun Nan Company Limited 23.13.1 Company Overview 23.13.2 Product Offerings 23.14 Voestalpine AG 23.14.1 Company Overview 23.14.2 Business Overview 23.14.3 Product Offerings 24 Report Summary
For more information about this report visit https://www.researchandmarkets.com/r/336xgo
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