According to the report titled ‘Structural Steel Market Size, By Product, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with MarketStudyReport, structural steel market is anticipated to grow significantly during the forecast period 2020-2026.

 

Upsurge in construction activities across verticals such as residential, industrial, and commercial, in consort with product availability in varied chemical composition and shape are propelling growth of structural steel market.

 

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Notably, structural steel has properties such as high tensile strength, resistance to rust and fungi, and ability to withstand harsh weather conditions or extreme forces such as strong winds, heavy snow, earthquakes, and hurricanes, which make it a desirable component for construction activities.

 

Based on product, L shaped heavy structural steel segment is likely to exhibit 6% CAGR through 2026, owing to usage in reinforcements & trim, brackets, and framing. While hollow steel section (HSS) of light structural steel segment is poised to surge at 2.5% CAGR during 2020-2026, as it used in oil rigs, bridges, power transmission towers, guard rails, highway signs, and others.
 

With respect to application, structural steel market share from offices non-residential segment is estimated to grow at 3.5% CAGR during the projected timeframe.
 

From a regional standpoint, Latin America market accounted for $3.73 billion in 2019 and is reckoned to grow further, on account of emphasis on technological innovations and their swift integration across the region.

 

The competitive landscape of global structural steel market includes top companies like Shaaban Steel Co. Ltd., ArcelorMittal S.A., Steel Authority of India Limited, Jiangsu Shagang Group Company Limited, China Steel Corporation, Hesteel Group Company Limited, Hyundai Steel Co. Ltd. (HSC), Nippon Steel Corporation, Shyam Steel Industries Limited, POSCO, Novolipetsk Steel, Anyang Iron & Steel Group Co. Ltd., Evraz Group, VISA Steel Limited, Tata Steel Limited, and China Baowu Steel Group Corp. Ltd. among others.