Structural Steel Market Scope By Application, Region And Forecast To 2027

22/giu/2020 13:28:38 Grand View Research Contatta l'autore

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Structural Steel Market

San Francisco, 22 June 2020: The Report Structural Steel Market Size, Share & Trends Analysis Report By Application (Non-residential (Industrial, Commercial, Institutional), Residential), By Region, And Segment Forecasts, 2020 – 2027

The global structural steel market size is expected to reach USD 155.1 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 5.6% over the forecast period. New residential construction activities are witnessing a moderate growth rate in developed countries such as U.S., Germany, and Canada. This, in turn, drives the demand for various structural steel products including channels, wide-flange shapes, plates, and angles.

COVID-19 pandemic had an adverse effect on structural steel market. It led to dried up demands, broken supply chains of iron ore distribution and shortage of labor. This has caused slowdown in structural steel production and shrinkage in growth of the market. However, growth in the mining industry is predicted to be initiated from Q3 of 2020, as enterprises in China has reported return of the workers in the facilities.

Pre COVID-19 Factors

  • Rise of construction activities in the developing countries like India, China among others, has been crucial in boosting demand in the sector. Housing programs in these countries for the people is substantial in keeping the activities growing. Social sector programs like ‘Housing For All’ in India plays an important role, and after lockdowns are lifted, this sector will help in improving the growth rate.
  • Multiple benefits of structural steel like high strength, elasticity, uniformity, ductility, toughness, light weight, recyclability, and ease of fabrication, provides a profitable ground for its usage in multiple activities. These benefits make it a material highly sought after by the stakeholders.

Access Research Report of Structural Steel Market

Some Recent Developments in Structural Steel Market

  • Innovations are the harbinger of developments and structural steel sector is not unknown from it. For example, in 2019, the world's biggest steelmaker, ArcelorMittal, has introduced Steligence, a new steel concept specifically designed to offer 'the best in class steel solutions' for the construction industry. Steligence introduced ‘a truly integrated approach to the construction process for the first time'. The product was developed as a one-stop shop with a team of world-class experts and is claimed to offer 'a comprehensive portfolio featuring a proprietary suite of 13 patented steel products for construction, categorized by flooring, beams, sections, interiors and facades'.
  • In China, as a developmental change for the China’s biggest Steel producing region HeiBei, Special railways are built to carry coal and manufactured steel. This has been a positive change as replacement of transport mode will reduce emission and pollution as well as improve efficiency of transportation.
  • From December 1, 2019, Global steel group ArcelorMittal temporarily suspended production at its steel plant in Hunedoara, Romania, which is part of the ArcelorMittal Europe - Long Products division. This decision was arrived at due to the steep rise in electricity as well natural gases prices.

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