Market Research Future published a research report on “Structural Steel Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.
Posted May 5,2020 in Science and Technology.
Structural steel is recyclable, environmentally friendly, and helps in lowering greenhouse gas emissions. Resultantly, structural steel is extensively used in green building projects. The global structural steel market is witnessing a substantial rise over, the past few years, due to the burgeoning construction sector.
There is sustainable growth in the overall construction industry that is witnessing a considerable number of residential, non-residential, and infrastructure projects due to the rise in disposable income. Moreover, factors such as the technological advancements in the field of the prefabricated and pre-engineered building are escalating the market, globally.
Considering the exponential growth that the market witnesses currently, Market Research Future (MRFR), in its recently published study report asserts that the Impact of COVID-19 on Structural Steel Market will garner colossal accruals by 2023, registering a CAGR of 5.3% throughout the forecast period (2018 – 2023).
Additional factors such as the increasing urbanization and increasing investments predominantly led by the improving economic conditions are predicted to foster the growth of the market over the assessment period.
Increasing focus on innovation in green construction materials is one of the key trends in the construction industry, which is expected to fuel the demand for structural steel building designs over the forecast period.
Ever-increasing population worldwide is dramatic in many developing countries, particularly India and China, which represents a major driver in structural steel consumption.
The increasingly prosperous population not only creates a need for rapid improvements in infrastructure but also demands better living conditions and higher-quality housing. This, as a result, fosters the growth of the structural steel market, increasing the size of the construction market.
On the flipside, volatility in the prices and the demand and supply gap in the materials are some of the major factors expected to obstruct the growth of the market during the assessment period.
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Impact of COVID-19 on Structural Steel Market: Competition Analysis
Key players operating in the global Structural Steel Market includes ArcelorMittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, POSCO, Wuhan Group, Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, Hyundai Steel Co. Ltd., Bohai Group, and many others.
Global Structural Steel Market: Segmental Analysis
For a better understanding, the report is segmented into three key dynamics:-
By Product : Heavy Sectional Steel, Light Sectional Steel, and Rebar.
By Application : Residential, Non-Residential, and Infrastructure
By Region : Asia Pacific, Europe, North America, and the Rest-of-the-World.
Global Structural Steel Market: Regional Analysis
Geographically, the global structural steel market has been divided into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the world. Asia-Pacific region accounted for the largest market share in 2018, which is expected to witness a tremendous growth over the forecast period. Technological advancements in the construction industry is one of the major factors which fuels up the demand for structural steel market in this region.
Economies in emerging countries of Asia-Pacific region are strengthening and its positive demographic outlook suggests a long-term growth. As Asia-Pacific is slowly transitioning toward being the global economic powerhouse, the infrastructure needs, across the region are changing. There is a high demand for infrastructure projects, which in the process creates demand for imported building, which in turn fueling up the demand for structural steel market. Hence, the region is also anticipated to witness maximum growth rate over the forecast period.
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