Structural Steel Market Overview:
Worldwide structural steel market was priced at 82.1 billion US dollars in year 2014. Increase in demand for engineered constructions or PEB(prefabricated/ engineered buildings) due to suppleness/elasticity in design and ease of installation is predicted to drive the demand for structural steel in next few years.
PEBs are produced by using segments like beams, channels and angles. They also possess sustainable characteristics like insulation materials, solar panels on rooftops and recyclable steel material. These characteristics make PEBs cost effective and power efficient. It helps to minimize greenhouse effects and maintain clean environment and greener ecological surroundings.
As per the market sources, more than seventy percentage of the non-residential construction of all single storey constructions use PEB in developed economies like USA. In United States of America and other developed economies PEBs are used in applications like industries, offices, shopping malls, resorts and low rise buildings.
Shift in preference towards building production units like chemicals, automobiles and footwear specifically in Asia Pacific nations like India, Thailand, China, Indonesia and Vietnam is predicted to stimulate the demand for non-residential commercial construction. These regions are supported by government tax incentives and minimal labor charges.
Increasing reasonable housing schemes by authorities in the areas like Latin America and Asia Pacific is predicted to encourage the structural steel market demand for residential uses. These buildings are usually restricted to low rise edifices and generally prove to be reasonable.
Rising population combined with fast urbanization in nations like India and China is predicted to motivate more expenditure on construction in next few years. China has evolved as the biggest construction market and consisted for over forty one percentage spending in year 2012 with an projected value of over 1.1 trillion US dollars.
Fluctuating costs of raw materials like coking coal and iron ore are predicted to put pressure on the productivity for structural steel producers in a long run. Increasing application of scraps used as raw materials is predicted to enhance the profitability by consuming less energy in production. This aspect is predicted to increase market participant’s profitability and provide abundant opportunities for structural steel market growth.
Structural Steel Market By Application:
Non-residential construction was the biggest application section with a market evaluation of more than forty billion US dollars in year 2014. This application is predicted to observe a significant growth rate in next few years.
Rising demand for building shopping malls in tier-2 and tier-3 cities due to saturation in construction activities in urban areas specifically in Asia Pacific region is predicted to encourage the demand for non-residential uses. Other aspects like rising demand for office premises and healthcare as well as educational institutions are expected to drive the demand for non residential construction.
Residential application contributed to about forty five percentage of the total volume in year 2014. It is expected to grow at the rate of four percent CAGR from year 2015 to year 2022.
Structural Steel Market By Region:
North Asia structural steel market dominated the worldwide demand for steel with a total revenue share of more than forty five billion US dollars in year 2014. This region is projected to observe significant growth due to rising expenditure on construction in the countries like Japan and China.
Western Europe was the second biggest subcontinent and accounted for more than seven percent of total market share in year 2014. Low rates of inflation combined with reduction in economic tightening is predicted to propel the expenditure on construction industry in this region. Nations like Germany and UK are predicted to evolve as dominant ones in the region due to rising business of steel combined with increasing housing construction.
North America closely followed western Europe and is projected to observe moderate growth rate of CAGR of 3.2% from year 2015 to year 2022.
South Asia market was valued over four billion US dollars and is predicted to observe significant expansion and growth in next few years. Rising expenditure on construction to construct production units and retail malls in India is projected to encourage regional demand.
The world wide structural steel market is highly divided with large amount of primary and secondary manufacturers present across the value chain. Primary producers have accessibility to their own mines for raw materials like coking coal and iron ore. They are less dependent on third party supplies which is not the case with the secondary manufacturers.
Key market leaders operating in this structural steel market include Tata Steel Group, Hyundai Steel, Nippon Steel & Sumitomo Metal Corporation and Baosteel Group.
Other key steel producers include ThyssenKrupp, Baogang Group, Evraz Group, Anyang Iron & Steel Corporation, Valin Group , Hebei Steel Group and Wuhan Iron and Steel (Group) Corporation.
Company Name: Acute Market Reports
Contact Person: Chris Paul
Address:Office No 01, 1st Floor, Aditi Mall, Baner
Source: Structural Steel Market