Structural steel market | |
The global structural steel market size is |
bridges , and factories . Growth in the |
expected to reach US $ 146.41 billion by |
manufacturing sector is expected to propel |
2028 , according to a new report by Grand |
the need for new factories and plants . |
View Research , Inc ., expanding at a CAGR |
The non-residential application segment |
of 5.3 % over the forecast period . Market |
is anticipated to register the fastest CAGR , |
growth is attributed to growth in the |
in terms of revenue , over the forecast |
construction sector and rising demand for |
period due to rising renovation activities and |
steel as a green and sustainable material . |
spending on infrastructure development . The |
“ Structural steel is utilised for |
industrial sub-segment led non-residential |
construction-related applications . Its high |
applications in 2020 . Increasing construction |
carbon content offers high strength and |
of lightweight industrial building systems |
low ductility . It is available in the form of |
that make use of thin sheet-covered surfaces |
various shapes such as I-beam , Z-shape , |
is a recent technological development , |
angle , tee , bar and rod , depending upon |
which is driving demand for high-strength |
the applications . It can be customised into |
structural steel . |
a variety of shapes in different thicknesses |
“ Asia Pacific was the dominant regional |
and sizes , owing to its ductility . Based on |
market in 2020 and this trend is anticipated |
application , the market is segmented into |
to continue over the forecast period . |
residential and non-residential , where the |
Growing construction spending in developing |
latter dominates the market in terms of |
economies of this region is anticipated to |
revenue share ,” said the analyst . |
augment product demand . Companies are |
Growing spending on the commercial |
striving to recover from their losses caused |
sector & infrastructural developments across |
by the COVID-19 pandemic and are taking |
various nations is augmenting product |
initiatives , such as mergers & acquisitions |
demand in non-residential applications . |
and capacity expansions , to further widen |
Structural steel is widely used in numerous |
their reach ,” added the analyst . |
industrial sectors owing to its high strengthto-weight |
The Middle East & Africa is expected to |
ratio . In the construction industry , |
register the second fastest CAGR of 5.1 %, |
it is utilised in designing and building |
in terms of revenue , over the forecast |
industrial spaces such as warehouses |
period . n |