Increasing use of product in construction of residential and non-residential building in Mexico, China, India, Japan and Middle East countries are major factor driving product demand. It offers properties including ductility, fire resistance, toughness and high strength, which intensify its usage in construction of pipeline, buildings, ships and bridges. Structural steels have extensive application in construction, transmission line towers and manufacturing sheds. These products are produced in numerous shapes including I-beam, angle L-shapehollow structural section HSS shape, Z-shape, and T-shaped.
Strong recovery of construction industry in developed markets of the U. Steel sections such as I-beams, angles, channels and wide flanges are widely used in construction industry owing to their exceptional design flexibility and energy efficiency.
Exponential technological advancements in industry for cost reduction and production maximization has fostered the demand of high performance structural steel.
Increasing application scope in a wide range of non-residential applications including healthcare facilities, data centers, big box retail stores, airports and manufacturing facilities is expected to foster the demand.
Emergence of private sector construction firms in India, Mexico and UAE is expected to further contribute in construction spending, positively influencing the market growth.
Application Insights The market has been segmented into residential and non-residential segments. The non-residential emerged as the dominant application segment inowing to increasing demand for high-quality construction material in industrial, commercial, offices and institutional buildings.
It is most commonly used in industrial building since the immense strength is beneficial not only for structural integrity but also for subsiding potential impact of repairs.
It is also ideal for building large bridges owing to its high level of durability and excellent strength-to weight ration which ensures withstanding the weight of cars and pedestrians. Structural steel market share by non-residential application, Emerging economies of Asia Pacific including Hong Kong and China have witnessed rapid growth rate in non-residential segment over the past few years owing to the adoption of specialized novel construction techniques such as design-and-build and reclamation methods.
A wide application scope in residential buildings ranging from a single family house to a mixed-space building is leading to augmented demand. Regional Insights North Asia dominates the industry owing to, technological advancements, rapid industrial development, high GDP growth rates, and increasing construction spending.
China is expected to emerge as the dominant country in the region due to population expansion along with high GDP growth. Increasing number of public-private partnership PPP projects are further expected to compliment the demand. Favorable government policies including Make-in-India along with significant rise in foreign direct investments are likely to remain the key drivers of market growth in South Asian economies.
An increase in the number of building permits released by the U. S Census Bureau has led to a rise in the construction of residential and no-residential buildings. The industrial revival driven by the shale gas deposits in U. S and access to cheaper energy is also likely to positively influence demand.
This innovation is considered to be a result of growing interest on earthquake-resistant reinforcing bars that delay the collapse of building structures and minimize damages when an earthquake hits.Industry Trends.
Structural Steel Market size was over USD billion in and industry expects consumption of above million tons by US Structural Steel Market Size, By Non-Residential Application, & , (Million Tons) Increasing awareness among consumer about design and flexibility in construction materials is .
Steel Industry STEEL INDUSTRY ANALYSIS 1. Industry trends: Indian and Global perspectives, recent happenings. Steel is the back bone of human civilization, it is very crucial in development of a .
First of all, they used data envelopment approach (DEA) measurements and analysis of iron and steel enterprise technical efficiency, pure technical efficiency and scale efficiency, and then from a business point of view of the system structure of the steel market, steel industry, firm size and the relationship between business efficiency.
According to IMARC Group’s latest report, titled “Saudi Arabia Prefabricated Building and Structural Steel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast ”, Saudi Arabia prefabricated building and structural steel market reached a value of nearly US$ 1 Billion in How the Steel Market Forecast Future Opportunities for Leading Companies report can benefit you Visiongain's report is for anyone requiring analysis of .
The global structural steel market size was valued at USD billion in and is projected to grow at a CAGR of % from to Strong recovery of construction industry in developed markets of the U.S., Germany and UK is a key factor driving market growth.