Structural Steel Sees Unprecedented Expansion in Market Share, Thanks to its Sustainable Properties, says Market.us
Global demand for sustainable building materials is growing rapidly. These materials are both environmentally friendly and encourage sustainable development in the construction industry.
The most widely used sustainable construction material in the construction industry is structural steel. It has been used in numerous buildings and industrial sheds. Structural steel is used extensively in industrial sheds. However, structural steel components can be damaged by continuous wear due to different manufacturing activities.
According to the latest report by Market.us, “The Structural Steel Market size is expected to be worth around USD 165.80 Billion by 2032 from USD 96.940 Billion in 2021, growing at a CAGR of 5% during the forecast period 2022 to 2032.”
Anurag Sharma, a senior research analyst at Market.us, said, “The rise in construction spending around the globe is one of the main factors driving growth in the market for structural steel. Due to its many benefits, including lightweight, elasticity and ease of fabrication, uniformity of toughness, high strength, and recyclability as well as increased residential and non-residential building projects, the structural steel market will grow.”
The primary driver of the global structural steel market is the significant rise in residential and non-building building construction. The growth of the manufacturing industry generates demand for flat products like stainless steel. This can be a driver for the structural steel market. The growing demand for green construction and structural steel is driving the market.
The potential for significant growth in the market for structural steel is also due to rising construction activity and infrastructure developments in countries like India and China. To improve the housing situation in different countries, there has been an increase in demand for structural steel within the construction industry. Structural steel is used to make large facades, walls, and other materials. This helps drive the Structural Steel Industry.
The Market Growth of the Global Structural Steel Industry will be driven by rapid urbanization and increased housing demand
Worldwide, rapid population growth is being seen. This has led to an increase in demand for infrastructure construction both residential and non-residential. The UN estimates that the world’s population will rise from 7.7 billion people to 9.7 billion in 2050.
61% of the world’s population lives in Asia. India and China account for more than 1 million people. The growing urbanization is increasing the need for infrastructure development for housing and commercial buildings. The forecast period will also see an increase in demand for structural steel due to the increasing construction of skyscrapers and high-rise buildings. These factors will have a positive impact on the market’s growth in the forecast period.
One of the main factors driving growth in the market for structural steel is the rise of construction spending around the world. Market growth is being driven by the many advantages of the product, including elasticity, ductility, and lightweight. There are also increased residential and non-residential construction activities.
Market growth is further influenced by the high use of the product in construction and the increased demand for flat products such as hot and cold-rolled coil and stainless steel in the manufacturing sector.
The market for structural steel is positively impacted by consumer awareness, urbanization, rapid industrialization, and the growing construction of high-rise buildings. In the 2022-2032 forecast period, market players will have more profitable opportunities due to technological advances and new product launches to increase production efficiency.
Market growth will be aided by the increase in investments in residential and commercial areas in developing countries like India and China. The emerging market in the world in Southeast Asia. China is the world’s largest producer of steel. These are the driving factors for the region’s growth.
To increase production efficiency and offer high-quality products, companies are investing in technological advances and product launches. Granite Quartz, ArcelorMittal’s new product, was launched in November 2015. This organic coated steel has excellent scratch resistance properties for roofs and facades. It also comes in beautiful crystalline colors.
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