A regional synopsis of structural steel market: APAC to emerge as a pivotal contender over 2018-2024
The growing preference for metal structures considering their cost-saving, creativity, and durability benefits is poised to impel structural steel market trends. The material has indeed been used prominently in most of the construction structures comprising towers, multistory buildings, bridges, airports terminals, and industrial buildings of late. Considering that the deployment of metal structures in various residential and industrial building construction leads to better reliability and ensured high load carrying capacity, giants in the structural steel industry have been focusing on the development of waste and scrap free steel products.
US Structural Steel Market Size, By Non-Residential Application, 2017 & 2024, (Million Tons)
Driven by the rapid industrialization and urbanization trends across the globe, most of the leading structural steel providers have been experiencing a plethora of business growth opportunities lately. As on today, most of the industrial and commercial buildings are being constructed mainly with the help of structural steel which is quite overtly slated to propel the product demand across myriad geographies over the years ahead. This is especially for true for the APAC market, that is being propelled by the industrialization trends across India and China. For instance, in India, owing to the increasing construction activities across industrial as well as commercial sectors, in the first quarter of the financial year of 2018, India imported nearly 2.1 million tons of steel which is 15% more compared to the previous year. In addition, between April and June, the steel imports from Japan and China increased by 30% and 31% respectively from a year earlier.
Speaking along the same line, the Indian government has been extensively involved in numerous infrastructural development projects from the last few years, which has generated considerable competitiveness among the giants in the regional structural steel market. The construction projects comprising building, bridges, and railroads require structural steel on a large scale which the domestic industry has been unable to fulfil. In accordance, India is importing the material primarily from South Asian countries to meet the country’s growing structural steel demand. The surging infrastructural developments across India and numerous other Asian belts will thus favorably stimulate APAC structural steel market trends over the years ahead.
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Heavy investments in the oil & gas industry, commercial buildings and transportation facility developments have attracted renowned players to establish their facility centers in the MEA belt. For instance, in Abu Dhabi, for constructing the Reem mall, the Italian-Emirati JV, Itinera Ghantoot received a contract of more than USD 600 million to build the project in 2017. In order to complete this 1.2-billion-dollar project, nearly 10,000 tons of structural steel and 75,000 tons of rebar are expected to be used, that would considerably augment the revenue scale of MEA structural steel market.
Taking into account the depleting fossil fuel resources, Middle East countries are focusing on the developing tourism for economic stability. In this regard, they have been investing in the development of attractive hospitality centers, commercial malls, and other establishments. On-going investments in the development of such enterprises across the Middle East countries is slated to have a favorable influence on MEA structural steel industry trends over the years ahead.
Having identified the potential benefits of structural steel, a few days before, the European Standard, BSI revised the specific requirement for structural steelwork which could ensure the material’s mechanical durability, stability, resistance, and serviceability. This upgradation of material manufacturing standards will help steelwork companies maintain a high level of assurance and quality of structural steel that would meet the design requirement of various construction projects. The upgradation depicts the vast expanse of Europe structural steel industry and the supposed influence of changing standardization policies on the market dynamics. As per estimates, Europe structural steel market will grow a CAGR of more than 3% over 2018-2024.
Structural steel is liberally used to manufacture various construction equipment such as struts, bars, beams, columns, girders, and plates. The increasing use of these products for constructing various warehouse and industrial spaces is slated to stimulate structural steel industry size over the years ahead. The increasing focus of regional governments and private companies toward the construction of strong, inexpensive, and safe building structures is poised to enhance the product demand in the future. Powered by the rising infrastructural development activities across the globe, the structural steel market will generate a revenue of more than USD 850 billion by the end of 2024.
Author Name : Sunil Hebbalkar