Structural Steel Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2020 - 2027
Structural Steel Market Size, Share & Trends Analysis Report By Application (Non-residential (Industrial, Commercial, Institutional), Residential), By Region, And Segment Forecasts, 2020 - 2027
New York, April 08, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Structural Steel Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05763729/?utm_source=GNW
The global structural steel market size is expected to reach USD 155.1 billion by 2027., registering a CAGR of 5.6% over the forecast period. New residential construction activities are witnessing a moderate growth rate in developed countries such as U.S., Germany, and Canada. This, in turn, drives the demand for various structural steel products including channels, wide-flange shapes, plates, and angles.
In terms of revenue, residential construction in U.S. accounted for structural steel market share of 54.5% in 2019 and is estimated to register a CAGR of 4.4% from 2019 to 2025. Single home construction activities contribute significantly to the overall residential construction and observed a growth rate of 2.0% from September 2019 to October 2019. This was considered as the highest growth of the first nine months of 2019. Moreover, over the past few years, residential construction (including private and public) spending in U.S. witnessed a lucrative growth rate. It increased from USD 374.8 billion in 2014 to USD 546.1 billion in 2018.
Government packages and incentives for the development of the construction sector in developed and developing economies are anticipated to create a favorable environment for the growth of the market for structural steel. For instance, in 2019, the finance minister of Mexico announced a package of USD 42.5 billion to promote infrastructural development and boost private consumption. Under this initiative, development banks are likely to provide new guarantees and loans up to USD 14.0 billion for medium and small-sized enterprises. Another key growth factor is the increase in U.S. foreign direct investments (FDI) in Mexico. The U.S. FDI year-on-year growth was nearly 8.9% from 2016 to 2017 and was valued at USD 109.7 billion in 2017.
Most gulf countries have started reducing their dependence on the oil and gas sector through investments in other sectors.For instance, Saudi Arabia has shifted its focus from oil production and is expected to reduce its reliance on the oil and gas industry.
In the 2018 economic budget of the country, the overall spending increased from USD 264.9 billion in 2017 to USD 293.3 billion in 2018. The primary portion of the economic budget was aimed to boost other industries and promote infrastructural development.
The construction sector in the country is likely to be driven by investment programs such as the Saudi Vision 2030 program, under which the government aims to develop the country’s health, education, and infrastructure including housing, rail, airport, and other related infrastructure. This is anticipated to indirectly have a positive influence on the market for structural steel.
Further key findings from the report suggest: • In terms of volume, the non-residential application segment is estimated to register a CAGR of 4.9% from 2020 to 2027. The growth of the segment is attributed to rising public and private investments in infrastructure globally • The residential segment accounted for a share of 46.3% in 2019 in terms of revenue. Rising housing construction, coupled with increasing population, is the key factor driving the demand for structural steel for residential purposes • Industrial construction has emerged as the largest segment in non-residential applications. Increasing industrial output in Asia Pacific is expected to drive the demand for structural steel products in this segment • Asia Pacific dominated the global market in 2019 and this trend is expected to continue through the forecast period. Increasing population and growing urbanization is expected to lead to a consistent demand for structural steel over the forecast period • Numerous players in the market focus on signing long-term supply contracts to enhance their market position. Key market players include ArcelorMittal, Tata Steel, Baosteel, POSCO, Anshan Iron & Steel Group Corporation, and JSW Steel Limited. Read the full report: https://www.reportlinker.com/p05763729/?utm_source=GNW
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