Kings Research today announced the release of its latest market intelligence study, “Global Structural Steel Market: Size, Share, Trends & Forecast 2024–2031.” The report provides a comprehensive analysis of the market’s trajectory, including forecasts, drivers, opportunities, and competitive dynamics.
According to Kings Research, the global structural steel market was valued at USD 116.56 billion in 2023 and is projected to grow to USD 122.69 billion in 2024, ultimately reaching USD 181.37 billion by 2031. This reflects a CAGR of 5.74% during the forecast period.
The market is expanding primarily as a result of increased investment in industrial, commercial, and residential building. In growing economies, government-sponsored infrastructure initiatives are also quite important. Due to its strength, durability, affordability, and recyclable nature, structural steel is gaining popularity. Long-term, these qualities make it an excellent option for environmentally friendly building.
The framework of factories, bridges, buildings, and other infrastructure is constructed from structural steel. This comprises angles, plates, channels, and I-beams, all of which are made to withstand high loads and stresses.
Demand for structural steel is rising as cities expand around the world. In the U.S., the Bureau of Labor Statistics projects that the construction industry will grow by 4.7% from 2023 to 2033, surpassing the average growth rate for all industries. This growth is indicative of increased demand for construction materials, including structural steel, as urban areas expand and require more infrastructure. (Source: https://www.bls.gov/)
The main factors influencing the rise of structural steel are highlighted by Kings Research:
- Investments in Government Infrastructure
China, India, and the United States are among the nations investing in municipal transit systems, bridges, highways, and airports. Consider India. The National Infrastructure Pipeline invested more than USD 1.5 trillion (Source: https://www.pib.gov.in/). This is increasing the need for structural steel.
- Commercial Construction and Urbanization
More people need places to live and work as cities grow rapidly. The number of high-rise residential and commercial structures is increasing. Compared to conventional concrete, structural steel allows builders to complete projects more quickly. It's a productive method of keeping up with the expanding metropolitan population.
- Growth of Industry
Pre-engineered steel frameworks are becoming increasingly important in factories, warehouses, and manufacturing facilities. They are adaptable and simple to expand to meet changing needs. The Asia-Pacific area is experiencing a boom in industrial construction, which is increasing demand for steel.
- Developments in Technology
New technologies are transforming the way steel is built. Smarter designs are being made possible by modular construction, high-strength, low-alloy steel, and Building Information Modeling (BIM). Projects are now more accurate, quicker, and less expensive than in the past.
- Patterns of Regional Adoption
Because of its established building business, North America continues to dominate the world in steel utilization. However, the Asia-Pacific region is expanding quickly. Urban infrastructure projects supported by the government are significantly boosting the market.
For construction companies, developers, and investors, the structural steel market brings a lot of benefits:
- Efficiency Gains
Projects get done faster, and fewer workers are needed on site. This makes timelines more predictable and work smoother. - Cost Savings
Steel helps cut long-term maintenance and construction costs. Over time, it proves to be a more economical choice. - Scalability & Flexibility
Modular steel frameworks are easy to expand or modify. Buildings can adapt as needs change, which is great for growing businesses. - Compliance & Safety
Structural steel meets strict seismic, fire, and building code standards. It provides peace of mind when it comes to safety. - Sustainability & Innovation
Steel is recyclable and eco-friendly. Using it supports green building certifications and sustainable construction practices.
Regional Outlook
- North America: This region holds the largest share of the market. High-value commercial projects and retrofitting older infrastructure keep demand strong.
- Asia-Pacific: Asia-Pacific is growing the fastest. China, India, and Southeast Asia are expanding infrastructure rapidly. Government-led urban development and industrialization are major drivers here.
Competitive Landscape
Prominent companies are expanding through product innovations, strategic acquisitions, and global partnerships. Key market players include:
- Arcelor Mittal S.A.
- Gerdau S/A
- Tata Steel
- voestalpine Stahl GmbH
- EVRAZ plc
- JFE Steel Corporation
- JSW Ltd
- NIPPON STEEL CORPORATION
- SAIL
- SSAB
These companies focus on high-strength steel production, sustainable manufacturing processes, and entry into emerging markets to maintain a competitive advantage.
The full Kings Research report provides detailed segmentation by product type, type, application, region, and competitive benchmarking. To request a sample, access the full report, or explore custom consulting services, please visit: https://www.kingsresearch.com/structural-steel-market-808
About Kings Research
Kings Research is a global provider of syndicated research reports and consulting services, helping organizations navigate emerging markets, assess opportunities, and make informed business decisions. With expertise across industries, Kings Research delivers actionable insights and strategic guidance for sustainable growth.
All market data are sourced from Kings Research proprietary analysis, validated against public releases and credible industry sources, including:
- World Steel Association (worldsteel.org)
- Indian Ministry of Finance & National Infrastructure Pipeline
- International Energy Agency