Steel Structure Market to Reach $169.7 Billion, Globally, by 2032 at 4.1% CAGR: Allied Market Research

Prime Determinants of Growth

Rapid urbanization in emerging economies is leading to an increase in demand for residential, commercial, and industrial buildings, which utilize steel structures due to their strength, durability, and flexibility in design. Moreover, major infrastructure projects, including bridges, airports, and highways, rely heavily on steel structures, thereby driving the of the market growth.

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Report Coverage & Details:

COVID-19 Scenario

The angles segment dominated the global steel structure market share, in terms of revenue

On the basis of product, the market is divided into angles, channels, and rounds. Rapid industrialization and infrastructure development in emerging markets create new opportunities for steel structure manufacturers.  The demand for Steel Structure is particularly high in regions with significant industrial activity, such as North America, Europe, and Asia-Pacific. These regions have extensive infrastructure and industrial facilities that require robust and reliable walkway solutions.

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The welded steel structure segment dominated the market in 2023

Depending on application, the market is classified into industrial, commercial, institutional, and residential. Innovations in steel production and fabrication, such as high-strength steel and automated manufacturing processes, have made steel structures more cost-effective and efficient to produce. This has lowered the overall cost and increased the quality and performance of steel structures.

 Asia-Pacific dominated the market share in terms of revenue in 2023

The steel structure market is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA. In 2023, Asia-Pacific accounted for more than one third of market share, and it is expected to grow at a significant CAGR during the forecast period. China holds the maximum share in the steel structure market in Asia-Pacific. Rise in commercial buildings, such as office complexes and shopping malls, along with residential projects, is a significant driver of the growth of the market in the region. 

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Leading Market Players: -

The report provides a detailed analysis of these key players in the steel structure market. The players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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