The global Structural Steel market is projected to reach USD 500 billion mark by 2026, according to reports by Global Market Insights Inc. The increased use of heavy material industries is one of the major factors fueling the structural steel market growth.
According to the market analysis, structural steel is largely used in the construction of bridges, and healthcare industries. Structural steel offers a solid structure that complies with environmental regulations. The commercial or residential buildings and large-scale projects such as bridges, platforms, metro stations, industry sites, etc. are the other projects that usually require steel design and detailing.
The structural steel manufacturers are increasingly investing in Research & Development operations intending to improve the quality of the steel materials such as corrosion resistance, strength, and durability. And, this is expected to have a positive impact on the global structural steel industry.
The demand for Structural steel is observed in the power transmission segment, other than large factory and building structures. Various types of structural steel constitute the transmission towers in which the high-capacity electricity lines are fitted on.
In the last decade, the construction industry has observed a huge shift towards structural steel or PEB material. A report published by Research and Markets, says that the Indian structural steel fabrication market is anticipated to grow at a CAGR of 5.5 percent, over the forecast period of 2019-2024. Major factors predicted to witness significant growth during the forecast period in the Indian structural steel landscape include the surge in demand from the manufacturing sector, increasing preference towards pre-engineered buildings and components.
Furthermore, the booming commercial building sector with GOI’s initiatives that include the rise in construction of green buildings, smart cities, and make in India scheme is anticipated to boost the structural steel fabrication market in India.
In the months of May and June, the domestic demand for structural steel products in India. The demand was accelerated as construction companies increasingly opted for the customizable building material. This includes materials for high-rise structures, apartments, and quarantine facilities owing to the labor shortage due to lockdown.
“We have been in this business for the past 10 years, but after this pandemic began and there was a labor shortage, we found enquiries for readymade steel structures going up multifold,” said JSPL’s Managing Director, V.R. Sharma in an interview to Economic Times.
Moving forward, the broader use of structural steel in residential development and non-residential would also drive the growth of the Structural Steel in the near future.