The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Structural Steel Market.
It was estimated prior to this unanticipated outbreak Structural Steel Market will reach CAGR of 7.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Structural Steel Market Insights
Structural steel market is likely to witness an impressive CAGR of 7.1% during the forecast period. The prime factor that is contributing to the demand for structural steel is the growing construction industry.
Market Share Analysis
Structural Steel Market Share: By Product Type
Based on the product type, the market is segmented as heavy structural steel, light structural steel, and rebars. The heavy structural steel segment is expected to maintain its commanding position over the forecast period, driven by the increasing infrastructural spending across the globe.
Structural Steel Market Share: By Application Type
Based on the application type, the market is segmented as residential, non-residential, and industrial. The residential segment is estimated to grow with the highest CAGR over the forecast period owing to rapid urbanization, especially in developing nations.
Structural Steel Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest market for structural steel during the forecast period. The region’s market growth is attributed to the rapid residential, non-residential and infrastructural developments in the emerging economies, such as India and China. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.