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Global Structural Steel Market Research Report, By Product (Heavy Sectional Steel, Light Sectional Steel, and Rebar), Application (Residential, Non-Residential (Commercial, Institutional, Offices) and Infrastructure) and Region — Global Forecast till 2023Structural steel is recyclable, environmentally friendly, and helps in lowering greenhouse gas emissions.
The global structural steel market is witnessing a substantial rise over, the past few years, due to the burgeoning construction sector.There is sustainable growth in the overall construction industry that is witnessing a considerable number of residential, non-residential, and infrastructure projects due to the rise in disposable income.
Moreover, factors such as the technological advancements in the field of the prefabricated and pre-engineered building are escalating the market, globally.Considering the exponential growth that the market witnesses currently, Market Research Future (MRFR), in its recently published study report asserts that the global structural steel market will garner colossal accruals by 2023, registering a CAGR of 5.3% throughout the forecast period (2018 – 2023).Additional factors such as the increasing urbanization and increasing investments predominantly led by the improving economic conditions are predicted to foster the growth of the market over the assessment period.
Increasing focus on innovation in green construction materials is one of the key trends in the construction industry, which is expected to fuel the demand for structural steel building designs over the forecast period.Ever-increasing population worldwide is dramatic in many developing countries, particularly India and China, which represents a major driver in structural steel consumption.The increasingly prosperous population not only creates a need for rapid improvements in infrastructure but also demands better living conditions and higher-quality housing.
This, as a result, fosters the growth of the structural steel market, increasing the size of the construction market.On the flipside, volatility in the prices and the demand and supply gap in the materials are some of the major factors expected to obstruct the growth of the market during the assessment period.Global Structural Steel Market – Geographical AnalysisThe Asia Pacific region, heading with the rapid industrialization and huge technological advancements, would continue its dominance over the global structural steel market over the forecast period.
Moreover, factors such as the rapidly improving economy in the region alongside the increased investments by governments and the presence of major players in the region would support the growth of the regional market.Additionally, huge investment made into bringing more innovations in the techniques of structural steel manufacturing would foster the growth of the regional market.
