Structural Steel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Angles, Channels, Rounds), By Application (Non-Residential, Residential), By Region, By Competition, 2020-2030F

Market Overview

The Global Structural Steel Market was valued at USD 126.2 billion in 2024 and is expected to reach USD 177.6 billion by 2030 with a CAGR of 5.7% through 2030. The global structural steel market is primarily driven by factors such as rapid urbanization, industrialization, and infrastructure development. As cities expand, there is an increased demand for residential, commercial, and industrial infrastructure, including high-rise buildings, bridges, and transportation systems, all requiring structural steel. Industrial growth, especially in sectors like automotive and aerospace, further fuels demand for steel in the construction of manufacturing plants and warehouses.

Government investments in public infrastructure, including roads, railways, and ports, provide a significant boost to the market, particularly in developing regions. Technological advancements in steel production, such as high-strength alloys and improved manufacturing processes, also contribute to increased efficiency and demand.

Sustainability initiatives favor structural steel for its recyclability and durability, aligning with green building practices. Furthermore, stricter building codes and regulations ensure the use of high-performance materials like structural steel to meet safety and energy efficiency standards. The rising costs of alternatives like concrete also make structural steel a more cost-effective choice, while global trade opportunities expand market reach and demand. These factors together create a dynamic and growing global structural steel market.

Key Market Drivers

Urbanization and Infrastructure Development

Urbanization is one of the most significant drivers of the global structural steel market. As cities grow, the demand for residential, commercial, and industrial buildings increases, which in turn creates a higher demand for materials used in their construction. This is especially true in developing economies where rapid population growth and migration to urban areas drive large-scale infrastructure projects. Urbanization leads to the need for multi-story buildings, bridges, highways, rail networks, and public facilities, all of which require the use of structural steel for their construction. In August 2023, Hybar LLC, a metal scrap recycling company, initiated the construction of its steel rebar mill in Arkansas, U.S. The project’s machinery is being provided by SMS group GmbH, and the mill will process steel scrap as its main feedstock. Global urban population (2024) was ~4.5 billion. Urbanization rate was 57% of the world’s population lives in urban areas. Projected by 2050: ~68% (approx. 6.7 billion people) will live in cities

In developed economies, the trend is focused on modernization and the development of smart cities, which often incorporate more complex and technologically advanced structures, driving up the demand for high-performance materials like structural steel. In emerging markets, significant investments in infrastructure by governments, private players, and multinational corporations are contributing to urban growth, thereby fostering demand for steel. The demand for structural steel in the construction of high-rise buildings and skyscrapers, which are common in rapidly urbanizing areas, is particularly notable, as these projects require high-strength steel for their structural integrity. 

Additionally, infrastructure development is not limited to buildings; it includes the construction of roads, bridges, airports, and ports. Government initiatives for infrastructure upgrades and new constructions, such as the development of smart grids and transportation networks, require vast quantities of structural steel. Many governments are investing heavily in infrastructure to meet the needs of growing populations, boost economic development, and improve the quality of life. For example, projects such as high-speed rail systems, new metro lines, and bridges not only boost regional connectivity but also demand large volumes of steel for their construction.

The demand for steel is further augmented by the increased focus on sustainability and green construction. Urban areas are adopting sustainable construction practices to improve energy efficiency and reduce carbon footprints. Steel, being a recyclable and durable material, is preferred in such projects due to its longevity, strength, and minimal environmental impact. Moreover, in regions where seismic activity is a concern, structural steel is chosen for its superior strength-to-weight ratio and ability to withstand earthquakes, making it a go-to material for building resilient infrastructure.

The urbanization and infrastructure development trend is further reinforced by the increasing private sector investments in commercial real estate. With more people living in cities, there is also a rise in demand for office buildings, shopping malls, hotels, and entertainment venues, all of which require structural steel for safe and durable construction. The demand for steel in this sector is bolstered by the global shift toward mixed-use developments that combine residential, commercial, and recreational spaces in a single project.

Technological Advancements and Innovation in Steel Production

Technological advancements in steel production are another crucial driver of the global structural steel market. Over the years, advancements in steelmaking technologies have led to the development of higher-quality steel products, more efficient manufacturing processes, and innovations in material properties, making structural steel more cost-effective, durable, and versatile for use in construction projects. These innovations are addressing the growing demand for stronger, lighter, and more durable materials, which are essential in meeting modern construction requirements, particularly in high-rise and complex architectural designs.

One of the key technological developments in the steel industry is the introduction of high-strength low-alloy (HSLA) steels and advanced high-strength steels (AHSS). These steels offer superior strength-to-weight ratios, which are crucial for structural applications that require high durability and load-bearing capacity. This is particularly important in the construction of tall buildings, bridges, and other large-scale infrastructure projects, where the structural material needs to withstand substantial loads without increasing the overall weight of the structure. The use of such advanced steels enables architects and engineers to design more innovative and sustainable structures, reducing material costs and improving structural efficiency.

Furthermore, continuous casting and other modern steel production methods have significantly improved the efficiency of the manufacturing process. Continuous casting allows for the direct transformation of molten steel into semi-finished products like beams, columns, and sheets without the need for further processing, reducing energy consumption, costs, and time in steel production. The introduction of electric arc furnaces (EAF) has also revolutionized the steelmaking industry by providing a more energy-efficient method of producing steel compared to traditional blast furnaces. This technology allows for the recycling of scrap metal, making the steel production process more sustainable and environmentally friendly, while also reducing overall costs.

Innovation in steel coating technologies, such as galvanized and weather-resistant coatings, has also played a significant role in the growth of the structural steel market. These coatings enhance the durability of steel, particularly in challenging environments such as coastal areas or regions with high humidity and corrosion. Weather-resistant steels, such as weathering steel (Corten steel), are highly resistant to atmospheric corrosion, making them ideal for use in outdoor structures like bridges, facades, and public infrastructure projects.

Additionally, advancements in computer-aided design (CAD) and Building Information Modeling (BIM) have transformed how structural steel is utilized in construction projects. These technologies enable designers and engineers to create highly accurate models of structures, optimizing material use and reducing waste. BIM facilitates better project management, coordination, and quality control, ensuring that steel structures are built to precise specifications, leading to improved safety, reduced construction time, and cost savings.

The rise of additive manufacturing (3D printing) in the steel industry is also opening new possibilities for the design and production of structural steel components. While still in the early stages, 3D printing technology has the potential to revolutionize the way steel components are fabricated, enabling more complex and customized designs, reducing material waste, and lowering production costs.

In summary, technological advancements in steel production have significantly contributed to the global structural steel market's growth. High-strength steels, improved manufacturing processes, enhanced coatings, and innovative design tools have enabled the construction industry to meet the evolving demands for more durable, cost-efficient, and sustainable building materials. As technology continues to evolve, the capabilities of structural steel will expand, further driving its adoption in construction and infrastructure projects worldwide.

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Key Market Challenges

Volatility in Raw Material Prices

One of the key challenges facing the global structural steel market is the volatility in the prices of raw materials, particularly iron ore, coal, and scrap steel. These materials are the primary inputs in steel production, and fluctuations in their prices directly affect the cost of producing structural steel. The volatility of raw material prices is often driven by several factors, including global supply and demand imbalances, geopolitical instability, trade tariffs, and disruptions in the supply chain. As structural steel is a cost-sensitive product, any increase in raw material costs can result in higher prices for steel, impacting the profitability of manufacturers and the overall affordability of steel for construction projects.

Iron ore, a key component in the production of steel, has experienced significant price fluctuations in recent years, largely due to changes in global demand and supply conditions. For example, disruptions in major iron ore-producing countries like Brazil and Australia due to natural disasters, regulatory changes, or labor strikes can lead to a sudden drop in supply, causing prices to spike. Similarly, trade wars and tariffs, such as the steel tariffs imposed by the United States and other countries, can distort global trade flows and result in price hikes. These price increases are often passed on to customers in the form of higher steel prices, affecting construction budgets, project timelines, and overall market demand for steel.

Another factor contributing to raw material price volatility is the increasing reliance on scrap steel as a feedstock for electric arc furnaces (EAF). Scrap steel is a recyclable material and its price is influenced by the availability of scrap, demand for recycled materials, and fluctuations in steel production levels. The global demand for scrap steel has increased due to the growing focus on sustainability and the use of recycled materials. However, competition for scrap steel, particularly in emerging economies, can lead to supply shortages and rising costs, further exacerbating price volatility.

Additionally, fluctuations in energy prices also affect steel production costs. Energy-intensive processes like blast furnace operations and the smelting of iron ore require significant amounts of energy, and rising energy prices can lead to increased production costs. The global energy crisis, particularly the increasing cost of natural gas and electricity, can add another layer of uncertainty for steel producers, making it difficult to maintain consistent pricing.

For the global structural steel market, these challenges create an unstable pricing environment that can hinder long-term planning and forecasting. Construction companies and steel manufacturers may face difficulties in managing their budgets, leading to cost overruns, project delays, and ultimately reduced profitability. The price volatility of raw materials also limits the ability of steel producers to secure long-term contracts at predictable prices, further complicating their financial planning and operations.

Environmental Concerns and Sustainability Regulations

Another major challenge for the global structural steel market is the increasing pressure to meet sustainability standards and environmental regulations. The steel industry is one of the largest industrial contributors to carbon emissions globally, and this environmental impact has led to growing scrutiny from governments, environmental organizations, and consumers. The construction sector, including the use of structural steel, is facing stricter regulations regarding sustainability, carbon footprint reduction, and waste management, all of which pose challenges for manufacturers striving to meet these evolving demands while maintaining profitability.

The steel production process, particularly traditional methods like blast furnaces, is energy-intensive and emits significant amounts of carbon dioxide (CO2) and other pollutants. The global push to reduce greenhouse gas emissions in line with international agreements like the Paris Agreement has put pressure on steel manufacturers to adopt greener production technologies. While advancements have been made in developing more sustainable steel production methods, such as the use of hydrogen as a reducing agent in direct reduction iron (DRI) technology, these innovations are still in their early stages and require substantial investment. Moreover, the transition to more sustainable technologies can increase production costs, making it difficult for manufacturers to maintain competitive pricing.

Environmental concerns also extend to the use of raw materials in steel production. Mining activities associated with extracting iron ore and coal have been linked to deforestation, habitat destruction, and other forms of environmental degradation. As consumer demand for environmentally friendly and ethically sourced products grows, the structural steel market is under increasing pressure to source raw materials responsibly. Manufacturers must find ways to minimize the environmental impact of mining activities, which may require them to invest in more sustainable sourcing practices and technologies.

Recycling steel is another area where environmental regulations are creating both opportunities and challenges. While the recycling of steel reduces its environmental impact, it is not without its own challenges. The supply of scrap steel is influenced by factors such as the availability of scrap, collection rates, and the quality of recycled material. Furthermore, recycling processes are energy-intensive, and the use of electric arc furnaces (EAF) for recycling still generates a significant amount of CO2 emissions. In some regions, environmental regulations are pushing for the further reduction of emissions from EAFs, which could require the development of new, more energy-efficient technologies.

Moreover, governments around the world are implementing stricter building codes and standards to promote sustainability in construction. These codes often require buildings to meet specific energy efficiency and carbon emissions standards, which can increase the demand for more sustainable building materials. While structural steel is highly recyclable, the overall environmental impact of its production may still exceed the standards set by these regulations. For steel manufacturers, this creates a challenge in balancing the need to reduce emissions while maintaining the necessary supply of steel for construction projects.

The increased focus on sustainability is also reshaping the competitive landscape of the global structural steel market. Companies that fail to adapt to environmental regulations risk losing market share to more sustainable competitors. To remain competitive, steel manufacturers are investing in research and development to improve the sustainability of their products and processes. However, these investments often require significant capital and time, which may pose a barrier for smaller or financially constrained players in the market.

 Key Market Trends

Shift Toward Sustainable Construction Practices and Green Steel

One of the key trends in the global structural steel market is the growing focus on sustainability and the demand for environmentally friendly materials, particularly “green steel.” As environmental concerns and climate change have gained prominence globally, there has been a significant push within the construction industry to reduce the carbon footprint of building materials. Structural steel, being one of the most widely used materials in construction, has come under scrutiny for its carbon-intensive production processes. In response, there has been a marked shift towards more sustainable steel production methods and the development of eco-friendly building materials.

The growing trend of using green steel is driven by the construction sector’s increasing demand for materials that meet stricter environmental regulations and sustainability goals. Green steel, also referred to as low-carbon or hydrogen-based steel, is produced using methods that significantly reduce CO2 emissions compared to traditional blast furnace processes. The most promising of these is the use of hydrogen instead of coke to reduce iron ore into iron in direct reduction iron (DRI) technology. This process, known as hydrogen-based direct reduction (H-DRI), emits water vapor rather than CO2, significantly reducing the environmental impact of steel production.

Governments across the globe are also playing a key role in promoting sustainable construction practices through stricter building codes and sustainability standards. Many countries are incentivizing the use of green steel by offering subsidies or tax incentives for companies that adopt low-carbon steel production methods. Additionally, international agreements like the Paris Agreement and national regulations, such as the European Union’s Green Deal, are pushing the steel industry toward greater environmental responsibility. As a result, steel manufacturers are investing heavily in the research and development of sustainable production technologies, and many are exploring options like electric arc furnaces (EAF), which use recycled scrap steel, further reducing their carbon emissions.

The rise in demand for green steel is also driven by the increasing consumer awareness of environmental issues. Eco-conscious consumers and businesses are more inclined to choose materials that are sustainably sourced and have a lower environmental impact. This consumer-driven demand is reshaping the construction and manufacturing industries, pushing companies to adopt sustainable materials and production processes. In this context, structural steel manufacturers that can offer low-carbon or recycled steel products are gaining a competitive edge in the market.

This trend of sustainable construction and the growing demand for green steel is not just limited to developed economies. Emerging markets, particularly in Asia and Africa, are increasingly adopting green building practices, albeit at a slower pace. However, as these regions continue to urbanize and invest in infrastructure, the demand for sustainable steel products will likely grow. Buildings account for ~39% of global CO₂ emissions—28% from operations and 11% from construction materials like cement and steel.

Increased Adoption of Advanced Technologies and Automation in Steel Manufacturing

Another key trend driving the global structural steel market is the increased adoption of advanced technologies and automation in steel manufacturing. Over the past decade, the steel industry has seen significant technological advancements, which have not only improved the quality and strength of structural steel but have also enhanced production efficiency and cost-effectiveness. Automation, digitalization, and the use of advanced manufacturing technologies are revolutionizing the way steel is produced, processed, and delivered to the market.

One of the most important developments in the steel manufacturing process is the use of automation and digital technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), and machine learning. These technologies are being employed to streamline operations, improve quality control, and increase productivity. For example, AI-driven systems are being used to optimize the steelmaking process by predicting material behavior and adjusting production parameters in real time, thereby enhancing the precision and consistency of steel products. Similarly, IoT sensors embedded in production lines can monitor equipment performance, predict maintenance needs, and minimize downtime, resulting in improved operational efficiency.

In addition to automation, the use of robotics is becoming increasingly prevalent in steel manufacturing plants. Robotics are being utilized for tasks such as material handling, welding, and quality inspection. These technologies improve safety by reducing the need for human workers to perform dangerous tasks and increase the overall speed and accuracy of production processes. Robotic systems also allow for greater flexibility in production, as they can be quickly reprogrammed to accommodate different steel grades or product types, making them ideal for the dynamic demands of the structural steel market.

Furthermore, advancements in steel processing technologies, such as continuous casting and hot rolling mills, have enabled manufacturers to produce higher-quality steel at a faster rate and with greater energy efficiency. Continuous casting, in particular, allows steel to be formed into slabs, blooms, or billets without requiring further reheating or processing, reducing energy consumption and material waste. This method not only improves cost-efficiency but also supports the trend toward more sustainable steel production, as it lowers the carbon footprint of the steel manufacturing process.

Another important innovation in the steel industry is the growing use of digital twins and Building Information Modeling (BIM) in construction projects. Digital twins are virtual replicas of physical assets, such as steel structures, that allow for real-time monitoring, simulation, and optimization of a project. This technology allows for better decision-making throughout the lifecycle of a project, from design to construction and maintenance. BIM, on the other hand, is a digital tool that facilitates the collaborative design and planning of buildings, incorporating all relevant data regarding materials, structural components, and performance specifications. The integration of BIM with structural steel manufacturing has enhanced the precision and efficiency of construction, as steel components can be pre-fabricated based on detailed digital models, reducing errors and material waste on site.

The rise of 3D printing technology, or additive manufacturing, is another transformative force in the steel industry. While still in its nascent stages, 3D printing is expected to revolutionize the production of custom steel components for specific construction needs. This technology enables the creation of complex geometries that were previously impossible to achieve with traditional manufacturing methods, offering greater design flexibility and reducing the need for costly and time-consuming custom tooling.

Segmental Insights

Application Insights

Residential segment dominated the Structural Steel Market in 2024 and is projected to maintain its leadership throughout the forecast period, due to the growing demand for steel in residential construction projects. Steel is increasingly favored for its strength, durability, and flexibility, making it an ideal material for building residential structures, including houses, apartments, and high-rise buildings. The demand for residential properties, especially in urban areas, has been rising due to rapid urbanization, population growth, and shifting consumer preferences toward modern, durable, and sustainable homes.

Steel’s advantages, such as its ability to withstand extreme weather conditions, fire resistance, and the ease of construction, make it an attractive choice for residential developers. Additionally, the need for energy-efficient and sustainable building practices has further bolstered steel's role in residential construction. With steel being highly recyclable and offering significant thermal efficiency when combined with other materials like insulation, it aligns with the increasing emphasis on sustainability in the building industry.

In many regions, particularly in emerging markets, rapid urbanization and government incentives to support housing projects are driving the demand for steel in residential construction. The ability to construct steel-based buildings quickly and with minimal maintenance also contributes to its growing dominance in the residential segment. As a result, the residential segment continues to lead the structural steel market, offering opportunities for manufacturers to cater to the increasing demand for cost-effective, high-performance building materials.

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Regional Insights

Largest Region

North America dominated the Structural Steel Market in 2024 and is anticipated to maintain its leadership throughout the forecast period, due to a combination of factors, including robust construction activity, strong industrial demand, and the region's advanced manufacturing capabilities. The United States and Canada, in particular, have seen consistent growth in both residential and commercial construction sectors, fueling the demand for high-quality structural steel. The region’s extensive infrastructure development, particularly in urban areas, has led to an increased need for durable and efficient building materials. Steel's advantages, including its strength, flexibility, and recyclability, make it the preferred choice for large-scale construction projects, such as skyscrapers, bridges, and industrial facilities.

In addition to construction, North America's thriving manufacturing and automotive industries further contribute to the demand for structural steel, as steel is a crucial material in the production of machinery, vehicles, and equipment. The region’s well-established steel production infrastructure, coupled with technological advancements and automation in steel manufacturing, has enabled North American companies to maintain a competitive edge in terms of quality, efficiency, and sustainability. Government investments in infrastructure projects, coupled with an increasing emphasis on sustainable building practices, have also supported the growth of the structural steel market in North America. As a result, the region continues to lead in market share, setting trends for the global structural steel industry.

Emerging Region

South America was the emerging region in the Structural Steel Market, driven by increasing urbanization, infrastructure development, and a growing demand for residential and commercial buildings. Countries like Brazil, Argentina, and Chile are experiencing significant investments in infrastructure projects, including roads, bridges, and public buildings, which are driving the need for high-quality structural steel. The region’s ongoing industrialization and economic development are also contributing to the rising demand for steel in sectors such as energy, mining, and manufacturing.

The shift toward modern construction techniques and the adoption of steel in residential and commercial projects are further fueling growth in South America. Steel’s strength, cost-effectiveness, and sustainability make it an attractive material for building in the region, especially as the construction industry focuses on durability and energy efficiency. Moreover, the region is increasingly looking for ways to improve infrastructure to meet the needs of a growing population, creating long-term demand for steel products.

Despite challenges such as economic volatility and fluctuating raw material prices, South America presents significant opportunities for structural steel manufacturers. With increasing government focus on infrastructure development, rising construction activity, and a shift towards more sustainable building practices, South America is poised to become an increasingly important player in the global structural steel market in the coming years.

 Recent Developments

• In 2024, Kametstal successfully developed 13 new steel products, with 12 belonging to the long products segment. This achievement played a significant role in expanding Metinvest Group’s overall portfolio, which saw the introduction of 20 new products to the market in 2024.
• In june 2024, JSW Steel, the country's largest steelmaker, is aiming to replace imports of a specialized coated steel product used in highly corrosive environments within the renewable energy sector. To achieve this, the company has begun production of JSW Magsure, a zinc-magnesium-aluminium alloy coated steel. In 2023–24, this product saw a domestic demand of approximately 100,000 tonnes in India. 
• In September 2024, United States Steel Corporation announced the launch of ZMAG coated steel, a groundbreaking carbon flat-rolled coated steel product. Designed to deliver superior strength, durability, and sustainability, ZMAG sets a new benchmark for performance in demanding environments. Tailored for use in the solar, automotive, and construction industries, the product offers enhanced reliability and resilience, addressing the needs of sectors operating under the world’s most challenging conditions.

Key Market Players

• Arcelor Mittal S.A.
• Baogang Group
• Evraz plc
• Gerdau S.A
• Nippon Steel Corporation
• JSW Steel Limited
• Tata Steel Limited
• SAIL

Report Scope:

In this report, the Global Structural Steel Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Structural Steel Market, By Product:

o   Angles

o   Channels

o   Rounds      

• Structural Steel Market, By Application:

o   Non-Residential

o   Residential       

• Structural Steel Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  Germany

§  France

§  United Kingdom

§  Italy

§  Spain

o   Asia Pacific

§  China

§  India

§  Japan

§  South Korea

§  Australia

o   South America

§  Brazil

§  Colombia

§  Argentina

o   Middle East & Africa

§  Saudi Arabia

§  UAE

§  South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Structural Steel Market.

Available Customizations:

Global Structural Steel Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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