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Global Steel Sections Market Size (2024 - 2029)

The steel sections market is experiencing growth driven by significant demand in infrastructure and construction projects, as well as in the residential sector due to the material's durability and anti-corrosive properties. Despite challenges such as fluctuating raw material prices and the impact of the COVID-19 pandemic on steel consumption in certain industries, the market is poised for expansion. Factors like trade liberalization, fiscal stimulus, and increased infrastructure investments are contributing to the market's resilience and growth potential.

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Market Size of Global Steel Sections Industry

Global Steel Sections Market Summary
Study Period 2020 - 2029
Market Size (2024) USD 220.70 Billion
Market Size (2029) USD 323.60 Billion
CAGR (2024 - 2029) 6.59 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Global Steel Sections Market Major Players

*Disclaimer: Major Players sorted in no particular order

Global Steel Sections Market Analysis

The Global Steel Sections Market size is estimated at USD 220.70 billion in 2024, and is expected to reach USD 323.60 billion by 2029, growing at a CAGR of 6.59% during the forecast period (2024-2029).

  • According to the World Steel Association, a body with membership in every steel-producing country, the demand for steel worldwide is expected to grow by 1.9% in 2024. Based on its short-range forecast, the World Steel Association reported that demand will rise to 1,849.1 mt by 2024. It had projected that the demand for crude steel would reach 1,831.5 mt in 2022, down by 4.3% compared to 2021.
  • Some of the key factors driving the market's growth include increasing demand from the construction industry, rising infrastructure development, and growing industrialization. Steel sections are an essential component of construction projects, and the growth of the construction industry is expected to drive the demand for steel sections.
  • Governments worldwide are investing heavily in infrastructure development projects, such as roads, bridges, and railways, which will likely boost the demand for steel sections. As of June 2023, Asia-Pacific accounted for more than USD 2.3 trillion of investments in road construction projects. In such projects, Europe ranked second, with investments amounting to around USD 700 million.
  • Compared to the previous year, crude steel production worldwide remained unchanged in 2023, with an output of 1,888.2 million ton over 1,888.7 million ton in 2022. However, in December 2023, crude steel production worldwide decreased by 5.3% to 135.7 million ton compared to 143.3 million ton in the same period of the previous year.
  • The market is facing some challenges, such as volatility in raw material prices, trade protectionism, and environmental regulations. Environmental regulations are increasing the cost of steel production, which can be passed on to consumers through higher prices for steel sections.

Global Steel Sections Industry Segmentation

Steel sections are long steel products used in a variety of industrial applications, such as infrastructure and construction, electricity, industrial machinery, and rail. They provide stability and strength to the structure. Rebars, wire rods, tubes, hot rolled plates, and walls are all examples of long steel goods.

The report covers a complete background analysis of the steel sections market, including the assessment of the economy and contribution of sectors to the economy, market overview, market size estimation for key segments, emerging trends in the market segments, market dynamics, geographical trends, and COVID-19 impact. The market is segmented by product type (heavy structural steel, light structural steel, and rebar), end-user industry (residential, manufacturing, aerospace and automotive, power and utilities, construction, oil and gas, and other end-user industries), and geography (Asia-Pacific, North America, Europe, Latin America, and Middle East and Africa). The report offers the market size and forecasts in value (USD) for all the above segments.

By Product Type
Heavy Structural Steel
Light Structural Steel
Rebar
By End-user Industry
Residential
Manufacturing
Aerospace and Automotive
Power and Utilities
Construction
Oil and Gas
Other End-user Industries
By Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
Latin America
Brazil
Argentina
Rest of Latin America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Global Steel Sections Market Size Summary

The global steel sections market is experiencing significant growth, driven by robust demand in infrastructure and construction projects, as well as the residential sector, due to the material's durability and anti-corrosive properties. The market is benefiting from strong pent-up demand and high sales prices, which have bolstered profit margins and financial resilience in the industry. Trade liberalization efforts, such as the partial elimination of tariffs on EU aluminum and steel imports by the US, are expected to enhance European production and exports. Additionally, fiscal stimulus measures in key markets like the United States and China have further fueled demand for metals and steel. However, the market faces challenges from fluctuating raw material prices and supply chain constraints, which have been exacerbated by geopolitical tensions and the ongoing impact of the COVID-19 pandemic.

The steel sections market is characterized by a fragmented landscape with numerous local, regional, and global players, including major companies like Tata Steel and Vallourec. Despite the challenges posed by high energy and commodity prices, the market is poised for growth, driven by rapid urbanization and infrastructure projects requiring high-strength weathering steel. The emergence of value-added rebar products and increased infrastructure investments present further growth opportunities. However, the market's recovery is tempered by economic uncertainties, rising production costs, and fluctuating demand in key regions such as China, Japan, and South Korea. Companies are focusing on technological advancements to enhance production and product quality, while strategic mergers and partnerships, like Tata Steel's consolidation of its subsidiaries, aim to streamline operations and unlock value.

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Global Steel Sections Market Size - Table of Contents

  1. 1. MARKET INSIGHTS DYNAMICS

    1. 1.1 Current Market Scenario

    2. 1.2 Market Overview

    3. 1.3 Market Dynamics

      1. 1.3.1 Drivers

      2. 1.3.2 Restraints

      3. 1.3.3 Opportunities

    4. 1.4 Value Chain/Supply Chain Analysis

    5. 1.5 Porter's Five Forces Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Technological Advancements in Steel Sections

    7. 1.7 Insights on Production and Demand for Different Steel Sections

    8. 1.8 Pricing Analysis of the Steel Sections Market

    9. 1.9 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Product Type

      1. 2.1.1 Heavy Structural Steel

      2. 2.1.2 Light Structural Steel

      3. 2.1.3 Rebar

    2. 2.2 By End-user Industry

      1. 2.2.1 Residential

      2. 2.2.2 Manufacturing

      3. 2.2.3 Aerospace and Automotive

      4. 2.2.4 Power and Utilities

      5. 2.2.5 Construction

      6. 2.2.6 Oil and Gas

      7. 2.2.7 Other End-user Industries

    3. 2.3 By Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 Latin America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of Latin America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle East and Africa

Global Steel Sections Market Size FAQs

The Global Steel Sections Market size is expected to reach USD 220.70 billion in 2024 and grow at a CAGR of 6.59% to reach USD 323.60 billion by 2029.

In 2024, the Global Steel Sections Market size is expected to reach USD 220.70 billion.

Global Steel Sections Market Report Snapshots

Global Steel Sections Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)