Global Steel Sections Market Size
| 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
*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 Market Trends
By Region, Asia-Pacific is Expected to Lead the Market with More Opportunities
- Asia-Pacific is the largest market for steel sections due to several factors. The region has some of the fastest-growing economies globally, leading to a surge in demand for steel in the construction, infrastructure, and manufacturing industries. According to some sources, the regional market is projected to grow between 3.5% and 4.0% in 2024.
- China has become the world鈥檚 dominant steel manufacturer. The country produced 943 million metric ton of steel in 2021, 54% of the global total of 1.75 billion metric ton.
- Most (about 85%) of China鈥檚 steel production is done in blast furnaces using the BOF process. Only about 15% is electric-arc furnace (EAF), the far 鈥渃leaner鈥� process that uses scrap steel.
- The country鈥檚 scrap steel supply and domestic power pricing will likely become key catalysts of EAF production worldwide in the coming years. Outside of China, EAF production accounts for a far greater proportion of the overall output, with North America at about 70% and Europe at 40%. There is a push to build more EAF and develop even cleaner processes to meet climate goals across the world.
- In September 2022, the Chinese government announced its latest development plan to accelerate the digitalization and antilegalization of the local manufacturing industry. This move benefits the smart manufacturing industry, especially key industries like automobiles, petrochemicals, home appliances, and medical devices. The scale of the intelligent manufacturing equipment industry has reached almost CNY 3 trillion, satisfying more than 50% of market demand.
- From 2026, BMW鈥檚 car plants in China will begin to use HBIS green steel, which is produced via EAF with renewable-source electricity, with CO2 emissions cut by about 95%. This method will allow BMW to remove about 230,000 ton of CO2 emissions per year from the supply chain side. HBIS launched its Low Carbon Development Technology Roadmap in March 2022, a year after it announced the goal of achieving carbon neutrality by 2050. It said it would 鈥渆xplore six technology paths and build two management platforms鈥� to cut carbon emissions by 10% from the peak in 2025 and by 30% in 2030 and achieve carbon neutrality in 2050.
The Residential Segment is Expected to Gain Momentum in the Coming Years
- The steel sections market is expected to grow steadily in the coming years due to rising disposable incomes and technological advancements in building and construction projects. One of the major factors driving the market is the development of a construction index that aims to encourage the adoption of advanced construction methods using prefabricated components.
- Steel sections provide an elegant, cost-effective method of spanning long distances. Extended steel spans can create large, open-plan, column-free internal spaces, with many clients now demanding column grid spacing over 15 meters. In single-story buildings, rolled beams provide clear spans of over 50 meters.
- Steel offers architects more design freedom in terms of color, texture, and shape. Its strength, durability, beauty, precision, and malleability give architects broader parameters to explore ideas and develop innovative solutions. Steel鈥檚 long-spanning ability gives rise to large open spaces free of intermediate columns or load-bearing walls.
Global Steel Sections Industry Overview
The steel sections market is fragmented, with the presence of several local and regional players, as well as global players. Some of the major players include Tata Steel, Vallourec, Yuantai Derun Group, Anyang Steel Group, and Youfa Steel Pipe Group. The market is going through many changes due to supply chain constraints and a shift in demand among consumers. Companies are working on increasing their production capacities and improving the quality of products through technological advancements.
Global Steel Sections Market Leaders
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Tata Steel
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Vallourec
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Yuantai Derun Group
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Anyang Steel Group
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Youfa Steel Pipe Group
*Disclaimer: Major Players sorted in no particular order
Global Steel Sections Market News
- April 2023: Tata Steel signed a business cooperation agreement with A&B Global Mining Pvt. Ltd (ABGM) to develop new business opportunities. It aims to focus on delivering mine technical services in areas like exploration, resource evaluation, mine planning and scheduling, digitalization, owner engineering, and project management. It also aims to provide clean/hybrid energy solutions while conducting pre-feasibility and bankable feasibility studies, investment thesis, and due diligence. ABGM also plans to collaborate with Tata Steel to deliver competitive integrated business solutions to the worldwide mining industry.
- January 2023: Vallourec signed a long-term agreement with Petrobras for OCTG (Oil Country Tubular Goods) solutions. The three-year agreement covers the supply of OCTG Premium products, associated accessories, and specialized physical and digital services, representing a volume above 110 kiloton of products and accessories.
Global Steel Sections Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS DYNAMICS
4.1 Current Market Scenario
4.2 Market Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Value Chain/Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Technological Advancements in Steel Sections
4.7 Insights on Production and Demand for Different Steel Sections
4.8 Pricing Analysis of the Steel Sections Market
4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Heavy Structural Steel
5.1.2 Light Structural Steel
5.1.3 Rebar
5.2 By End-user Industry
5.2.1 Residential
5.2.2 Manufacturing
5.2.3 Aerospace and Automotive
5.2.4 Power and Utilities
5.2.5 Construction
5.2.6 Oil and Gas
5.2.7 Other End-user Industries
5.3 By Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of Latin America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Overview
6.2 Company Profiles
6.2.1 Tata Steel
6.2.2 Vallourec
6.2.3 Yuantai Derun Group
6.2.4 Anyang Steel Group
6.2.5 Youfa Steel Pipe Group
6.2.6 ArcelorMittal SA
6.2.7 POSCO Holdings Inc.
6.2.8 Baoshan Iron & Steel Co. Ltd
6.2.9 Nippon Steel Corp.
6.2.10 Nucor Corp.
6.2.11 Ansteel Group
6.2.12 Hyundai Steel*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. APPENDIX
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 | |||||||
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Global Steel Sections Market Research FAQs
How big is the Global Steel Sections Market?
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.
What is the current Global Steel Sections Market size?
In 2024, the Global Steel Sections Market size is expected to reach USD 220.70 billion.
Who are the key players in Global Steel Sections Market?
Tata Steel, Vallourec, Yuantai Derun Group, Anyang Steel Group and Youfa Steel Pipe Group are the major companies operating in the Global Steel Sections Market.
Which is the fastest growing region in Global Steel Sections Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Steel Sections Market?
In 2024, the Asia-Pacific accounts for the largest market share in Global Steel Sections Market.
What years does this Global Steel Sections Market cover, and what was the market size in 2023?
In 2023, the Global Steel Sections Market size was estimated at USD 206.16 billion. The report covers the Global Steel Sections Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Global Steel Sections Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Steel Sections Industry Report
Statistics for the 2024 Global Steel Sections market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Global Steel Sections analysis includes a market forecast outlook to (2024to2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
