Global Structural Steel Production Volume Is Expected To Rise To 113944 K MT In 2024
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Structural steel has many uses in the modern world, but the application most associated with it is in construction. It is one of the most vital materials used in building, favored for a number of reasons, the main beings it versatility, relatively low production cost, high strength, sustainability and availability. Structural steel is categorized into shapes, each with their own compositional properties that are regulated by standards, which differ between different countries.
The global production volume of structural steel is expected to rise to 113944 K MT in 2024, with a CAGR of 3.49% in the coming five years. The global market of structural steel has been faced with overcapacity for quite a few years, which is especially severe in China. The average capacity utilization rate in China can hardly reach 70% for the past years. Since 2016, the market structure has changed while market become more concentrated. At the same time, the global production value was 60 Billion USD in 2017 and it will be 114 Billion USD in 2024.
Geographically, the production of global concentrates in USA, Europe China, Japan, Korea, and India, which totally account for about 94.92% of the global production in 2017. China accounted for 50.19% of the production market share during 2017 and is predicted to retain its leadership until the end of 2024. Southeast Asia is the most promising market of structural steel in Asia, among which, Thailand, Philippines, Vietnam, Indonesia takes the leading share.
By application, structural steel market is segmented into construction?industry, transportation industry, none building structure industry, etc. The construction sector dominated the market during 2017 with a market share of 37.97%. This research report predicts this segment to grow at a CAGR of around 3.77% during the forecast period. Other downstream fields such as transportation and Non-building Structures account for about 17.48% and 33.94% respectively.
The market of structural steel is relatively concentrated. Tata Steel, Nippon Steel Sumitomo Metal, POSCO, Baosteel, Ansteel, Wuhan Iron and Steel, are the key suppliers in the structural steel market. The top 10 players then took up about 39.42% of the Asia production market in 2017.