GROWING DEMAND FOR RESIDENTIAL AND COMMERICAL CONSTRUCTION IS DRIVING THE STEEL BUILDING MATERIALS MARKET GROWTH

Steel Building Materials Market Size, Share, Trends, Growth, Analysis, Research

Global Steel Building Material Market: Key Highlights

  • According to the new market research report Steel Building Material Market by Type (Mild, Rebar, Structural), by Application (Structural Sections, Reinforcing Bars), by Building Type (Residential, Commercial), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, is projected to grow at a moderate CAGR and is estimated to reach 998.6 Million Tons by 2027 between 2020-2027
  • Steel is immensely used in the construction of architectural cladding, frames, beams, rebars, etc. to boost strength and durability of the building infrastructure.

Steel Building Materials Market

Global Steel Building Material Market: Key Market Dynamics

  • Increasing average income, rise in the middle class population along with higher inclination towards enhancing living styles is driving the market growth.
  • Higher investment in the construction of commercial infrastructure owing to ongoing urbanization and industrialization is fueling the demand for steel building material.
  • The growth of the steel building materials is expected to hamper owing to fluctuation cost of the raw materials for steel production, an outcome of demand-supply gap.
  • Increasing global concern towards reducing governmental degradation is grabbing attention towards switching to construction of green building and is expected to create new growth avenue for the steel building material market
  • Reduction in overall steel production, lack of skilled labor and higher susceptibility of steel to corrosion are the key challenges for the market growth 

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Global Steel Building Material Market: Regional Overview

  • North America

Construction sector contributes immensely in the growth of US economy, accounting for infrastructural construction worth USD 1.3 trillion annually. Rise in construction spending on the private as well as public infrastructure is the prominent factor driving the growth of the US construction sector. In addition to this, growing construction activities in Canada is fueled by the favorable planned investment by the government. For instance, Canadian government planned to invest USD 139 Billion under the plan ‘Investing in Canada’ for increasing construction activities.

  • Asia-Pacific

Asia-Pacific steel building material market is expected to witness growth in the forecast period on account of growing construction activities in China, Indonesia, India, and Malaysia. Some of the socioeconomic factors such as rise in disposable income, expanding populace in China, India, resulting into higher demand for residential is expected to drive the market growth. Also, rapid urbanization and industrialization in the region is driving demand for and commercial buildings. This, in turn, is expected to fuel the market growth during the review period.

Global Steel Building Material Market: Key Players Overview

  • ArcelorMittal:

ArcelorMittal is the Luxembourg based company which operates in steel manufacturing and mining activities. The company manufactures and processes steel through its manufacturing facilities in 19 countries for production of slabs, hot-rolled coil, cold-rolled coil, coated steel products, tinplate and heavy plate. In December 2019, Nippon Steel and ArcelorMittal acquired Esser Steel and entered into the joint venture for development of ArcelorMittal Nippon Steel India Limited.  

  • POSCO:

POSCO engages in manufacturing of steel products used across various industries such as automotive, construction, energy, home appliance and industrial machinery.  The product range includes hot rolled steel, steel plate, wire rod, cold rolled steel, galvanized steel, electrical steel. POSCO, in November 2019, launched INNOVILT, a premium steel products brand offering high quality, high value steel dedicated for the construction of architectural infrastructures

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Rep Id : B&C 08

Published : 2020-03-09