Structural Steel Market 2024 By Product - Heavy Structural Steel, Light Structural Steel
Date: 2018-11-14   Author: Rahul Varpe  Category: #market

Structural Steel Market 2024 By Product - Heavy Structural Steel, Light Structural Steel

As per estimates, Europe structural steel market will grow a CAGR of more than 3% over 2018-2024. Having identified the potential benefits of structural steel, a few days before, the European Standard, BSI revised the specific requirement for structural steelwork which could ensure the material’s mechanical durability, stability, resistance, and serviceability.

This upgradation of material manufacturing standards will help steelwork companies maintain a high level of assurance and quality of structural steel that would meet the design requirement of various construction projects. The upgradation depicts the vast expanse of Europe structural steel industry and the supposed influence of changing standardization policies on the market dynamics.

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The growing preference for metal structures considering their cost-saving, creativity, and durability benefits is poised to impel structural steel market trends. The material has indeed been used prominently in most of the construction structures comprising towers, multistory buildings, bridges, airports terminals, and industrial buildings of late. Considering that the deployment of metal structures in various residential and industrial building construction leads to better reliability and ensured high load carrying capacity, giants in the structural steel industry have been focusing on the development of waste and scrap free steel products.

Driven by the rapid industrialization and urbanization trends across the globe, most of the leading structural steel providers have been experiencing a plethora of business growth opportunities lately. As on today, most of the industrial and commercial buildings are being constructed mainly with the help of structural steel which is quite overtly slated to propel the product demand across myriad geographies over the years ahead. This is especially for true for the APAC market, that is being propelled by the industrialization trends across India and China.

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For instance, in India, owing to the increasing construction activities across industrial as well as commercial sectors, in the first quarter of the financial year of 2018, India imported nearly 2.1 million tons of steel which is 15% more compared to the previous year. In addition, between April and June, the steel imports from Japan and China increased by 30% and 31% respectively from a year earlier.

Speaking along the same line, the Indian government has been extensively involved in numerous infrastructural development projects from the last few years, which has generated considerable competitiveness among the giants in the regional structural steel market. The construction projects comprising building, bridges, and railroads require structural steel on a large scale which the domestic industry has been unable to fulfil.

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In accordance, India is importing the material primarily from South Asian countries to meet the country’s growing structural steel demand. The surging infrastructural developments across India and numerous other Asian belts will thus favorably stimulate APAC structural steel market trends over the years ahead.

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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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