China structural steel market to surpass USD 130 billion up to 2024
Date: 2018-11-27   Author: Rahul Varpe  Category: #market

China structural steel market to surpass USD 130 billion up to 2024

Global Market Insights, Inc. adds a new Structural Steel Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Structural Steel Market size is set to surpass USD 420 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing awareness among consumers owing to benefits including design flexibility, faster completion and energy efficiency of prefabricated building projects using heavy and light sized products is anticipated to drive demand of structural steel products. Increase of infrastructure development projects in China, Japan, South Korea and India with improving standards of living and necessities for sanitation are likely to stimulate product demand.

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China structural steel market size is poised to surpass USD 130 billion up to 2024. Growing preference for high quality structural developments along with increasing investment in steel industry supported by adoption of sustainable mining techniques will have a positive impact on product demand. Opportunities for companies that can offer technologies to support work force productivity, energy saving will surge market growth.

Global steelmakers are offering tailored building solutions that enable low-carbon-neutral and energy-efficient buildings. These solutions reduce ecological impact over the structures’ lifespan and help to extend their life expectancy through design for reuse and disassembly, thus propelling the market.

Structural steel industry size from industrial application may reach up to 125 million tons by 2024. Rise in consumer awareness towards green construction material by further reducing greenhouse gas emissions will favor product demand.

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Growing investments in the construction sector across the globe have provided a substantial push to the overall structural steel market, owing to the augmented demand for building materials that possess excellent strength and offer design flexibility. The remarkable malleability of steel and the precision with which structural steel can be shaped into a desired form allows engineers to realize innovative ideas and cater to wider applications. The structural steel industry has benefited from the development in off-site assembly of components, since pre-manufacturing of building parts reduces the erection time as well as labor costs.

Being considered to be more environment friendly to use, steel components can be recycled endlessly, without losing its properties, saving a lot of raw material in the manufacturing of recycled steel. Given additional advantages like resistance to fire and seismic activities, the structural steel market has enabled construction of durable buildings, bridges and roads in earthquake and flood prone areas across regions like Europe, U.S., South America and Asia.

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All in all, the global market will witness enormous gains from the demand for heavy sectional steel from the building and construction sector. Driven by the efforts of prominent industry participants such as ArcelorMittal, Hunan Valin, Shagang Group, Nippon & Sumitomo Metal Corporation, Tata and POSCO, global structural steel markets size will be pegged at an astounding USD 850 billion by 2024.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Global Market Insights, Inc.
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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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