Structural Steel Market Share
Segmentation Analysis:
1. Segment: Product Type
- Sub-Segment: Carbon Structural Steel
Carbon structural steel is a widely used product type in the structural steel market. It possesses excellent mechanical properties, making it suitable for various applications. This steel grade is extensively used in the construction of buildings, bridges, and other structures due to its high tensile strength, ability to withstand heavy loads, and cost-effectiveness.
The L-Shape angle segment captured highest revenue share of around 31% in 2023.
2. Segment: Application
- Sub-Segment: Residential Buildings
Structural steel in residential buildings offers numerous advantages, including design flexibility, resistance to corrosion, and superior durability. It allows for open floor plans, large spans, and modern architectural designs. Moreover, the use of structural steel reduces construction time and provides a sustainable solution for housing, making it an ideal choice for residential buildings.
The Non-residential application held more than 51% market share in 2023.
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Competitive Landscape:
The structural steel market is highly competitive and fragmented, with several key players operating globally. Some of the major companies in the market include ArcelorMittal, Nippon Steel Corporation, POSCO, Tata Steel, and United States Steel Corporation. These companies focus on strategic initiatives like mergers and acquisitions, collaborations, and product innovations to maintain their market position and cater to the increasing demand for structural steel. The market players also emphasize on expanding their presence in emerging economies to tap into the growing construction industry.
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