Structural Steel Market Size, Share & Trend Report

Structural Steel Market Size, Share & Trend Analysis Report By Product (Angles, Channels, Rounds), By Application (Non-residential (Industrial, Commercial, Institutional), Residential), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: 978-1-68038-503-8
  • Number of Report Pages: 123
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2022
  • Forecast Period: 2023 - 2030 
  • Industry: Advanced Materials

Research Methodology

A three-pronged approach was followed for deducing the structural steel market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for structural steel market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of structural steel market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Structural Steel Market Categorization:

The structural steel market was categorized into three segments, namely product (Angles, Channels, Rounds, Squares, Beams), application (Residential, Non-residential), and regions (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The structural steel market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The structural steel market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into thirty countries, namely, the U.S., Canada, Mexico, Germany, the UK, France, Spain, Russia, Turkey, Poland, China, Japan, Taiwan, India, Hong Kong, Thailand, Malaysia, Singapore, Vietnam, Philippines, Australia, New Zealand, Indonesia, Brazil, Chile, Colombia, UAE, Saudi Arabia, Iran, South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Structural steel market companies & financials:

The structural steel market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Anshan Iron & Steel Group Co., Ltd.: The company was founded in 1949 and is headquartered in Anshun, China. The company operates as a subsidiary of Ansteel Group Corporation Limited. Ansteel produces steel of 16 types, 120 sub-types, 600 grades, and 42,000 specifications of steel products, which find application in infrastructure construction. Anshan Iron & Steel Group Co., Ltd. specializes in manufacturing pig iron and steel including hot-rolled steel sheet & coil, cold-rolled steel sheet & coil, color-coated sheets, cold-rolled silicon steel, heavy rail, pipeline steels, galvanized sheet, and building steel. The company has an annual integrated capacity of 25 million tons of pig iron, raw steel, and rolled steel each. It caters its products to end-use industries such as construction, automotive, marine, transportation, electrical & electronics, home appliances, chemicals, and machinery industries.

  • Anyang Iron & Steel Group Co., Ltd.: The company was founded in 1958 and is headquartered in Henan, China. It is a manufacturer of iron and steel. The company's activities include coking, sintering, smelting, rolling, and scientific research & development, and exports its products to Germany, Great Britain, Japan, South Korea, and South Africa also specializes in manufacturing high-speed wire rod, structural, galvanized, cold-rolled, heavy section, color coated, seamless pipe, pipe fittings, and hot-rolled steel products. The company has an annual capacity of 10,000,000 tons of steel. It produces over 100 types of steel plates, such as plate, coil, hot-rolled coil, and high-speed wire, and over 6,000 specifications of steel products and coking chemical products. The company offers its products to end-use industries such as defense, construction, shipbuilding, petroleum, and natural gas.

  • ArcelorMittal: The company was established in 2006 by the merger of Arcelor and Mittal Steel. The company is headquartered in Luxembourg. Its reportable segments include NAFTA, Brazil, Europe, ACIS, and Mining. The NAFTA segment produces flat products such as slab, hot-rolled coil, cold-rolled coil, coated steel, and plate. The products are sold to industries such as automotive, energy, construction, packaging, and appliances. The crude steel production was 22,559,000 tons in 2018. Brazil's segment produces flat products and long products. Flat products include slab, hot-rolled coil, cold-rolled coil, and coated steel, while long products include wire rods, sections, bar & rebar, billets, blooms, and wire drawings. The crude steel production was 12,264,000 tons in 2018. Europe segment produces hot-rolled coil, cold-rolled coil, coated products, tinplate, plate, and slab. The crude steel production was 44,693,000 tons in 2019.

  • Baogang Group: The company was founded in 1954 and is headquartered in Zizhiqu, China. The company is a major steel manufacturer in China and is one of the largest rare earth industrial bases across the globe. It has two listed companies: Inner Mongolia Baotou Steel Union Co., Ltd. and Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co., Ltd. The company specializes in producing cold & hot rolling strips, heavy plates, seamless pipes, heavy rail, large-scale-shaped beams, and bar & wire rods. It owns the National Authoritative Rare Earth Research Institute and exports its products to several countries including the U.S., Germany, the UK, Japan, and France. The company also has branches in 13 provinces and offices in the U.S. and Mongolia. It offers its products to end-use industries such as aerospace, automotive, construction, engineering, appliance, and machinery.

  • Benxi Steel Group: The company was founded in 1905 and is headquartered in Liaoning, China. It operates as a subsidiary of Beitai Iron & Steel Group Co. and specializes in manufacturing long steel products such as bars, rods, structural shapes, hot-rolled coil, and pig iron. The company engages in the mining of iron ore, metal smelting, and coke production. In addition, it offers catering & hotel services, cargo transportation, explosives, and building materials. The company caters to a wide variety of end-use industries including consumer goods, food & beverages, packaging, retail, and construction. As of 2017, it had 80,000 employees. The company exports its products to over 80 countries. It has a subsidiary named Bengang Steel Plates, which is listed on the Shenzhen Stock Exchange.

  • Evraz plc: The company was founded in 1992 and is headquartered in London, UK. It specializes in manufacturing steel products, vanadium products, iron ore mining & enrichment, and coal mining. The company produced 13.0 million tons of crude steel in 2018. It also offers high-speed wire rods, structural, galvanized, cold-rolled, heavy section, color coated, seamless pipe, die & bearing steel, pipe fittings, steel plates, and hot-rolled steel products. The company has operations in countries such as Russia, Ukraine, Kazakhstan, Italy, and the Czech Republic. It has a presence in over 70 countries across five continents. A significant portion of the company's internal consumption of iron ore and coking coal is covered by its mining operations. As of 2018, the company had 68,379 employees.

  • Gerdau S.A: Geradau SAwas founded in 1901 and is headquartered in Rio de Janeiro, Brazil. It specializes in manufacturing billets, blooms, slabs, wire rods, rebars, heavy slabs, hot- & cold-rolled coils, and seamless tubes. The company offers its products to end-use industries such as metallurgy, farming & livestock, construction, automotive, petrochemical, railway, and marine industries. It also manufactures specialty steel for the automotive industry. The company operates steel mills in Brazil, Argentina, Canada, Chile, India, Spain, Peru, the U.S., Uruguay, and Venezuela. It has industrial operations in 10 countries across North America, Europe, and Asia Pacific, with an overall installed capacity of over 25 million metric tons of steel per year. As of March 2019, the company had 30,000 employees.

  • HBIS Group: The company was founded in 2008 and is headquartered in Shijiazhuang, China. It specializes in manufacturing bars, wires, profiles, hot-rolled strips, hot- & cold-rolled plates, galvanized plates, pipes, vanadium-nitrogen alloys, and twisted ribbed steel bars. The company also manufactures coke, industrial gas, and chemical products. It offers its products for various applications such as automotive, nuclear power, marine engineering, bridges, construction, and home appliances. The company has a presence in 110 countries across five continents. As of 2018, it had 120,000 employees.

  • Hyundai Steel: The company was established in 1953 and is headquartered in Seoul, South Korea. It is the oldest steel manufacturing company in South Korea. The company is engaged in manufacturing stainless steel plates, cold-rolled sheets, aluminum engine blocks, and precision sand casting. It operates mainly through three business segments including the blast furnace business, electric arc furnace business, and special steel business. The company serves various markets such as automotive, shipbuilding, and construction. It has 14 offices in Asia, 4 offices in North America and 5 offices in Europe.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Structural Steel Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Structural Steel Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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