When it comes to materials, few are able to offer quite the same level of durability and value as structural steel. With this thought in mind, the structural steel market has increased in size, with an ever-heightening demand for structural steel. However, it’s often not clear just how much the structural steel market has grown and what this is likely to look like going forward. With this thought in mind, today, we’re looking at the size and share of the structural steel market and the overall steel market; furthermore, we will also consider the key benefits and features of structural steel that help contribute to this overall demand accordingly.

Structural Steel Market Size and Share

The structural steel market has undeniably been growing in recent years, and it’s important to consider this as part of your overall construction material considerations. In fact, this massive and booming market is currently worth around $97 billion, making it highly influential in the global world economy.

The largest market for structural steel at present is in Asia-Pacific countries. However, the North American market is the fastest growing structural steel market (perhaps unsurprisingly). Therefore, it is unclear how the future of the structural steel industry will change in terms of supply and demand to different economies.

How Does the Structural Steel Market Compare with the Complete Steel Market?

Undoubtedly, the structural steel market is an incredibly valuable force in its own right with a whopping global value of around $100 billion even now. However, though structural steel is very widely used, this is dwarfed by the value of the total steel market, encompassing other forms of steel.

In fact, estimates suggest that the total steel market may be worth around $840 billion USD presently, of which around $740 billion is hence outside of the scope of structural steel exclusively. Notably, the automobile manufacturing industry is a main consumer of steel, while structural steel also accounts for a very significant market share alongside other forms of steel used in construction projects.

The value of the global steel market is likely to only continue to grow as the price of steel rises sharply across the board. For example, we can estimate that the price per tonne of still has jumped to over $1200 per tonne, and it we do not anticipate that there will be any change in this price in the imminent future. As such, now could be an excellent time to invest in the steel market if prices for steel continue to climb.

How is the Structural Steel Market Likely to Change by 2030?

It’s worth considering that the structural steel market is growing at a very rapid rate. A growing number of businesses and construction project managers are seeing the value and appeal of structural steel, and this may have contributed to the massive growth rates we are currently seeing.

Currently, it is estimated that the compound annual growth rate of the structural steel market is 5.3% per year. As such, with this figure in mind, it is predicted that the overall structural steel market will grow significantly by 2030. Estimates suggest that the current value of around $97 billion will climb to a whopping $160 billion or more . This follows the increasing use of structural steel in building projects for both commercial and residential applications.

What are the Benefits of Structural Steel in Building Projects?

Structural steel can provide a highly valuable and versatile building material in many cases. This specific subcategory of steel has a total carbon content of up to 2.1%, giving it exceptional durability and strength.

However, it is somewhat less ductile than other types of steel,  which may explain why it’s primarily used in construction projects that have a greater focus on practicality and a reduced level of focus on aesthetic appeal overall.

By contrast, standard steel usually has a lower carbon content than structural steel, and this can undeniably impact its overall strength. With this thought in mind, other forms of steel are more commonly used in applications such as car manufacturing and the like.

The main benefits that structural steel can deliver include:

- Excellent durability, allowing structural steel to withstand long-term, heavy-duty use

- Adaptability to a wide range of projects and construction styles, making it highly versatile

- More affordable construction costs compared to other building materials

- Utilizes less space than other construction materials, maximizing the available area in the completed project (increasing practicality and appeal accordingly)

- High-quality structural steel should last for years, ensuring that it is fit for most purposes

Even outside of the structural steel market, carbon-based steel continues to make up a significant proportion of the total market value and production. However, most steel falls at around 0.60% carbon by weight; contrastingly, high-carbon steel is usually considered steel with a carbon content of 1.5% and higher.

As such, it is easy to see why structural steel is more durable than “standard” types of carbon steel. This high carbon inclusion allows structural steel to deliver exceptional strength.

Other types of steel also include alloy steel, tool steel, and stainless steel. However, these are unsuitable for construction and building framework purposes specifically.

Final Thoughts

Undeniably, structural steel has a lot to love. Its high carbon content makes it especially suitable for construction and building projects. However, in many cases, it’s easy to overlook the value that structural steel can deliver, making it more difficult to choose an appropriate material for your own construction. Fortunately, as the structural steel market continues to grow in line with the international value of the steel market itself, more and more projects will likely turn to structural steel for buildings, frames, and the like.

If you have any further questions about the structural steel market and the value that structural steel can deliver, please don’t hesitate to contact our experts today at teamworksteelstructure@aliyun.com. We’re here to help you find out more about the structural steel market and the benefits that structural steel can deliver for your next construction project accordingly.