A new research report by Global Market Insights determined the structural steel market is set to surpass $420 billion by 2024, with demand being driven by awareness of steel’s design flexibility, high strength, speed of erection, energy efficiency and seismic resistance. An increasing number of infrastructure development projects in China, Japan, South Korea and India are likely to stimulate product demand as well.
The U.S. structural steel market for commercial applications will experience gains exceeding 5 percent, while industrial applications may reach up to 125 million tons in the next five years. Rising nonresidential applications include health care buildings, data centers, airports, offices and stadiums.
Per the report, global steelmakers are offering tailored solutions that enable energy-efficient and carbon-neutral buildings, as well as offer an extended life expectancy through design for reuse and disassembly. Technology developments also are facilitating faster manufacturing processes with uniformity and user-friendly procedures to reduce quality issues.
