Structural Metal Products Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Structural Metal Products Market Size

Structural Metal Products Market Growth Drivers & Opportunities

Increasing Focus on Prefabricated Construction Is Key Trend

• For ages, the use of bricks and mortar has been preferred for construction, but this method takes time, needs to be done right at the site, and does not often offer the strength that users now desire.
• This is why for the past half-a-century and even more in the developed world, prefabricated construction has been the trend. Due to the rising awareness of the advantages of this method, this construction technique is gaining popularity in developing countries too.
• Premade steel spans are being extensively used to speed up railway bride construction in countries such as China and India.
• Moreover, steel bars and girders are increasingly being used to construct skyscrapers in Southeast Asia and the Middle East.
• Over the last couple of decades, skyscraper construction has rapidly shifted to the east of the Prime Meridian, with all the top 15 countries in terms of the number of skyscrapers, apart from the U.S. and Canada, in the Eastern Hemisphere.
• Structural metal products can be prefabricated offsite, at the manufacturing plant, simply transported to the construction site on trucks, and then assembled.

Rapid Urbanization in Emerging Economies Is Biggest Market Driver

• The biggest driver for the worldwide structural metal products market is the swift urbanization in developing countries, especially China, India, and those in the Middle East and Southeast Asia.
• As per the World Bank, 57% of the people on earth lived in urban areas in 2023, compared to a mere 34% in 1960. The growth in China has been even swifter, from a miniscule 16% in 1960 to 65% in 2023.
• Moreover, as per the United Nations, by 2050, 2.5 billion more people will move to cities, hinting at a massive rise in infrastructure development activities, with 9.0% of this migration taking place in Africa and Asia.
• To speed up construction and offer durable infrastructure for them, the usage of structural metal products will continue to increase.
• As per the University of Oxford, over USD 9.5 trillion is expected to be spent on construction worldwide in 2024. Moreover, the forecast for 2025 and 2028 are for USD 9.9 trillion and USD 13.9 trillion, respectively.
• The U.S., China, and India are expected to be the key drivers for this surge and, in turn, the demand for structural metal products.

Diverse Industrial Applications Offer Market Opportunities

• Improving infrastructure in the transportation industry will provide the best market prospects.
• Metal liners, casings, culverts, plates, and bar joists are used extensively in the construction of highways, bridges, and railways.
• As a result, government support for highways and other transportation infrastructure helps businesses earn more money.
• Furthermore, highway financing from governments is likely to rise in the future, providing ample opportunities to businesses operating in this field.
• As per the University of Oxford, in the short term, civil engineering would drive the growth in construction activities worldwide.
• For example, the Indian government is expected to spend roughly USD 750 billion on railway infrastructure between 2018 and 2030. Steel is the major metal used in railway infrastructure, from the tracks and bridges to stations and wagon and locomotive manufacturing plants and maintenance workshops.
• The construction of traditional masonry bridges has been completely abandoned by the Indian Railways, their place taken by prestressed concrete for high-speed strain viaducts and open-web steel girders for railway bridges over roads and rivers.
• Up to 76.2 meters long open-web girders are used by the Indian Railways, which are assembled at fabrication plant or near the construction site itself and then hoisted and pulled by cranes.

Structural Metal Products Market Analysis

Product Insights

The support and structure category holds the largest revenue share, of more than 40%, in the structural metal products market in 2024. The demand for these products is expected to witness significant growth in the coming years because of their applications, such as modern skyscrapers, wherein metallic structures are used in ductwork, staircases, decking, and sheds. Moreover, fabricated metal structural beams and windows are preferable, as they are long-lasting, easy to handle, and fire-resistant.

The prefabricated buildings category is growing the fastest, with a CAGR of 7.4%, during this decade. Prefabrication of buildings saves construction companies a lot of time and money, which is crucial in today’s fiercely contested markets. Moreover, prefabricated structures can be tested for various parameters, such as moisture resistance, durability, weight, and energy consumption, before being integrated into the built structure.

This construction method is also considered green as it reduces waste and energy usage, while enabling optimal resource usage. Additionally, in times of crises, such as natural and manmade disaster, prefabricated shelters can be rapidly put in place for displaced communities. Further, modern skyscrapers are often characterized by their unique shapes, which are easier to achieve with prefabricated metallic structures that it ever was using bricks and mortar.

We have analyzed the following products in the report:

• Support and Structure (Largest Category)
• Prefabricated Buildings (Fastest-Growing Category)
• Metal Doors
• Window Frames
• Shutters
• Others

Type Insights

Steel dominates the market in 2024 with 45% share, as steel and other refractory materials are used in applications that function at high temperatures. Moreover, the demand for these products has been accelerated post-covid lockdown, as construction companies increasingly opted for customizable building materials for high-rise structures, apartments, and quarantine facilities, in the face of labor shortages due to the lockdown. Also, the construction companies opt for ready-to-use steel structures that can be assembled in a shorter span.

In China, the demand for steel structural products is increasing, due to the urban development; renovation of old residential areas; and intercity railways, expressways, and new building constructions, along with the supporting equipment and services.

The aluminum category is projected to grow at the highest pace during the forecast period in the structural metal products market. The aluminum metal and its alloys are lightweight, strong, durable, corrosion-resistant, and infinitely recyclable. The weight of aluminum structures is one-half to two-thirds of the weight of steel structures and up to one-seventh the weight of reinforced concrete structures with the same bearing capacity. Also, aluminum panels can be used in high-rise structures, ensuring greater energy and economic efficiency as compared to concrete and steel. Moreover, aluminum materials help build projects to qualify for green building status under the Leadership in Energy and Environmental Design (LEED) standards.

The following types have been covered in the report:

• Steel (Largest Category)
• Aluminum (Fastest-Growing Category)
• Iron
• Others

End User Insights

The residential category accounts for 55% share in 2024. In Union Budget 2023–24, the Indian government announced an outlay of INR 79,000 crore for the PM Awas Yojana, which was 66% more than the previous year. Similarly, Africa’s real estate sector is emerging and a huge investment can be seen by international developers in the region. Thus, the surging need for residential buildings will drive the demand for structural metal products in the coming years.

The market is expected to record the fastest growth in the industrial sector during the forecast period, at a CAGR of 7.5%. This is attributed to the massive scale of industrialization around the world, especially in the Middle East and Southeast Asia, apart from India and China. Most modern industrial facilities, including manufacturing plants and warehouses, are modular structures with a metal roof supported by strong metal bars.

For instance, the Belt and Road Initiative (BRI) will have a dynamic impact on China's import and export of steel. The BRI countries have carried out extensive cooperation with China for the construction of infrastructures, such as roads, railways, and ports. The construction of these projects will increase the demand for these products.

The report offers analysis for these end users:

• Residential (Largest Category)
• Commercial
• Industrial (Fastest-Growing Category)

Geographical Analysis

• APAC holds the largest share in 2024, of 35%, and it is expected to witness the highest CAGR, of 7.8%, over the forecast period.
• The consumption of structural metal products in APAC has risen in recent years. Multi-story residential construction, which includes hotels and dormitories, has grown significantly over the past five years and accounted for about 10% of the overall demand.
• Structural steel is also used in non-building structures, which include open-air stadiums, process and chemical plants, power plants, petroleum refineries, and other buildings that do not have a roof.
• The other non-structural applications include rack systems, marine structures, trailers, transportation facilities, and mobile homes. Moreover, bridge structures are fabricated from plate steel.
• Countries like China, India, Japan, Indonesia, and Australia accounted for more than 40% of the regional market share in 2021. This is because of the huge infrastructure investment by regional government and private firms, rapid growth in urbanization, increase in household income, and surge in the construction sector in these nations.
• For instance, the 2023–24 Union Budget announced a capital outlay of INR 1 lack crore for the construction sector in the country.
• Germany is the third-largest steel importer in the world and is the main hub of companies involved in fabricating metallic supports and structures for residential and commercial buildings.
• Thus, the country holds about one-third of the revenue generated in the industry in the European Union member states.

The following regions and countries have been analyzed:

• North America
  • U.S. (Larger and Faster-Growing Country Market)
  • Canada
• Europe
  • Germany (Largest and Fastest-Growing Country Market)
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific (APAC) (Largest and Fastest-Growing Regional Market)
  • Japan
  • China (Largest Country Market)
  • India (Fastest-Growing Country Market)
  • South Korea
  • Australia
  • Rest of APAC
• Latin America (LATAM)
  • Brazil (Largest and Fastest-Growing Country Market)
  • Mexico
  • Rest of LATAM
• Middle East and Africa (MEA)
  • Saudi Arabia (Largest and Fastest-Growing Country Market)
  • South Africa
  • Rest of MEA

Structural Metal Products Market Share

• The market is highly fragmented, with the presence of several major players, which have been involved in strategic developments, such as acquisitions and geographical expansions, to stay ahead of their competitors.
• Diverse products are needed for varying applications, which is why the number of players in this market is quite high.
• Additionally, with SMEs entering the construction landscape, mid-sized players in the market are seeing their business boom.

Structural Metal Products Market Company News

• In June 2024, ArcelorMittal S.A. signed an MoU with Materialise to offer solutions that can optimized metal 3D printing technology and laser PBF equipment.
• In June 2024, Tata Steel signed an MoU with the Monash University in Australia to set up a center of innovation focused on decarbonization; additive, advanced, and data-driven manufacturing; and resource recovery from sustainable sources.
• In April 2024, HBIS Group signed an agreement with Siemens AG to build a green steel factory, digitally driven, for the former’s Serbian subsidiary.
• In December 2023, NIPPON STEEL CORPORATION announced intentions to acquire United States Steel Corporation.