Structural Metal Products Market Analysis
Explore In-Depth Structural Metal Products Market Analysis, Covering Detailed Segmentation and Geographical Insights for the Period of 2019 to 2030
Report Code: 12350
Explore In-Depth Structural Metal Products Market Analysis, Covering Detailed Segmentation and Geographical Insights for the Period of 2019 to 2030
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:
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:
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:
The following regions and countries have been analyzed:
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