Structural Metal Products Market To Generate Revenue Worth $764 Billion in 2030

The global structural metal products market size was valued at $448.3 billion in 2021, and it is expected to grow at a CAGR of 6.1% from 2021 to 2030. Infrastructure initiatives taken by both developing and developed countries are expected to drive the sales of metal products. Moreover, the surging housing needs as a result of the rapid growth in the global population is driving the construction industry, which, in turn, is boosting the demand for these products. As per a report, the global population would reach roughly 10.9 billion in 2100, which is predicted to increase the need for new residences, thus will contribute to the market growth.

Growth in Residential Developments Will Boost the Need for Metal Products

The residential category is projected to witness the fastest growth during the forecast period in the market. The products’ demand will be driven by the surging vertical paradigm of development to restore existing decaying residential apartments. Governments are likely to remove outdated apartments in order to prevent tragedies during natural disasters. Thus, the rising construction of civic amenities and new homes under urban development plans will drive the market growth in this category.

Moreover, increasing economic levels and surging urbanization have resulted in a rise in residential development projects, worldwide. Builders are focused on the quality of construction materials, in order to develop a sturdy foundation. Therefore, the rising consumption of structural metal products in the construction of residential structures would facilitate the growth of the market.

Regional Analysis

The APAC structural metal products market is projected to register the highest CAGR, of more than 6%, in terms of revenue, during 2021–2030. The increased investments in the housing and commercial sectors of developing nations like China and India and the merger strategy adopted by companies are expected to benefit the market. Moreover, the rising population is also driving the need for residential constructions, which, in turn, is helping the market expansion in the region.

For instance, in April 2021, Anshan Iron & Steel Group, a renowned Chinese steel manufacturer, announced a proposed merger with Benxi Iron & Steel Group. This type of strategic development is projected to increase the penetration and worldwide reach of important industry participants.

Whereas, North America held the largest revenue share, of more than 30%, in the market in 2021. Infrastructure aging is a major factor for the rising demand for structural metal products in the region. Furthermore, the U.S. leads the regional market, due to the surging need for sustainable materials in the country.

Strategic Developments Adopted by Market Players to Improve their Position

Companies have been involved in acquisitions, in order to increase productivity and deliver high-quality goods, which can improve their market position. For instance:

In January 2022, Nippon Steel acquired G Steel and G J Steel, integrated steel mills in Thailand.

In October 2021, TrueNorth Steel announced the acquisition of Beck Steel's assets in Lubbock, Texas. The addition of Beck Steel includes 150,000 square feet of fabrication area as well as fabrication and material processing equipment.

Some of the major players operating in the structural metal products market are ArcelorMittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, and Alumin S.A.