Structural Steel Market Size & Share | Trends - 2034

According to the report by Expert Market Research (EMR), the global structural steel market reached a value of approximately USD 113.37 billion in 2024. Aided by the rising investments in infrastructure development and the growing demand for durable and sustainable construction materials, the market is projected to grow at a CAGR of 5.70% between 2025 and 2034 to reach a value of USD 197.35 billion by 2034.

Structural steel is a category of steel used to make construction materials in a variety of shapes and grades. It is widely utilized in the construction of residential, commercial, industrial, and infrastructure projects owing to its high strength, durability, flexibility, and cost-efficiency. Structural steel is commonly used for beams, columns, trusses, and frames, offering support and integrity to various structures. It also plays a pivotal role in green construction practices due to its recyclability and reduced environmental impact.

The increasing global population, rapid urbanisation, and the need for resilient and long-lasting infrastructure are key factors propelling the structural steel market growth. As governments across the world prioritise the construction of smart cities, transportation networks, and industrial zones, the demand for structural steel is set to witness a significant boost.

Market Size

The structural steel market size of USD 113.37 billion in 2024 underscores its growing importance in the global construction and engineering sectors. Structural steel offers a combination of strength, versatility, and ease of fabrication, which makes it an ideal choice for a wide array of construction applications. With the acceleration of industrialisation in emerging economies and the revival of construction activities in developed regions post-pandemic, the structural steel market is expanding rapidly.

Increased public and private sector investments in infrastructure projects such as roads, bridges, airports, and railways are also significantly contributing to market expansion. Furthermore, the adoption of Building Information Modeling (BIM) and modular construction practices is increasing the usage of structural steel in prefabricated components, thereby supporting market growth.

Explore Key Insights with a Free Sample Report

Market Share

In terms of end-use, the construction sector dominates the global structural steel market, accounting for the largest share. Within this segment, non-residential construction—such as commercial buildings, industrial facilities, and infrastructure projects—holds a particularly substantial share due to the high demand for robust and scalable materials. Residential construction is also emerging as a key segment with the growing preference for steel-framed homes that offer superior design flexibility and resistance to natural disasters.

Regionally, the Asia-Pacific region leads the market share owing to the large-scale infrastructure developments, rapid urban expansion, and favourable government policies in countries such as China, India, and Southeast Asian nations. North America and Europe follow closely, supported by strong construction activity, renovation projects, and the implementation of stringent environmental regulations that encourage the use of recyclable materials like structural steel.

Market Trends

Several evolving trends are shaping the global structural steel market. A key trend is the growing shift toward green building practices. As sustainability becomes a top priority for developers and regulators, structural steel is being favoured for its 100% recyclability, energy efficiency, and minimal carbon footprint. This trend is expected to gain further momentum with the rising adoption of circular economy principles in the construction sector.

Another notable trend is the increasing use of high-strength and weathering steel grades that offer enhanced performance under extreme environmental conditions. These advanced materials are finding widespread use in bridges, offshore structures, and industrial plants.

Moreover, digitalisation and automation in construction practices are fostering the use of structural steel in modular and prefabricated buildings. The rise of off-site construction and 3D modelling is enabling precise fabrication and faster assembly, thereby reducing construction timelines and labour costs.

The development of composite steel structures, which combine steel with other materials such as concrete and timber, is also gaining popularity as builders seek to optimise load-bearing capacity and thermal performance in diverse building types.

Drivers of Growth

The global structural steel market growth is driven by several interrelated factors. One of the primary drivers is the robust expansion of the construction industry. As urban centres expand and the need for efficient transportation, energy, and social infrastructure rises, the demand for structural steel in mega projects, industrial zones, and public works continues to increase.

Technological advancements in steel manufacturing processes are also playing a critical role. Innovations such as electric arc furnaces, advanced casting techniques, and laser cutting tools are enhancing production efficiency, reducing material waste, and lowering costs—all of which contribute to greater market penetration.

Additionally, the focus on disaster-resilient infrastructure is driving the demand for structural steel due to its superior performance in withstanding earthquakes, hurricanes, and fires. This has led to its adoption in buildings and structures located in high-risk regions.

Another significant driver is the ongoing trend of urban renewal and renovation in developed countries. Structural steel is extensively used in the retrofitting and extension of old buildings, bridges, and public infrastructure, supporting a strong aftermarket demand.

Key Market Players

The global structural steel market is highly competitive, with numerous multinational and regional players offering a broad range of products to meet diverse application needs. Key players operating in the market include:

• Anshan Iron & Steel Group Corporation
• Anyang Iron & Steel Group Co. Ltd.
• Arcelor Mittal S.A.
• Tata Steel Limited
• McFarlane Mfg.
• Others

These companies are actively investing in capacity expansions, technological upgrades, and strategic collaborations to strengthen their market position. Sustainability remains a key focus area, with many firms working toward reducing carbon emissions, enhancing recycling processes, and offering eco-friendly steel solutions.

Challenges and Opportunities

Despite its strong prospects, the structural steel market faces several challenges. Volatility in raw material prices, particularly iron ore and scrap metal, can impact production costs and profitability. Fluctuating steel prices also pose challenges for contractors and developers in budget planning and procurement.

Additionally, the steel industry is under pressure to reduce its environmental impact, as it is traditionally associated with high carbon emissions. Regulatory scrutiny and compliance with emission standards can increase operating costs and limit growth in certain regions.

Labour shortages and delays in construction activities due to regulatory hurdles or geopolitical tensions can also hamper market expansion.

However, the market presents numerous opportunities. The increasing focus on sustainable construction, smart infrastructure, and renewable energy projects offers promising avenues for structural steel applications. Offshore wind farms, solar energy installations, and hydrogen infrastructure are all creating new demand channels.

Emerging economies with underdeveloped infrastructure present significant growth potential, particularly in Africa, Southeast Asia, and Latin America. As these regions receive increased investment in urban development and industrialisation, the demand for structural steel is expected to rise substantially.

Technological integration, such as AI-driven design optimisation and robotics in steel fabrication, is opening doors to innovative construction methodologies, enhancing efficiency and cost savings.

Market Forecast

Looking ahead, the global structural steel market is poised for consistent growth during the forecast period. From its value of USD 113.37 billion in 2024, the market is expected to reach USD 197.35 billion by 2034, growing at a CAGR of 5.70%.

This growth will be supported by strong demand across construction, energy, and manufacturing sectors, along with technological advancements, evolving building standards, and increasing preference for sustainable materials. As governments and private entities continue to invest in modern, resilient, and eco-conscious infrastructure, structural steel is set to remain a cornerstone of global development for years to come.