NEW YORK , June 8, 2022 /PRNewswire/ -- According to the market research report published by P&S Intelligence, in 2021, the structural metal products market accounted for $448.3 billion revenue, and by 2030, it is predicted to touch $764.0 billion , growing at a 6.1% CAGR from 2021 to 2030. The booming construction sector around the world is boosting the demand for such products, as they are mold- and pest-resistant, sustainable, and cost-effective.
Industrial Applications Provide Wide Market Opportunities
Metal liners, culverts, casings, bar joists, and plates are used extensively in the creation of bridges, railway tracks, and highways. This is why the improving transportation infrastructure will offer lucrative market opportunities. Moreover, government funding for transportation infrastructure assists businesses in expanding their operations. For instance, between 2018 and 2030, the Indian government plans to invest around $750 billion in the railway sector.
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North America Accounts for Largest Structural Metal Products Market
The demand for structural metal products has increased in recent years in North America . The consumption of structural steel has surpassed 40,000 tons. Over the last five years, the construction of multi-story residential buildings, including hotels and dormitories, has increased dramatically, and they accounted for around 10% of the total demand a few years ago. Non-building structures, including open-air stadiums, power plants, petroleum refineries, rack systems, marine structures, trailers, and transportation facilities, also utilize structural steel. As a result, the structural metal products market future has been shaped by the region's infrastructure developments.
APAC To Witness Highest Growth Rate during Forecast Period
During the forecast period, the APAC structural metal products market value will increase at the fastest pace. This will be due to the massive infrastructure investments by private companies and regional governments, rising family income, increasing urbanization rate, and booming construction industry. For example, India aims to spend about $1.4 trillion on infrastructure between 2019 and 2023, to achieve long-term development.
Residential Buildings Have Highest Demand for Structural Metal Products
The residential sector accounts for the highest usage of structural metal products. As per research, Chinese real estate developers constructed 9,268 million square meters of floor area in 2020, up 4% over the previous year. Likewise, Africa's real estate business is growing with multinational developers investing in the region. As a result, in the next few years, the structural metal products market will be driven by the growing need for residential buildings.
Browse detailed report on Global Structural Metal Products Market Analysis, Growth and Demand Forecast Report 2022-2030
Largest Market Share Held by Steel Category
Because steel is utilized to work in high temperatures, the steel category produces the highest revenue, seeing substantial expansion in recent years. Furthermore, as a result of the manpower constraints caused by the lockdown, construction businesses are increasingly using customizable materials for high-rise apartments and other buildings.
Structural Metal Products Market Segmentation Analysis
Browse Other Reports Published by P&S
Global Metal Finishing Equipment Market Growth Forecast Report
Global Metallurgy Equipment Market Growth Forecast Report
Global Rare Earth Metals Market Growth Forecast Report
About P&S Intelligence
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
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SOURCE P&S Intelligence
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