The global structural steel market is expected to reach USD 140.4 billion by 2025, according to a new report by Grand View Research, Inc. recovery of construction industry in developed markets of the U.S., Germany and UK is expected to foster industry growth.
Increasing awareness among end-users owing to advantages such as design flexibility, energy efficiency and faster completion of prefabricated/engineered building (PEBs) projects using channels and beams is expected to drive demand. Upsurge in infrastructure development projects in China and India, improving standards of living, high urbanization rates and requirements for sanitation are the major growth drivers for Asia Pacific region, particularly in commercial and residential sectors.
Companies are investing in R&D for technological advancements, cost minimization, and production maximization. Technologies deployed for the production are thin-slab casting, electric furnace and vacuum degassing. Residential segment is expected to grow at a CAGR of 4.1%, from 2016 to 2025, owing to rapid urbanization and positive outlook on economic development. It minimizes the loads on foundations and also reduces sub-structure costs in residential buildings.
Access Research Report On Structural Steel Market Analysis: http://www.grandviewresearch.com/industry-analysis/structural-steel-market
Further key findings from the report suggest:
Grand View Research has segmented the structural steel market on the basis application and region:
Structural Steel Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 – 2025)
Structural Steel Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 – 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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