Steel Sections Market- By Product Type (Hot Rolled Steel, Cold Rolled Steel, Direct Rolled Steel, Tubes and Other Profiles), By End-User (Infrastructure and construction, Power, Railway, Industrial machinery, Oil and gas), - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Market Overview:

The Steel Sections Market will held USD 457.41 trillion during forecasted period and is to grow with a CAGR of 5.2% from 2020-2030. Steel sections are a type of long steel products and are used for various industrial applications including infrastructure and building, electricity, industrial machinery, and rail. These provide the structure with stability and strength. Many long steel goods include rebars, wire rods, tubes, hot rolled plates, and walls. The global market for long steel products will expand on the back of demand from various industries like construction, transmission and distribution, as well as automobiles. The main driving factors for the industry are the upgradation of power distribution lines.

Market Dynamics and Factors:

Contractors' rising inclination towards affordable, low-cost and efficient building materials is increasing demand for steel in future residential projects & industrial infrastructure, thus acting as a key factor in the growth of global steel section market. Stringent regulations promoting green & energy-efficient buildings also contribute to demand for steel, especially in industrial buildings. Recycling of steel scrap reduces the environmental impact of steel production by lowering the requirement for iron ore mining. This helps reduce the emissions of carbon dioxide, reduces energy and water use and also removes air pollution, producing a  growing opportunity in global steel sections market. As a preferred raw material, it has gained tremendous popularity among steel producers because of the many benefits of using steel scrap such as energy and natural resource protection. Factors such as an increase in investments in infrastructure and an upgrade of transmission and distribution lines in the power sector contribute significantly to this global steel section market segment's growth. The infrastructure and construction industry is the market's main end-user and is projected to hold about 46 per cent of the total market share by 2020.

Market Segmentation:

Based on the type, the global steel section market is segmented into rectangular hollow section, square hollow section. On the basis of end-user, the market is segmented into infrastructure and construction, railway, industrial machinery, power, oil and gas. Geographic breakdown of the global steel section market includes regions like Europe, North America, Asia-Pacific, and RoW.

Geographic Analysis:

North America has dominated the market with the large demand and use of this coatings for aircraft. The region is a hub for advanced technology and the growing expenditure of government on defense which is further fuelling the global steel section market to grow. Asia Pacific is also growing at a fast pace and expected to dominate in the future. Due to the growing demand for aircraft and rise in disposable income, global steel section market is expected to continue the growth in the upcoming years. Due to the availability of manufacturers of steel parts that meet regional demand, APAC is the largest steel-consuming region worldwide. With over 75 per cent of the volume share in 2016, hot rolled goods dominated the steel section market. Such products are commonly used in automobiles such as frames, wheel and other parts, as well as welding and construction trades.

Competitive Scenario:

Some of the major players currently dominating the global steel section market are Tata Steel, Vallourec, Yuantai Derun Group, Anyang Steel Group, Youfa Steel Pipe Group, Zekelman Industries, Nippon Steel, ArcelorMittal, EVRAZ, Gerdau, NSSMC, Nucor, Celsa Steel, Hyundai Steel, Mechel.

Steel Sections Market Report Scope