Global Hollow Structural Sections Market

The global hollow structural sections market is estimated to reach USD 44.6 billion by 2030, with a CAGR of 7.2% from 2022 to 2030. It was valued at USD 30.17 Billion in 2022. Increasing residential and non-residential construction activities and rising demand for steel developments as building materials will propel industry growth. The global hollow structural sections steel market is expected to grow sustainably in the future, owing to rising disposable income and technical improvements in prefabricated and pre-engineered construction projects in the overall building industry. Increased demand for infrastructure in economies like China and India is predicted to drive structural steel market growth in the coming years.

What are Hollow Structural Sections?

Hollow structural sections are a variety of metal profiles. They are generally made from cold-rolled steel and developed into a hollow, tubular section. This shape constructs a gaping unfilled border that extends throughout the entire steel bar, which is what delivers them the alternative terms of “hollow section.” The use of Hollow Structural Sections has grown substantially because their form, flexibility, and structural stability lend themselves well to creative designs. They are favorably usable in multiple industries and applications. The multiple common uses of Hollow Structural Sections are in welded steel structures and columns. They are also regularly operated in steel support beams. It is due to their immense strength.

Growth Drivers

Advancing constructional activities and government endeavors to boost the market growth

Increasing residential and non-residential construction actions and development demand for steel creations will encourage growth for the hollow structural sector industry. Growing infrastructure spending on highways, bridges, structures and public services would complement the overall market value of structural steel. The increase in government-supported and private-financed smart city programs would improve development utilization. Builders depend on the quality of the construction materials to create a solid building foundation. Increasing the use of the product in the construction of residential buildings will positively impact demand directions in structural steel. Increasing the construction of weightless industrial building techniques using thin sheet-covered surfaces is a current specialized development that causes the demand for high-resistance structural steel. Progressive building technologies like 3D printing and business communication modeling are achieving rapid popularity in engineering and construction. This development is also predicted to positively influence the demand for structural steel in industrial buildings in the years ahead.

Opportunities

Increasing Government Initiatives

The global hollow structural sections market is noticing fast growth due to the burgeoning construction sectors. Governments across nations across the globe are increasingly carrying up smart city and infrastructure evolution tasks and creating extensive investments, which, in turn, boost the market demand. Resultantly, the market is predicted to notice substantial growth over the next few years. Progressive building technologies like 3D printing and business knowledge modeling are rapidly popular in engineering and construction. This development is also expected to positively influence the demand for structural steel in industrial buildings in the years forward. Structural steel demands an expensive fireproof restorative and is tolerant to corrosion in outdoor atmospheres.

Restraints

Changes in Raw Material and High cost

Changes in raw material prices are a major factor restraining the growth of the global structural steel market. In addition, the growing acceptance of prefabricated buildings, which is a substitute for structural steel, is another element anticipated to hinder the growth of the global structural steel market over the forecast period. The high cost, fireproof treatment, and outdoor corrosion hinder the market growth. Structural steel requires costly, fireproof treatment and is susceptible to corrosion in outdoor environments. A shortage of understanding about the advantages of these structural steels can restrain market growth, leading to decreased Structural Steel Market Value.

Pre Covid-19 Impact on Global Hollow Structural Sections Market

Before the covid-19 outbreak, the global hollow structural sections market has grown constantly. The steel products show excellent properties, including high power, flexibility, the comfort of vision, seismic resistance, and fast erection speed. Structural steel finds enormous applications in non-residential construction, including airports, manufacturing buildings, healthcare establishments, and retail shops. Global airport construction projects are valued above $735 billion. Due to increasing tourism, many airport projects will enable the hollow structural sections market. Enterprises invest in technological advancements and new product launches to improve production efficiency and provide a quality product. For instance, In November 2015, ArcelorMittal launched a new product, Granite Quartz. It is organic painted steel with good scratch-resistant effects for facades and roofs, delivering beautiful crystalline color shadiness.

Covid-19 Impact on Global Hollow Structural Sections Market

During the covid-19 outbreak, the market for hollow structural sections dropped in 2020 due to the country’s lockdown and intense demand from the construction industry. The Coronavirus has hindered the prominence and export of structural steel. China is the globe’s biggest exporter of structure materials. Unfavorable movements in China’s economizing are predicted to decrease global imports and exports worldwide. Since the corona outbreak, the market for new construction materials has seen a tremendous negative shift. The virus outbreak impacts construction material manufacturing companies in China due to the region’s lockdown and lack of logistics. The significant barrier to the global construction materials market is the distribution of home quarantine orders by individual governments, which has resulted in the demise of construction material production.

Post Covid-19 Impact on Global Hollow Structural Sections Market

After the Covid-19 outbreak, the Government endeavors to enhance the housing situation in different countries have increased the market for structural steel in the construction industries, which showed an expansion in the number of steel manufacturers. Structural steel has multiple applications in construction; it is utilized to build large structures such as bridges, canals, warehouses, and factories. It is operated to create beams, steel frames, columns, and bars to construct large structures. The growing infrastructure and improvement in technologies are pushing the structural steel market. Many corporations have started again to their pending projects and started investing in new projects to increase the growth of the hollow structural sections.

Product Segmental Analysis

By Product type segment, the market can be segmented into rectangular hollow sections, square hollow sections, circular hollow sections, and others. In the rectangular hollow section, zinc-coating covers the entire surface. It reaches in a combination of wall heights and thicknesses and is widely operated in structure manufacturing, in commercial and household structure, and in handyman gate and posting tasks where rust resistance is required and thus is expected to monopolize the segment.

Application Segmental Analysis

The application segment can be categorized into agricultural, construction, general engineering, mechanical application, etc. Urbanization and construction deliver healthy demand for long steel products, including bars and parts, while manufacturing enterprise development delivers demand for flat products such as hot and cold rolled coils and stainless steel, likely to affect structural steel’s market share positively. Thus, the construction segment is predicted to dominate the application segments.

Regional Segmental Analysis

The global Hollow structural Sections market is classified into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. In 2021, Asia-Pacific maintained the highest share of the structural steel market, which will maintain until the end of 2030. The market in this Asia-Pacific is mainly caused by rapid industrial growth in convergence with technological advances in the region’s construction industry. Advanced construction spending is also pushing up the region’s structural sections market.

Competitors Segmental Analysis

The Companies include Arcelor Mittal, Nippon Steel and Sumitomo Metal Corporation, Hebei Steel Group, Baosteel Group, Changing Group, Ansteel Group, Shougang Group, JFE Steel Corporation, TATA Steel Group and other prominent players in the global hollow structural sections market. Key Stakeholders

• Market research and consulting firms
• Hollow structural section market providers
• Suppliers
• Retailers
• Research organizations and consulting companies
• Regulatory bodies
• Steel Technology Providers

Recent Developments

• The Chinese government’s recent establishment to expand on infrastructure assignments such as railways and the One Belt, One Road link to Europe may promote the structural steel demand during the forecast timeframe. The significant growth drivers in this region are increasing living standards, growing urbanization, and the direction for high & good quality construction in the commercial and residential sectors.
• Arcelor Mittal and Nippon Steel finished their joint purchase of Essar Steel India Ltd., permitting the acquiring corporations to capitalize on India’s long-term structural steel market. Essar Steel manufactures different steel effects, including structural steel containers and line pipes.
• Hesteel bought a 70% stake in Indian steel producer Tata Steel to augment its international market share, especially in Southeast Asia, where building and infrastructure spending has expanded.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 102.17 Billion
The revenue forecast in 2028	USD 162.4 Billion
Growth Rate	CAGR of 10 % from 2022 to 2028.
Historical data	2018 – 2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Arcelor Mittal, Nippon Steel and Sumitomo Metal Corporation, Hebei Steel Group, Baosteel Group, Changing Group, Ansteel Group, Shougang Group, JFE Steel Corporation and TATA Steel Group are the key players.

Market Modelling

By Product Type

• Rectangular Hollow Section
• Square Hollow Section
• Circular Hollow Section
• Others

By Application

• Agricultural
• Construction
• General Engineering
• Mechanical Application

By Region

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East & Africa

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