Structural Steel Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Beam/ Heavy Sections, Wire Rod, Rebar, Merchant Bar), By Type of Steel (Hot Rolled Steel, Cold Rolled Steel), By Application (Commercial, Residential, Infrastructure) and Region Forecast 2020-2031

Structural Steel Market size was valued at US$ 126.7 billion in 2024 and is expected to reach US$ 187.5 billion by 2031, growing at a significant CAGR of 5.8% from 2025-2031. Moreover, the U.S. Structural Steel Market is projected to grow significantly, reaching an estimated value of US$ 13.1 billion by 2031. The market refers to the global industry focused on the production, distribution, and utilization of steel that is specifically fabricated for use in construction and infrastructure. Structural steel is characterized by its high strength, durability, and flexibility, making it a preferred material for constructing buildings, bridges, industrial facilities, and other large-scale structures. It includes a variety of shapes such as I-beams, channels, angles, and hollow sections, which are engineered to meet specific design and load-bearing requirements.

The market has witnessed steady growth in recent years, driven primarily by the global expansion of the construction sector and the ongoing need for sustainable infrastructure. Rapid urbanization in emerging economies, along with increased investments in commercial and residential construction, has fuelled the demand for structural steel. In developed regions, the market is supported by renovation and retrofitting projects aimed at modernizing aging infrastructure.

Furthermore, the market benefits from advancements in steel production technologies, which have led to enhanced product quality and reduced environmental impact. The shift toward green buildings and the adoption of recyclable materials are also encouraging the use of structural steel. Despite challenges such as price volatility and supply chain disruptions, the long-term outlook remains positive due to the material’s reliability, cost-effectiveness, and alignment with global sustainability goals.

Facts & Figures

• In fact, Wire Rod holds the largest share among product segments with 31.76%, due to its extensive use in construction reinforcements, industrial fasteners, and welded mesh.
• Hot Rolled Steel accounts for 78.76% of the market based on steel type, dominating due to its suitability for large-scale structural applications like beams and heavy frameworks.
• Infrastructure is the leading application segment with 45.53% share, driven by global investments in transportation, energy, and public utilities.
• Rebar contributes to 22.26% of the product segment share, highlighting its critical role in concrete reinforcement and building stability.
• Merchant Bar holds a 27.35% share, used widely in support structures, railings, and small construction projects for commercial and residential use.
• Cold Rolled Steel, although less dominant, still constitutes 21.24% of the market by type, appreciated for its precision and surface quality in specific construction and fabrication needs.

Key Developments:

• In May 2025, IG Metall and thyssenkrupp Steel reached an agreement in principle regarding the company’s upcoming restructuring. The ongoing negotiations are expected to result in a collective bargaining agreement by summer 2025. This agreement is based on the industrial concept introduced by the Steel Executive Board at the end of the previous year, aimed at making Germany’s largest steel company more independent, competitive, and future-ready. Both parties have reaffirmed their commitment to avoiding redundancies throughout the restructuring process.
• In May 2025, PGE Polska Grupa Energetyczna (PGE) and Ørsted entered a contract with Grupa Przemys?owa Baltic for the production and delivery of additional secondary steel structures. These steel components are designated for the Baltica 2 offshore wind farm foundations, which are set to be installed in the Polish Baltic Sea.

Structural Steel Market Segmentation:

Based on the product:

• Beam / Heavy Sections
• Wire Rod
• Rebar
• Merchant Bar
  • Square Merchant Bar
  • Channel Merchant Bar
  • Round Merchant Bar
  • Angle Merchant Bar
  • Others

Based on product type, the wire rod, holding the largest share at 31.76%, leads the market due to its extensive application across construction, automotive, and industrial sectors. A key driver behind its dominance is its versatility used in reinforcing structures, producing fasteners, welding electrodes, and wire mesh. In construction, wire rod is essential for reinforcing concrete and ensuring structural integrity in both residential and commercial buildings.

Additionally, the rise in infrastructure projects and manufacturing activities in emerging economies has spurred demand. As urban development accelerates globally, wire rod remains critical for supporting both foundational strength and functional components across various industries.

Based on the type of steel:

• Hot Rolled Steel
• Cold Rolled Steel

Based on type of steel, the hot rolled steel, commanding a dominant 78.76% share of the market, leads due to its widespread application in large-scale structural and construction projects. Its popularity stems from its cost-effectiveness, ease of production, and suitability for high-strength applications such as beams, columns, and heavy-duty frameworks. Hot rolled steel is particularly valued in infrastructure, shipbuilding, and industrial manufacturing where dimensional tolerance is less critical, but strength and durability are essential.

Additionally, its ability to be formed into larger sections makes it ideal for load-bearing structures. Growing investments in transportation and infrastructure globally continue to drive demand for hot rolled structural steel.

Based on the application:

• Commercial
• Residential
• Infrastructure
  • Railways
  • Ports & Rivers
  • Roads & Tunnels
  • Bridges
  • Offshore Structures
  • Others

Based on application, infrastructure is the leading application segment in the market, accounting for 45.53% of the total share. This dominance is driven by the increasing demand for bridges, highways, railways, airports, and energy facilities, particularly in developing economies. Governments across the globe are investing heavily in public infrastructure to boost economic growth and urban connectivity. Structural steel is preferred in these projects for its high strength, durability, and speed of construction. Mega infrastructure projects such as high-speed rail networks, metro systems, and industrial parks continue to fuel demand, reinforcing infrastructure as the backbone of structural steel consumption globally.