Growth in Residential & Non-Residential Construction Activities Expected to Drive Global Hollow Structural Sections Market: Ken Research
Hollow Structural Sections characterize as high-strength welded steel tubing are used as structural elements in buildings & other structures and various manufactured products. It is produced in square, round, and rectangular shapes and a wide range of sizes to the A1085, ASTM A500, and A1065 specifications. Key benefits of hollow structural sections are high strength-to-weight ratio, closed section and aesthetic appeal etc.
According to study, “Global Hollow Structural Sections Market By Type (Rectangular Hollow Section, Square Hollow Section, Circular Hollow Section and Others); By Application (Agricultural, Construction, General Engineering, Mechanical Application and Others) and Region –Analysis of Market Size, Share and Trends for 2014 – 2019 and Forecasts to 2030” the key companies operating in the global hollow structural sections market are Arcelor Mittal, Nippon Steel and Sumitomo Metal Corporation, Ansteel Group, JFE Steel Corporation, Hebei Steel Group, Shougang Group, Baosteel Group and Tata Steel Group.
Based on type, hollow structural sections market is segmented as square hollow section, rectangular hollow section, circular hollow section and others. In the rectangular hollow section, zinc-coatings cover the entire surface. It comes in various wall heights and thicknesses and is extensively used in the frame manufacturing, in commercial & domestic construction, in handyman gate & posting projects where rust resistance is essential and thus is projected to dominate the segment. Based on application, market is segmented as grates & protection panels, storage systems, lofts for shops & warehouses, construction of sheds & shelters, agricultural applications and frames for the coating of building facades, roof purlins, roof casing frames and frames for tile roofs. In addition, based on end-use industries, market is segmented as urbanization & construction, agricultural, mechanical application, general engineering and others. Urbanization & construction sectors provide strong demand for long steel products such as bars and parts, while manufacturing industry developments provide demand for flat products like hot & cold rolled coils, which is estimated to have the positive impact on the market share of structural steel. Thus, the construction segment is anticipated to dominate the application segments.
The hollow structural sections market is driven by growth in residential & non-residential construction activities, followed by rise in demand for steel products as building materials, growth in construction of lightweight industrial building systems, increase in use of the product in the construction of residential buildings, growth in infrastructure spending on roads, buildings, bridges, and public services, surge in government-supported & private-financed smart city programs and high quality of the construction materials to create a solid building foundation. Additionally, advanced building technologies such as 3D printing and business information modeling are gaining rapid popularity in the construction and engineering sectors. This development is also probable to have a positive impact on the demand for structural steel in the industrial buildings over the forecast period. However, Costly and fireproof treatment along with outdoor corrosion may impact the market.
Based on geography, the hollow structural sections market is segmented as North America, Latin America, Europe, APAC, and MENA. The Asian-Pacific region holds leading share in global market owing to growth in residential construction worldwide due to increase in income levels and growth in urbanization in the region. The North-American and European regions are predicted to witness higher growth rate due to high quality of the construction materials to create a solid building foundation during the forecast period.
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Global Hollow Structural Sections Market
Ankur Gupta, Head Marketing & Communications