Philippines Structural Steel Market Size & Outlook
Philippines structural steel market, 2018-2030 (US$M)
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Philippines structural steel market highlights
- The Philippines structural steel market generated a revenue of USD 596.3 million in 2022 and is expected to reach USD 888.5 million by 2030.
- The Philippines market is expected to grow at a CAGR of 5.1% from 2023 to 2030.
- In terms of segment, non-residential was the largest revenue generating application in 2022.
- Non-residential is the most lucrative application segment registering the fastest growth during the forecast period.
Structural steel market data book summary
| Market revenue in 2022 | USD 596.3 million |
| Market revenue in 2030 | USD 888.5 million |
| Growth rate | 5.1% (CAGR from 2022 to 2030) |
| Largest segment | Non-residential |
| Fastest growing segment | Non-residential |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Residential, Non-residential |
| Key market players worldwide | ArcelorMittal SA Depository Receipt, Gerdau SA ADR, Nippon Steel Corp, Tata Steel Ltd GDR - 144A, Steel Authority Of India Ltd DR |
Other key industry trends
- In terms of revenue, Philippines accounted for 0.5% of the global structural steel market in 2022.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China structural steel market is projected to lead the regional market in terms of revenue in 2030.
- Taiwan is the fastest growing regional market in Asia Pacific and is projected to reach USD 2,140.6 million by 2030.
Non-residential was the largest segment with a revenue share of 51.74% in 2022. Horizon Databook has segmented the Philippines structural steel market based on residential, non-residential covering the revenue growth of each sub-segment from 2018 to 2030.
The Philippines has witnessed a considerable GDP growth of over 6% in 2019, with construction industry being a major contributor. The demand for private offices and residential buildings has played a crucial role in boosting construction sector, which in turn, has led to rising demand for structural steel in the country.
Increasing residential construction due to population expansion coupled with reconstruction works is expected to remain a key driving factor for market growth over the forecast period.
Rising foreign investments due to cheap labor and low operating cost is expected to further compliment structural steel demand.
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Structural Steel Market Scope
Structural Steel Market Companies
| Name | Profile | # Employees | HQ | Website |
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Philippines structural steel market size, by application, 2018-2030 (US$M)
Philippines Structural Steel Market Outlook Share, 2022 & 2030 (US$M)
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