Singapore Structural Steel Market Size & Outlook
Singapore structural steel market, 2018-2030 (US$M)
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Singapore structural steel market highlights
- The Singapore structural steel market generated a revenue of USD 153.8 million in 2022 and is expected to reach USD 202.0 million by 2030.
- The Singapore market is expected to grow at a CAGR of 3.5% 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 153.8 million |
| Market revenue in 2030 | USD 202.0 million |
| Growth rate | 3.5% (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, Singapore accounted for 0.1% 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 53.12% in 2022. Horizon Databook has segmented the Singapore structural steel market based on residential, non-residential covering the revenue growth of each sub-segment from 2018 to 2030.
Building sector in Singapore accounts for roughly 70% of the total construction output. Although construction sector is predicted to grow at a rate of 3% in short term, it is expected to experience a comparatively slower growth at 2.7% and 0.5% in 2020 and 2021, respectively.
According to a report published by Arcadis, a global design and consultancy firm, Singapore is expected to be the fourth most expensive city to build in Asia. Structural steel offers lesser costs and faster speed compared to traditional RCC buildings.
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Structural Steel Market Scope
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| Name | Profile | # Employees | HQ | Website |
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Singapore structural steel market size, by application, 2018-2030 (US$M)
Singapore Structural Steel Market Outlook Share, 2022 & 2030 (US$M)
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