Square hollow section steel market Size
The square hollow section comes in various sizes, wall thicknesses, and specifications. Square hollow sections or square tubes are made of either hot rolled, cold rolled, pre-galvanized or stainless steel to form cold and welded. The suitable mother tube, a round steel tube, has to be formed first to form the square steel section. Using rolls from a round tube, this gradually presses the round tube into a square hollow section. All of that is done inline. The advantage of square and rectangular steel tubes is that they are stronger in bending while a round hollow section has more twisting stiffness. Many projects benefit from square steel tubing, including all building types, highway guardrails and signage, column support, trusses, bridges, heavy equipment, storage systems, and exercise equipment. When combined with the appropriate steel grade, a wide range of dimensions ensure that the structure's functionality and cost-efficiency can be optimized.
Market Highlights
The Square hollow section steel market size was registered at USD XX billion in 2019 and is estimated to reach USD XX billion by 2030, registering a CAGR of XX% from 2020 to 2030. Growing residential and non-residential construction activities and development demand for steel products as building materials will promote growth for the hollow structural sector industry. Additionally, advanced building technologies like 3D printing and business information modeling are gaining rapid popularity in the engineering and construction sectors. This development is also expected to have a positive impact on demand for hollow section steel in industrial buildings in the years ahead. . Its uniformity makes it visually appealing and predictable to use. It has an elevated ratio of weight to strength. Bending is easy, and because square steel tubing is cheap, it is cost-effective, even for large projects. Stainless steel tube is easy to recycle. Many projects benefit from square steel tubing, including all building types, highway guardrails and signage, column support, trusses, bridges, heavy equipment, storage systems, and exercise equipment.
Source: Fatpos Global
Square hollow section steel market: Segments
The Square hollow section steel market is segmented based on type, application, and region.
By type (in %), Square hollow section steel market, 2019
By type, the market can be segmented into welded square hollow sections and seamless square hollow sections.
By application (in %), Square hollow section steel market, 2019
The construction segment accounted for XX% of the nation’s volume in 2019
The application segment can be classified into agricultural, construction, general engineering, mechanical application, and others. Urbanization and construction provide strong demand for long steel products including bars and parts, while manufacturing industry development provides demand for flat products such as hot and cold rolled coils and stainless steel, which is likely to have a positive impact on the market share of structural steel. Thus, the construction segment is expected to dominate the application segment.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Source: Fatpos Global
Square hollow section steel market Dynamics:
Increasing constructional activities and government initiatives to increase the market growth
Growing residential and non-residential construction activities and development demand for steel products as building materials will promote growth for the hollow structural sector industry. Additionally, advanced building technologies like 3D printing and business information modeling are gaining rapid popularity in the engineering and construction sectors. This development is also expected to have a positive impact on demand for hollow section steel in industrial buildings in the years ahead. . Its uniformity makes it visually appealing and predictable to use. It has an elevated ratio of weight to strength. Bending is easy, and because square steel tubing is cheap, it is cost-effective, even for large projects. Stainless steel tube is easy to recycle. Many projects benefit from square steel tubing, including all building types, highway guardrails and signage, column support, trusses, bridges, heavy equipment, storage systems, and exercise equipment.
Costly and fireproof treatment along with outdoor corrosion to hinder the market growth
Structural steel requires costly, fireproof treatment and is susceptible to corrosion in outdoor environments. This can somewhat hamper the growth of the industry.
Square hollow section steel market: Regions
In terms of value and volume, APAC accounted for XX% of total market volume share in 2019
Growing residential construction worldwide due to increasing income levels and urbanization in the APAC region has led to increased building projects. Builders rely on the quality of the construction materials to create a solid building foundation. Increasing use of the product in the construction of residential buildings will have a positive impact on market trends in square hollow section steel.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Source: Fatpos Global
The Square hollow section steel market is further segmented by region into:
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North America Market Size, Share, Trends, Opportunities-o-Y Growth, CAGR – the United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Square hollow section steel market: Competitive landscape
In order to broaden their product range and increase their regional presence, manufacturers are involved in product launches, developments, and collaborations along with support from government regulations, which may enable acquiring firms to leverage the long-term steel market.
Square hollow section steel market: Key players
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Arcelor Mittal
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Nippon Steel and Sumitomo Metal Corporation
- Hebei Steel Group
- Baosteel Group
- Shagang Group
- Ansteel Group
- Shougang Group
- JFE Steel Corporation
- Tata Steel Group
- Other prominent players
The Square hollow section steel market report also contains analysis on:
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Square hollow section steel market segments:-
- By type:
- Welded Square hollow section
- Seamless Square hollow section
- By application:
- Agricultural
- Construction
- General Engineering
- Mechanical Application
- Others
- Square hollow section steel market dynamics
- Square hollow section steel market size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
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