According to the Market Statsville Group (MSG), the global I beam Market size is projected to grow at a CAGR of 3.5% from 2022-2030. I beam is intended to perform an important role as a structure's support member. These beams are designed to sustain a wide range of loads. I beams are widely employed in a variety of steel building applications. Generally, these beams are used in frames and crucial support elements. The use of steel I beams ensures a sturdy and supporting construction. The utilization of these beams can be cost-effective because they eliminate the need for a large number of support components.
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The rise in investment in the construction industry and the growing residential and commercial construction sector have significantly influenced the market’s growth. Infrastructure development in both emerging and established countries is expected to be a significant driver of structural steel demand. Growing housing needs as a result of the world's growing population is also one of the primary drivers driving product demand.
COVID-19 Impact on the Global I beam Market
The spread of the novel coronavirus, i.e., COVID-19, has severely squeezed the global I beam market. Every market is incredibly uncertain in these times, with countries worldwide suffering from the destabilizing effects of this pandemic. No company is immune to these economic challenges caused by the health crisis, and there were understandable concerns about the destruction caused to the worldwide economy. Factories have been forced to remain closed due to lockdown and social distancing measures, disrupted supply chain resulting in a sharp drop in the sales of I beams globally. However, the rising demand for constructing healthcare infrastructure amid the pandemic will create lucrative opportunities for the market's growth.
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Scope of the Global I beam Market
The study categorizes the I beam Market based on product and application at regional and global levels.
By Product Outlook (Sales, USD Million, 2017-2030)
- Hot-rolled I- Beams
- Welded I- Beams
By Application Type Outlook (Sales, USD Million, 2017-2030)
- Road Bridge
- Heavy Machinery
- Marine, Railway
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By Region Outlook (Sales, USD Million, 2017-2030)
- North America
- the Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- the Philippines
- Australia New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
Building, by Application, is estimated to hold the largest market share during the forecast period
Based on Application, the global I beam market is segmented into building, road bridge, heavy machinery, marine, railway and others. The building segment dominates the market growth owing to the growing population across the globe along with increasing investment in the housing and commercial sectors in emerging countries is expected to benefit market growth. The considerable expansion in residential and non-building construction around the world and the utilization of structural steel in these buildings are recognized as the key driver of the I beam market. The rise of the manufacturing industries creates demand for flat items such as stainless steel, which might boost the market’s growth.
North America accounts for the largest market share during the forecast period in the I Beam market
Based on the regional segment, North America is estimated to account for the major share in the I Beams market and is also expected to hold a major share over the forecast period. Rapid industrial development in tandem with technological developments in the region's construction industry. Increased construction spending is also pushing up demand in the structural steel sector in the region. Additionally, the rising usage of healthcare infrastructure is another key factor for the growth of the I beam market in North America.
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Key Market Players in the Global I beam Market
Major players in the global I beam market:
- YEOU CHYR
- China Baowu Steel Group
- JFE Steel Corporation
- Nippon Steel Corporation
- Yamato Steel, Shougang
- Tung Ho Steel
- Tata Steel
- China Steel Corporation
- Gunung Steel Group