Global curved steel market to reach US$5.7 billion by 2032

The curved steel market valued for $3.8 billion in 2022 and is estimated to reach $5.7 billion by 2032, exhibiting a CAGR of 4.2% from 2023 to 2032, according to Allied Market Research.

The global curved steel market is driven by factors such as an increasing demand from the construction industry, as more architects are designing structures that incorporate curved steel sections whether they be angles, bars, beams, channels, tees, pipe, or tube. In addition, increased construction on bridges and ports will further boost the demand for curved steel. However, fluctuating prices of raw material will hinder the market growth.

Based on method, the rotary draw & compression bending segment accounted for the largest share in 2022, contributing to nearly two-fifths of the global curved steel market revenue, and is projected to rule the roost during the forecast period. Rotary bending machines have many advantages over conventional wipe-bending methods. The most advantageous feature is the simplicity of adjustment. Changes in the bend angle can be made simply by shimming or grinding the height of the assembly. However, the induction bending segment is estimated to cite the fastest CAGR of 4.6% from 2023 to 2032.

The Commercial buildings maintain its lead position during the forecast period.

Based on application, the commercial buildings segment accounted for the largest share in 2022, contributing to nearly one-third of the global curved steel market revenue, and is projected to dominate the market during the forecast period. Owners and architects have increasingly incorporated curved steel in their designs for both functional and aesthetic reasons. Curved steel is found in roof supports, canopies, and circular stairs to name just a few applications. However, the stadiums and arenas segment would cite the fastest CAGR of 4.5% throughout the forecast timeframe.

Asia-Pacific to maintain its dominance by 2032.

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifth of the global curved steel market and is projected to register the highest CAGR of 4.5% during the forecast period. This is attributed to numerous factors such as the flourishing construction industry, consistently developing economic status, and strengthening industrialization linked, which drive the growth of the Asia-Pacific market.