PUBLISHER: The Business Research Company | PRODUCT CODE: 1436715
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436715
Structural steel fabrication involves converting raw materials into various shapes by fabricators, creating predetermined structures for buildings, industrial equipment, tools, and other products through cutting, bending, shaping, and assembling steel.
Services within structural steel fabrication encompass a range: metal welding, machining, metal forming, cutting, shearing, folding, rolling, punching, and stamping. Metal shearing, specifically, involves trimming or eliminating excess metal, utilized for cutting metal into diverse shapes and smaller sizes. Products span carbon steel, alloy steel, stainless steel, tool steel, and others, catering to industries such as aerospace, automotive, construction, defense, electronics, energy, manufacturing, mining, and more.
The structural steel fabrication research report is one of a series of new reports from The Business Research Company that provides structural steel fabrication statistics, including structural steel fabrication industry global market size, regional shares, competitors with structural steel fabrication share, detailed structural steel fabrication segments, market trends and opportunities, and any further data you may need to thrive in the structural steel fabrication industry. This structural steel fabrication research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The structural steel fabrication market size has grown strongly in recent years. It will grow from $153.85 billion in 2023 to $168.63 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth observed in the historic period can be attributed to various factors including a construction boom, rapid industrialization, ongoing urbanization trends, substantial government investments in infrastructure projects, and the emphasis on cost-effectiveness within these developments. These elements collectively contributed to the growth and expansion observed within relevant industries or sectors during that period.
The structural steel fabrication market size is expected to see strong growth in the next few years. It will grow to $239.54 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. Anticipated growth in the forecast period can be linked to several factors including infrastructure renewal initiatives, population growth leading to increased construction demands, a focus on sustainable construction practices, growth within the energy sector, and technological innovations specifically aimed at enhancing design processes.
The expansion of the construction industry, driven by urbanization, infrastructural projects, and population growth, is projected to significantly boost the structural steel fabrication market. Structural steel's attributes such as strength, durability, and cost-efficiency and make it a preferred material for high-rise buildings, residential complexes, bridges, and various structures. Reports indicate that construction will be a pivotal driver of global economic growth up to 2030, with anticipated output surpassing the previous decade's by 35%, underscoring the role of the growing construction sector in propelling the structural steel fabrication market.
The structural steel fabrication market is poised for substantial growth due to the escalating demand for energy and power. This demand surge is pivotal in various sectors, from extraction to distribution, where structural steel plays a crucial role owing to its versatility, strength, and durability. Reports from the International Energy Agency indicate a significant 1.3% increase in total net electricity output, reaching 879.0 TWh in September 2023 compared to the previous year. This underscores the profound influence of rising energy and power needs in propelling the structural steel fabrication market.
In the structural steel fabrication market, the adoption of CNC plasma cutting machines is a prevalent trend among steel fabricators. These machines allow precise steel cutting using plasma cutters along multiple axes, controlled by computer programming. For example, Salasar Techno Engineering inaugurated a new steel fabrication plant in Uttar Pradesh, India, in April 2021, equipped with high-precision robotic multi-torch CNC plasma cutting equipment. This technology upgrade enables the fabrication of heavy structural steel for various applications, including power plants, metro stations, bridges, and high-rise buildings.
In the structural steel fabrication market, major companies are embracing strategic partnerships to revolutionize the industry globally. This collaborative approach involves leveraging mutual strengths and resources for shared success. For instance, in February 2022, Trimble Inc., a US-based construction technology solutions company, announced a partnership with Zamil Steel, a Saudi Arabia-based firm in fabrication, manufacturing, and construction. Zamil Steel opted for Tekla PowerFab software by Trimble to enhance steel fabrication across their facilities in India, Saudi Arabia, Vietnam, and Egypt. This collaboration aims to accelerate Zamil Steel's digitalization efforts, promising superior goods and shorter turnaround times for their clients. Trimble's Tekla PowerFab was chosen for its industry-leading features that align with Zamil Steel's digitalization journey.
In June 2021, DBM Global Inc., a US-based infrastructure firm, completed the acquisition of Banker Steel Holdco LLC. This strategic move, made for an undisclosed sum, significantly bolsters DBM's capacity to seize opportunities in American infrastructure and commercial ventures. Banker Steel Holdco LLC, a US-based producer of fabricated structural steel components, aligns with DBM's expansion plans within infrastructure and commercial projects.
Major companies operating in the structural steel fabrication market report are ArcelorMittal SA, POSCO, Nippon Steel & Sumitomo Metal Corporation, Tsingshan Holding Group, Tata Steel Limited, JSW Steel Limited, Gerdau S.A., Sujana Group, Mayville Engineering Company Inc., BTD Manufacturing Inc., O'Neal Manufacturing Services Inc., Defiance Metal Products LLC, Ironform Inc., Richard L. Sensenig Company, Lenex Steel LLC, EVS Metal Inc., Watson Engineering Company Inc., LancerFab Tech Pvt. Ltd., Zamil Steel Buildings India Private Limited, Apex Buildsys Limited, Bohai Group, Anyang Group Co. Ltd., Wuhan Group, Hebei Group, Baogang Group, Taylor and Watson Ltd., STI Group, Structural Steelworks Inc., Structural Fabrications Ltd., Steel LLC
Asia-Pacific was the largest region in the structural steel fabrication market share in 2023. The regions covered in the structural steel fabrication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the structural steel fabrication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The structural steel fabrication market includes revenues earned by entities by providing fabrication services and related products. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Structural Steel Fabrication Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on structural steel fabrication market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for structural steel fabrication ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The structural steel fabrication market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.