Overview and Scope
The structural steel fabrication refer to a set of activities conducted to convert raw materials into different shapes by steel fabricators. Structural steel fabrication is the process of cutting, bending, shaping, and assembling steel into various structures with predetermined sizes and shapes designed for assembly into buildings, industrial equipment, tools, and various other final products.
Sizing and Forecast
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 in the historic period can be attributed to construction boom, industrialization, urbanization trends, government infrastructure investments, cost-effectiveness.
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%. The growth in the forecast period can be attributed to infrastructure renewal, population growth, sustainable construction practices, energy sector growth, technological innovation in design. Major trends in the forecast period include increased emphasis on safety and quality standards, rise of 5G technology for communication and collaboration, adoption of augmented reality (AR) and virtual reality (VR), customization and personalization in fabricated structures, collaborations for research and development in fabrication techniques.
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Segmentation & Regional Insights
The structural steel fabrication market covered in this report is segmented –
1) By Service: Metal Welding, Machining, Metal Forming, Metal Cutting, Metal Shearing, Metal Folding, Metal Rolling, Metal Punching, Metal Stamping
2) By Product: Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel
3) By End-Users: Aerospace, Automotive, Construction, Defense And Aerospace, Electronics, Energy And Power, Manufacturing, Mining, Other End-Users
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.
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Major Driver Impacting Market Growth
The growing construction industry is expected to propel the growth of the structural steel fabrication market going forward. The construction industry is rising as a result of ongoing urbanization, impending infrastructural projects, and a growing population base. The construction sector uses structural steel for a variety of products due to its strength, durability, tensile strength, and low cost. It is the ideal option for designing and fabricating high-rise buildings, residential buildings, bridges, and other structures. For instance, according to the global construction review report published in 2021, construction will be a driving force in global economic growth in the decade to 2030, with output estimated to be 35% greater than in the previous ten years to 2020. Hence, the growing construction industry will drive the growth of the structural steel fabrication market.
Key Industry Players
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
The structural steel fabrication market report table of contents includes:
1. Executive Summary
2. Structural Steel Fabrication Market Characteristics
3. Structural Steel Fabrication Market Trends And Strategies
4. Structural Steel Fabrication Market – Macro Economic Scenario
5. Global Structural Steel Fabrication Market Size and Growth
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32. Global Structural Steel Fabrication Market Competitive Benchmarking
33. Global Structural Steel Fabrication Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Structural Steel Fabrication Market
35. Structural Steel Fabrication Market Future Outlook and Potential Analysis
36. Appendix
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