The structural steel fabrication market has grown significantly, increasing from $153.85 billion in 2023 to $168.63 billion in 2024, reflecting a CAGR of 9.6%. This growth is driven by the construction boom, industrialization, urbanization, government investments, and cost-effectiveness. The market is projected to reach $239.54 billion by 2028, with a CAGR of 9.2%. Growth factors include infrastructure renewal, population growth, sustainable construction practices, energy sector expansion, and technological advancements. Key trends include safety and quality standards, adoption of 5G technology, AR and VR applications, customization in structures, and R&D collaborations.
Major Driver In The Structural Steel Fabrication Market
The structural steel fabrication market is anticipated to witness growth driven by the expanding construction industry. The construction sector is on the rise due to ongoing urbanization, impending infrastructure projects, and a growing population base. Structural steel, favored for its strength, durability, tensile strength, and cost-effectiveness, finds extensive use in designing high-rise buildings, residential structures, bridges, and other construction projects. The global construction review report in 2021 forecasts that construction will be a significant driver of global economic growth, with output estimated to be 35% higher in the decade to 2030 compared to the previous decade. Consequently, the thriving construction industry will act as a catalyst for the growth of the structural steel fabrication market. The market size in 2023 is [2023 value], with projections for 2024 and 2028 at [2024 value] and [2028 value], respectively.
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Structural Steel Fabrication Market Competitive Landscape
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
Key Structural Steel Fabrication Market Trend
The introduction of CNC plasma cutting machines by steel fabricators in their manufacturing plants for precise steel cutting is a major trend gaining popularity in the structural steel fabrication market. In a CNC plasma machine, a plasma cutter is employed to cut thin to thick metals along a multi-axis grid. The CNC technique has an advantage over hand-held plasma cutting devices since the cut is programmed and controlled by a computer rather than human actions. For instance, in April 2021, Salasar Techno Engineering, an India-based company that provides steel fabrication, opened a new structural steel fabrication plant in Uttar Pradesh, India. Salasar's new facility includes high-precision robotic multi-torch CNC plasma cutting equipment. The facility will fabricate heavy structural steel for power plants, metro stations, bridges, PEB buildings, warehouses, airport hangers, high-rise buildings, and process plants.
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Structural Steel Fabrication Market Segmentation
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
By Geography:The regions 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.
Asia-Pacific was the largest region in the structural steel fabrication market share in 2023.
The Structural Steel Fabrication Global Market Report 2024 furnishes information about the global structural steel fabrication market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
