Structural steel fabrication involves the process of cutting, bending and assembling steel to create different structures and components used across various industries. It is a critical part of the construction and manufacturing sectors, providing essential elements for buildings, bridges, industrial equipment and other infrastructures.
The structural steel fabrication market consists of sales, by entities (organizations, sole traders and partnerships), of structural steel fabrication services and related products that are utilized by engineers, architects, contractors and manufacturers to design and build robust and durable structures. The process naturally begins with the design phase, where detailed plans and specifications are created. Following this, steel is cut, shaped and assembled according to these designs using various techniques such as welding, machining, forming and cutting.
The global structural steel fabrication market was valued at $112,620.96 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 6.0%.
Growth Of The Automotive Industry
The growth of the automotive industry drove the growth of the structural steel fabrication market during the historic period. The automotive industry's reliance on steel for components such as chassis, frames, body panels and engine parts has significantly driven the demand for structural steel fabrication. As the industry expanded, the need for these steel components increased, boosting the structural steel fabrication market. For instance, according to the European Automobile Manufacturers Association (ACEA), a Belgium-based lobbying and standards group of the automobile industry in the European Union, the first three quarters of 2023 saw over nine million cars produced in the European Union (EU), a 14% increase over the same time in 2022. Additionally, in October 2023, according to the report published by the Society of Indian Automobile Manufacturers (SIAM), an India-based national body representing major vehicle and vehicular engine manufacturers, a total of 2,621,248 units of passenger cars, three-wheelers, two-wheelers and quadratics were produced by the Indian auto industry. Automobiles sold 3,89,714 units, while the sales of three-wheelers and two-wheelers amounted to 76,940 and 189,579 units, respectively. These data show an impressive increase in sales annually. Therefore, increasing automotive production supported the growth of the structural steel fabrication market.
Expansion Of Steel Fabrication Services To Enhance Capabilities
Major companies operating in the structural steel fabrication market are focusing on the expansion of steel fabrication services to produce high-quality structural steel components with enhanced precision and efficiency. For instance, in June 2024, Yoe Construction, a US-based company that provides structural steel fabrication services, launched a new steel fabrication facility in York County, USA. This facility is anticipated to enhance the company's capabilities by offering additional resources and expertise to bolster its construction projects. This expansion aims to boost operational efficiency, achieve cost savings and enhance the overall quality of delivered products.
The global structural steel fabrication market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up 1.06% of the total market in 2023.
Structural Steel Fabrication Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global structural steel fabrication market as it emerges from the COVID-19 shut down.
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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 history and forecasts market growth by geography. It places the market within the context of the wider structural steel fabrication market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by service, by product and by end-users.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the structural steel fabrication market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by service, by product and by end-users in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies - Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for structural steel fabrication providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Service: Metal Welding; Metal Forming; Metal Cutting; Metal Shearing; Metal Rolling; Metal Stamping; Other Services
- 2) By Product: Carbon Steel; Alloy Steel; Stainless Steel; Tool Steel
- 3) By End User: Automotive; Construction; Defense And Aerospace; Electronics; Energy And Power; Manufacturing; Other End-Users
- Companies Mentioned: Mayville Engineering Company, Inc.; BTD Manufacturing Inc. (Otter Tail Power Company); SME Steel; O'Neal Manufacturing Services; IMS Companies, LLC.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; structural steel fabrication indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.