Global Steel Fabrication Market: Demand Analysis and Growth Forecast
According to the American Institute of Steel Construction, structural steel holds almost 46% market share in the construction materials. The global steel fabrication market value was $138 billion in 2018, and the opportunities will be growing at a CAGR of 4.1% over the forecast period 2019-2025, according to IndustryARC. The report is titled: “Steel Fabrication Market: By Type (Carbon Steel, Alloy Steel, Stainless Steel and Tool Steel), By Manufacturing Process (Blast Furnace, Electric Arc Furnace and Others), By Product Type (Slab, Billet and Bloom), By End User (Automotive, Shipping, Infrastructure, Railways, Aviation, Power & Energy, Machine Goods, Home Appliances and Others) & Geography – Forecast (2019-2025).”
Modern world is encouraging the engineers to invent and develop a new type of steels to fulfill the emerging needs in the present day world. Steel is a beneficial material with its diverse range of properties and applicability in various industries such as manufacturing, construction, infrastructure, oil and gas, and transport. Steel fabrication is a process which deals with the cutting, shaping and assembling of steel components in the long run constructions. Fast pace adoption of software technologies has been progressing in resolving the several challenges associated with steel fabrication. Especially building information modeling is accelerating the growth of steel fabrication by reducing the waste during structural steel fabrication and also estimated to retain the same through to 2025. Stainless steel fabrication services comprise of, ranging from welding and repairs to home fit-outs and commercial installations
Browse 73 Market Tables, 178 Figures spread through 163 slides and an in-depth TOC “Steel Fabrication Market (2019 - 2025)”
Global Steel Fabrication Market: Leading Segments
Elevating annual production of crude steel in China is mostly utilized in their vehicle production. Increasing number of constructions in the APAC region is the growth impacting factors in the global steel fabrication market. Construction managers and project builders are thriving the preference of precision steel fabricators as they provide robust and ideal products, which reduce the labor cost and time to meet their strict deadlines. Now-a-days all types of steel fabrication is processed in Asia for export to Europe. Thus, APAC region accounted with a leading share of around 60% in the global steel fabrication market in the base year 2018.
High-grade stainless steel is preferred by the original equipment manufacturers to maintain more precision and tight quality controls in the aviation industry. The auto repair industry revenue is mountaineering and projected to reach around $51.43 billion by 2020. Steel is extensively used to manufacture lightweight marine vehicles and also structures taking from small vessels to large vessels. All these factors are persuading the growth of aerospace, automotive and marine applications at a quicker rate that is with a progressive CAGR of 8% in the global steel fabrication market during the forecast period 2019-2025.
Global Steel Fabrication Market Trends
- Rising preference of economical, lightweight and reliable material which cope up with the wet and tropical condition in the Asian Countries is driving the growth of the global steel fabrication market
- More advantageous precision steel fabricated products such as components, parts, systems are extremely in demand as they are available in the ready-to-install state, further avoid the necessity of additional modifications and adjustments. Thus stainless steel fabricators are availing for these cost-effective products
- In July 2018, DBM Global Inc. acquired Schuff Steel Company steel fabrication facility which is located at rock hill, South Carolina. This acquisition was aimed to expand the schuff’s plant capacity and capabilities in the eastern region of the U.S.
Global Steel Fabrication Market: Competitive Landscape
Kaman Corporation, O’Neal Manufacturing Service, BTD Manufacturing Inc., Matcor-Matsu Group Inc., Mayville Engineering Comp. Inc., and Defiance Metal Products Inc. are the major strategic players in the global steel fabrication market.
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