The Global Market Expectation for Structural Steel Fabrication

The Global Market Expectation For Structural Steel Fabrication

Both the construction and architectural engineering sectors happen to be two of the most demanding industries in the world today. The construction industry has gained utmost importance due to advancements in science and technology helping civilization to flourish. With increasing demand and innovative designing ideas, many new and improved steel fabrication methods are also evolving. Some examples wherein new designs have been extensively in skyscrapers, warehouses, shopping malls etc. The fabricated structures are commonly used to construct garages, residential properties, and short-term temporary structures. According to a recent survey in the US, the structural steel fabrication market is expected to reach a revenue of about $184 bn by 2026 from $132 bn from the last few years.

Demand for structural steel fabrication

Many industries depend on structural steel fabrication, which includes processes like bending, cutting, and shaping the steel to the required shape. Several pieces of steel are combined to form different predefined structures of different sizes and shapes to achieve a particular structural steel fabrication. The steel used for fabrication needs several properties like superior quality, reliability, flexibility, cost-effectiveness and sustainability. It is the main reason that so many industries rely entirely on specified structural steel fabrication.

According to recent reports based on several studies, you will see a big leap in the construction and automobile sector across the globe. Hence the demand for steel fabrication is drastically increasing over time. Additionally, the use of Computer Numerical Controlled (CNC) machine tools, Computer Aided Designing, and modern machinery has eased the workload, saving time and work-power. The result is the structural steel fabrication market is expanding.

How its made

The global structural steel fabrication market can be classified as per their services, such as

  • metal welding, machining, metal forming, metal cutting, shearing, metal folding, metal rolling, metal stamping, and metal punching etc.

In the future, you will find that the machining segment market is expected to expand significantly. Of these, metal welding has the highest share in the market which is the integral part of structural steel fabrication. For example, laser cutting tools are required for metal cutting and metal punching purposes, which also happens to be the backbone of structural steel fabrication.

Uses in various industries

Based on the end-user industries, the structural steel fabrication industry will add value to construction, automotive industry, manufacturing, energy & power, electronics. Of these industries, the automotive sector and manufacturing sector need fabricated/finished structural steel products in large quantities to directly employ structures in assembling, making the construction fast. Many other sectors will need structural steel fabrication as the economic growth of several countries is simultaneous.

Some of the prominent countries that are manufacturers of structural steel fabrication are North America, Europe, Asia Pacific, and some other countries. Developing countries like India, China, and Japan occupy a large share of the market.

Benefits of structural steel fabrication

Structural steel fabrication is structurally sound and is as per specifications and tolerances, energy efficient, and produces less wastage. The structures are recycled hence cost-effective. Since steel is an easily modifiable material, there is always provision for improved quality of construction requiring less maintenance.

There is a competition by 3D Printing technology and demand for lightweight materials like Aluminium as replacement for construction in aerospace, automotive and marine sectors. Competitive prices by a large number of unorganized local players are challenges for the prominent players in the market. Impact of covid-19 in production and transportation has also affected globally.

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