Steel Fabrication Market Growth, Analysis & Forecast, 2020–2027 | Drivers, Restraints, and Opportunities

Steel fabrication is a process that includes cutting, shaping, and assembling components that are designed using steel. Industries in the steel fabrication sector convert steel into intermediate or final products. The commonly used steel fabrication processes are stamping, machining, bending, and forming. These processes are used to provide proper shapes to the metal pieces. Whereas, other steel fabrication processes like assembling and welding are used to join individual different components together.

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Steel fabrication has major applications in industries such as manufacturing, construction, oil and gas, power and energy, and others. Technological advancements in the steel fabrication industry are raising the quality standards of the production by generating computer-aided manufacturing (CAM) or computer-aided design (CAD) models.

COVID-19 Scenario analysis:

COVID-19 pandemic has forced many companies in the global steel fabrication market to halt their business operations to comply with the new government rules and regulations. This halt in operations directly impacts the revenue flow of the market players.

Production is at a standstill due to lockdowns imposed by governments around the world to reduce the exponential spread of the deadly virus.

As per the estimation of the United Nations Conference on Trade and Development (UNCTAD), the COVID-19 outbreak could cause global FDI to shrink by 5 to 15%.

China is one of the world leaders in manufacturing and accounts for the highest contribution to the global manufacturing services industry.

Drivers, restraints, and opportunities

Steel has many applications in the construction industry for the construction of bridges, buildings, parking garages, and more. Growth in the construction activities worldwide is one of the major factors catering to the growth of the steel fabrication market. Besides, technological advancements and growth in automation in the steel industry can potentially boost the growth of the steel fabrication market in the next few years.

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Moreover, increasing applications in the end-use industries like energy and power, oil and gas, and others can fuel the demand for the steel fabrication industry during the forecast period. However, high dependence on low-quality raw material for steel fabrication process is anticipated to hinder the market growth. On the contrary, new business expansion strategies by key market players are anticipated to provide new growth opportunities for the steel fabrication market in the upcoming years.

Key Segments

Product Type

Heavy sectional steel
Light section steel
Others

End-use Industry

Manufacturing
Power and energy
Construction
Oil and gas
Others

By Region

North America
Europe
Asia-Pacific
LAMEA

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Key Players

Major players analyzed include Kaman Corporation, BTD Manufacturing Inc., O’Neal Manufacturing Service, Mayville Engineering Comp. Inc., Matcor-Matsu Group Inc., Global Fabricators, Defiance Metal Products Inc., Fabtech Group, Global Engineering, and Shanghai Canhu Industry Co., Ltd.

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