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Structural Steel Fabrication Global Market Report 2024 - By Growth, Size, Share, Analysis, Forecast To 2033ysis,
Structural Steel Fabrication
The Business Research Company offers in-depth market insights through Structural Steel Fabrication Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The structural steel fabrication market size has grown strongly in recent years. It will grow from $153.85 billion in 2023 to $168.63 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to construction boom, industrialization, urbanization trends, government infrastructure investments, cost-effectiveness.
The structural steel fabrication market size is expected to see strong growth in the next few years. It will grow to $239.54 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to infrastructure renewal, population growth, sustainable construction practices, energy sector growth, technological innovation in design. Major trends in the forecast period include increased emphasis on safety and quality standards, rise of 5G technology for communication and collaboration, adoption of augmented reality (AR) and virtual reality (VR), customization and personalization in fabricated structures, collaborations for research and development in fabrication techniques.
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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
Major Driver - The Role Of The Booming Construction Industry In Driving Structural Steel Fabrication Market Growth
The growing construction industry is expected to propel the growth of the structural steel fabrication market going forward. The construction industry is rising as a result of ongoing urbanization, impending infrastructural projects, and a growing population base. The construction sector uses structural steel for a variety of products due to its strength, durability, tensile strength, and low cost. It is the ideal option for designing and fabricating high-rise buildings, residential buildings, bridges, and other structures. For instance, according to the global construction review report published in 2021, construction will be a driving force in global economic growth in the decade to 2030, with output estimated to be 35% greater than in the previous ten years to 2020. Hence, the growing construction industry will drive the growth of the structural steel fabrication market.
Competitive Landscape:
Major companies operating in the structural steel fabrication market report are 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
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Top Trend - Strategic Partnerships Transforming The Structural Steel Fabrication Industry
Major companies operating in the structural steel fabrication market are adopting a strategic partnership approach to revolutionize steel fabrication around the world. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in February 2022, Trimble Inc., a US-based company that offers construction technology solutions, announced a partnership with Zamil Steel, a Saudi Arabia-based fabrication, manufacturing, and construction company. Zamil Steel has chosen Tekla PowerFab software to change steel fabrication at its plants in India, Saudi Arabia, Vietnam, and Egypt. Trimble is welcomed as a technology partner, and Zamil Steel looks forward to their assistance as Zamil Steel embarks on an ambitious digitalization effort to provide clients with superior goods and shorter turnaround times. Trimble's Tekla PowerFab was chosen by Zamil Steel for its industry-leading features and broad applications that are fully aligned with the needs at every stage of our digitalization journey.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Structural Steel Fabrication Market Characteristics
3. Structural Steel Fabrication Market Trends And Strategies
4. Structural Steel Fabrication Market - Macro Economic Scenario
5. Structural Steel Fabrication Market Size And Growth
…..
27. Structural Steel Fabrication Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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