Press release
Structural Steel Fabrication Market Set to Reach $262.7 Billion by 2029 with 9.7% Yearly Growth
Structural Steel Fabrication
The expansion of the structural steel fabrication market is anticipated to be driven by the budding construction industry. A rising population, progressive urbanization, and impending infrastructural projects are leading to the growth in the construction industry. Offering strength, durability, tensile strength, and affordability, structural steel is a prime choice in the construction sector for an array of products. It is utilized in designing and fabricating high-rise buildings, residential buildings, bridges, and more. For instance, there was a 2.0% annual increase in total construction output in 2024 compared to 2023, as reported by the Office for National Statistics, a statistical bureau based in the UK. This denotes the third consecutive year of growth. Thus, the expansion of the construction industry will serve as a significant driver for the structural steel fabrication market's growth.
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What is the future CAGR of the structural steel fabrication market, and how will it impact industry expansion?
In recent times, the structural steel fabrication market has seen strong growth, expanding from a market size of $166.33 billion in 2024 to an anticipated $181.48 billion in 2025. This represents a compound annual growth rate (CAGR) of 9.1%. The historic growth can be traced back to several factors including a boom in construction, industrialization, urbanization trends, government investment in infrastructure, and cost-effectiveness.
The market size of structural steel fabrication is predicted to experience robust growth in the forthcoming years, expanding to $262.7 billion by 2029 with a 9.7% compound annual growth rate (CAGR). This projected growth during the forecast period can be ascribed to factors such as infrastructure updating, population increase, sustainable construction methods, development in the energy sector, and design technological advancements. The period is also expected to see major trends such as a heightened focus on safety and quality standards, the emergence of 5G technology for communication and cooperation, the implementation of augmented reality (AR) and virtual reality (VR), the trend towards customization and personalization in fabricated structures, and partnerships for research and development in fabrication methodologies.
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What are the most significant trends transforming the structural steel fabrication market today?
The widespread adoption of CNC plasma cutting machinery by steel fabricators for meticulous steel cutting is a key trend making strides in the structural steel fabrication market. A plasma cutter is used in a CNC plasma machine to slice metals of varying thicknesses along a multi-axis grid. The CNC method holds superiority over manual plasma cutting equipment, as the cutting process is computer-controlled and pre-programmed, eliminating the possibility of human error. As an illustration, Hypertherm Associates, an industrial manufacturing organization based in the US, rolled out the Powermax45 SYNC in May 2024. This system offers efficient and customizable solutions for metalworkers' cutting, gouging, and marking needs, making it the ideal choice for a range of industries. The Powermax45 SYNC has an innovative single-piece cartridge system, patented for its ability to extend consumable life up to five times longer than competing brands - a feature that can markedly reduce operating expenses. The system's advanced torch interactions and simple mechanized setup ensure top-quality cuts and minimize operator oversights.
Which key market segments comprise the structural steel fabrication market and drive its revenue growth?
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
Subsegments:
1) By Metal Welding: MIG Welding, TIG Welding, Stick Welding, Spot Welding
2) By Machining: CNC Machining, Manual Machining, Grinding
3) By Metal Forming: Bending, Stretch Forming, Hydroforming
4) By Metal Cutting: Laser Cutting, Plasma Cutting, Waterjet Cutting
5) By Metal Shearing: Guillotine Shearing, Power Shearing
6) By Metal Folding: Brake Press Folding, Manual Folding
7) By Metal Rolling: Plate Rolling, Section Rolling
8) By Metal Punching: Punch Press, CNC Punching
9) By Metal Stamping: Progressive Stamping, Deep Drawing Stamping
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What regions are at the forefront of structural steel fabrication market expansion?
Asia-Pacific was the largest region in the structural steel fabrication market share in 2024. The regions covered in the structural steel fabrication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the structural steel fabrication market?
Major companies operating in the structural steel fabrication market include 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, STI Group, Structural Steelworks Inc., Structural Fabrications Ltd., Steel LLC
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What Is Covered In The Structural Steel Fabrication Global Market Report?
•Market Size Forecast: Examine the structural steel fabrication market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the structural steel fabrication market for a structured understanding.
•Key Players Overview: Analyze major players in the structural steel fabrication market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the structural steel fabrication market.
•Segment Contributions: Evaluate how different segments drive overall growth in the structural steel fabrication market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the structural steel fabrication market.
•Industry Challenges: Identify potential risks and obstacles affecting the structural steel fabrication market.
•Competitive Landscape: Review strategic developments in the structural steel fabrication market, including expansions, agreements, and new product launches.
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