Published: Nov, 2018
Transparency Market Research (TMR) reports that the global structural steel fabrication market is presumed to witness a remarkable growth in the years to come due to the rising number of manufacturing companies on a global basis. The competitive landscape of the market is high as players are adopting different innovative strategies in order to set their foothold in the market and give equal and tough competition to the other players. The future market for structural steel fabrication is anticipated to draw good share of revenue in the forecast period due to its advantageous features.
Major vendors of the global structural steel fabrication market are EVS Metal, BTD Manufacturing Inc., Mayville Engineering Company, Inc., LancerFab Tech Pvt. Ltd., ., Watson Engineering Inc., and Standard Iron & Wire Works Inc. Huge investments are being made in research and development programs so as to produce better quality products and earn more revenue in the market in the coming years. Along with that, vendors are also plotting merger and acquisition programs so that they can collectively launch their products and set a new line of competition for other small players as well as new entrants.
According to the TMR reports, the global structural steel fabrication market is anticipated to reach a CAGR of 4.24%. The forecast period is set from 2018 to 2026 and the last market valuation as per the 2017 records was set to US$ 132.17 Bn. As per the segmentation by service, metal welding segment accounted for a dominant share of 17.54% in 2017. However, the machining segment may overtake the dominance of metal welding segment in the forecast period because of the rapidly increasing trend of machining service and its technological aspects.
Geographically, the global structural steel fabrication market is seen to be dominated by Asia Pacific region with an account of almost half of the world’s share. However, the market in North America is likely to expand in the coming years due to the expansion of manufacturing and construction industries in the area.
Outsourcing Engineering Work to Boost Market Growth
The global structural steel fabrication market is seen to be boosted by factors like the rise in construction industry and automobile industry. Steel fabrication is gaining popularity in today’s world due to the surging use of Computer Numeric Control (CNC) machine tools and rising demand for prefabricated construction buildings.
Technologies that are driven by 3D model for fabrication streamline are used for improving the quality of the product and reduce the amount of waste products generated. Engineering technology keeps changing each year and so does the construction industry, which gets influenced by the trending engineering technology. Apart from that, structural steel fabrication industry has been witnessing the shortage of skilled labor recently and may continue in the coming years as well. Due to this fact, manufacturers are looking for ways to outsource engineering work and instead invest money in technology.
The government of developing nations is also investing huge capitals in construction of better hospitals, airports, data centers and bigger retail stores in order to develop as a nation economically and structurally. This surge in application in the wider range of non-residential applications like healthcare centers, airports along with others is propelling the overall market to grow.
Introduction of 3D Printing in Various Sectors to Hamper Market Growth
Rise in prices of steel and iron is a cause of concern since they are the most basic materials in the structural steel fabrication market. The increasing popularity of 3D printing services in the field of marine, automotive and aerospace sector may cause hindrance to the overall market. Adding to that, the fact that there are numerous unorganized local vendors in the market who competitively set their product pricing to such that large vendors have to face losses. This factor may also hamper the future market for structural steel fabrication in the near future.
The above review is based out of a TMR report, titled, “Structural Steel Fabrication Market (Service - Metal Welding, Machining, Metal Forming, Metal Shearing, Metal Cutting, Metal Rolling, Metal Folding, Metal Punching, Metal Stamping; End use Industry - Construction, Automotive, Manufacturing, Energy & Power, Electronics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2026”.
The global structural steel fabrication market can be segmented as follows:
Global Structural Steel Fabrication Market by Service
- Metal Welding
- Metal Forming
- Metal Cutting
- Metal Folding
- Metal Rolling
- Metal Punching
- Metal Stamping
Global Structural Steel Fabrication Market by End-use Industry
- Energy & Power
Global Structural Steel Fabrication Market by Geography
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America
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