Structural Steel Fabrication Market – Snapshot
Fabrication of structural steel requires highly skilled professionals with experience in transforming a raw material into various marketable products. Structural steel is mostly utilized in heavy industrial processes, wherein fabricated steel is required. After cutting, blending, and assembling of steel, fabricators need to decide the shape of metal as per the requirement of the customer. Most structural steel fabricators use cutting-edge technology to keep track of the operation and maintain proficiency. Structural steel fabrication workshops work on multiple value-added services under a single roof, which include welding, cutting, machining, and shearing. Structural steel fabrication workshops are primarily contracted by original equipment manufacturers (OEMs), iron and steel manufacturers, building contractors, and value added resellers.
Key factors driving the demand for structural steel fabrication in the global market are advancements in technological tools that are utilized in the fabrication of structural steel and Building Information Modeling (BIM) structural engineering. Engineering technology and trends are changing every year at a rapid pace. This factor is also positively influencing the construction industry. Companies are witnessing the adoption of new and advanced technologies at a rapid pace. Earlier the Structural steel fabrication industry has witnessed a shortage of skilled labor in recent years. The same trend is likely to continue in the near future. This has prompted manufacturers to outsource the engineering work and invest more in technologies. It has also led to the increased adoption of pre-fabrication methods. This, in turn, has reduced the need to deploy labor on site. The structural steel fabrication market has been witnessing spending on use of 3D-model-driven technologies to streamline the fabrication, for the last two decades, in order to improve quality and reduce waste. This has led to a highly cost-effective, BIM-enabled (Building Information Modeling-enabled), and scalable, in order to cater to client demand, use of steel. Advancements in tooling technologies have fueled the structural steel fabrication market. This new technology saves energy with higher accuracy and cost-effectiveness.
The global structural steel fabrication market has been segmented based on service offered, end-use industry and geography. Based on service, the market has been classified into metal welding, machining, metal forming, metal cutting, shearing, metal rolling, metal folding, metal punching, and metal stamping. The metal welding segment accounted for a major share of the structural steel fabrication market. Welding, metal forming, and metal shearing, metal folding, and metal rolling are processes followed sequentially during structural steel fabrication. Metal stamping, punching, and cutting are after-processes that need to be carried out in order to obtain the complete fabricated structural steel product.
Based on end-use industry, the market has been segregated into construction, automotive, manufacturing, energy & power, electronics, and others. Structural steel is a highly important material utilized for the framing structure in the building & construction industry. It is used in various residential and non-residential buildings. Structural steel is also employed in automotive and electronics industries; however, in lower quantities as compared to the building & construction industry. Structural steel is robust and it offers various advantages. Hence, it is a highly preferred material in the building & construction sector. In terms of region, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Asia Pacific held a prominent share of the global market, accounting for nearly half the share of the global market, in 2017. However, the market in North America is anticipated to expand at a CAGR of 2.71% from 2017 to 2026. Expansion of the market in North America is primarily attributed to the expansion of construction and manufacturing industries in the region. Expansion of the automotive sector has positively influenced the market for structural steel fabrication in Europe.
Some leading players operating in the global structural steel fabrication market identified in the research study include O’Neal Manufacturing Services, BTD Manufacturing Inc., Kapco Metal Stamping, Mayville Engineering Company, Inc., Watson Engineering Inc., Defiance Metal Products Inc, Standard Iron & Wire Works Inc., Ironform, EVS Metal, LancerFab Tech Pvt. Ltd., and Interplex Holdings Pte. Ltd.
Structural Steel Fabrication Market - Overview
The structural steel fabrication market report provides an analysis of the global structural steel fabrication market for the period 2017 to 2026, wherein 2017 is the base year and the period from 2018 to 2026 is the forecast period. Data for 2017 has been included as historical information. The report covers all the prevalent trends playing a major role in the expansion of the structural steel fabrication market during the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the expansion of the market during the said period. The study provides a holistic perspective on the expansion of the market during the forecast period mentioned above, in terms of revenue estimates (in US$ Bn), across different geographies, which include North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America. The report provides cross-sectional analysis of the global structural steel fabrication market, in terms of market estimates and forecasts, for all the segments across different geographic regions. This research report provides in-depth analysis of the global structural steel fabrication market on the basis of service, end-use industry, and geography. The report also includes competitive profiling of major players engaged in providing structural steel fabrication services. Major business strategies adopted by them, their market positioning, and various recent developments have also been identified in the research report. This report also provides market positioning analysis of major players operating in the structural steel fabrication market.
This research study on the global structural steel fabrication market provides a detailed analysis of various services and end-use industry. The report also offers an in-depth analysis of various factors such as market drivers, restraints, and expansion opportunities affecting the market dynamics. These factors enable the analysis of various trends that would impact the market during the forecast period from 2017 to 2026. The report includes a comprehensive coverage of the underlying economic and technological factors under key trend analysis influencing the structural steel fabrication market. The market positioning analysis of key players throws light on the prevalent competition in this market.
Based on the end-use industry, the structural steel fabrication market has been segmented into construction, automotive, manufacturing, energy & power, electronics, and others. Based on factors such as budget, scalability, flexibility, and ease of use, end-users tend to select best-fit solutions in order to cater to their requirements and business usage.
Various factors that affected the growth of the structural steel fabrication market positively as well as negatively have been identified in this report. The report aims to provide a comprehensive cross-sectional analysis of the Structural Steel Fabrication market across geographies including North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. Additionally, the report highlights the competitive landscape of the structural steel fabrication market and identifies various business strategies adopted by the leading players. Under the company profiles section, the report provides an overview of the companies operating in the market, strategies deployed by them to gain competitive advantage, porter’s five analysis, annual revenue generated by them in the last two/three years, and recent developments.
Key industry players profiled in the research study include O’Neal Manufacturing Service, BTD Manufacturing Inc., Kapco Metal Stamping, Mayville Engineering Company, Inc., Watson Engineering Inc., Defiance Metal Products Inc, Standard Iron & Wire Works Inc., Ironform, EVS Metal, LancerFab Tech Pvt. Ltd., and Interplex Holdings Pte. Ltd.
The global structural steel fabrication market has been segmented as follows:
Structural Steel Fabrication Market, by Service
- Metal Welding
- Metal Forming
- Metal Cutting
- Metal Shearing
- Metal Folding
- Metal Rolling
- Metal Punching
- Metal Stamping
Structural Steel Fabrication Market, by End-use Industry
- Energy & Power
- Others (Defense & Aerospace and Mining)
Structural Steel Fabrication Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America
- An extensive analysis of the structural steel fabrication market trends and shares from 2018 to 2026 to identify market opportunities and analyze industry developments
- A list of key developments in the structural steel fabrication market made by key players
- A list of key factors responsible for building the upcoming opportunistic roadmap for the structural steel fabrication market at global, regional, and country level
- Comprehensive analysis with respect to investments and price trends that impact the outlook of the global structural steel fabrication market between 2018 and 2026
- Insights into market opportunities for various stakeholders in the value chain and a detailed competition landscape for key players dominating the market to understand competition level
- Porters’ Five Forces highlight the potency of buyers and suppliers and enable stakeholders to make profit-oriented business decisions. They help analyze the strengths and weaknesses to gain strategic position in the market.