Market Synopsis
According to the MRFR analysis, the global steel fabrication market size is projected to reach USD 15 billion by 2030 at a CAGR of 4.54%.
Steel properties such as corrosion resistance, high oxidation temperature, and integrity to maintain the mechanical properties over a wide temperature range make it as a suitable material to be used in aerospace, automotive, and marine application. Therefore, global steel fabrication market is expected to grow positively. The construction sector is highly prominent segment as steel is the most prevalently used material in the sector for various purposes like piping, structure, and others. Increasing number of construction activities such as high rise buildings, bridges, and parking garages across developing nations along with other lucrative upcoming projects will support the growth prospects in the steel fabrication market during the forecast period
However, high cost, regulatory restraint, and the ongoing COVID-19 pandemic affect market growth.
Competitive Landscape
The global steel fabrication market is highly fragmented and consists of many organized and unorganized industry players. Manufacturers focuses mainly on expansion of production capacities, continuous product launch, and collaborations with key stakeholders to gain a competitive advantage over other players. Key players include Karman Corporation, BTD Manufacturing Inc., O’Neal Manufacturing Service, Mayville Engineering Comp. Inc., Matcor-Matsu Group Inc., Global Fabricators, Defiance Metal Products Inc., Miro Manufacturing, Inc., and Fabtech Group.
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Segmentation
By Type
- Alloy Steel: Alloy steel is a type of steel alloyed with several elements such as molybdenum, manganese, nickel, chromium, vanadium, silicon, and boron. These alloying elements are added to increase strength, hardness, wear resistance, and toughness. The amounts of alloying elements may vary between 1 and 50%.
- Stainless Steel: Stainless steels are steels containing at least 10.5% chromium, less than 1.2% carbon and other alloying elements. Stainless steel’s corrosion resistance and mechanical properties can be further enhanced by adding other elements, such as nickel, molybdenum, titanium, niobium, manganese, etc.
- Tool Steel: Tool steels are steels that are manufactured under carefully controlled conditions with a carbon content between 0.7% and 1.5% and low manganese content to reduce the possibility of cracking during water quenching. Proper heat treatment of these steels is important for adequate performance.
By End-Use Industry
- Automotive: Steel is the primary material in body and chassis structures. It is the backbone of the entire vehicle. In cars, these days, steel makes up about 65 % of the weight. It plays many roles in present-day vehicles. It protects occupants, provides a positive driving experience, reacts to road loads, provides comfort, and provides attachment points to other components of the vehicle.
- Building & Construction: The segment holds the highest market share in the global steel fabrication market. Growing infrastructure activities, coupled with increasing investments, is expected to drive the growth of the market.
- Manufacturing: Several manufacturing industries use steel fabricated products widely. The growing manufacturing industry is expected to create lucrative growth opportunities for the market.
- Energy & Power: This sector also rely on steel fabricated products for the manufacturing, such as solar thermal power plants and heat exchangers, hydroelectric dams and many others due to strong reinforcement in order to prevent failures.
- Others: The others segment covers electrical & electronics, mechanical equipment, marine, and variour other industries.
By Region
- North America: The growth in the North America steel fabrication market is mainly attributed to the key players in the US and Canada, which has significantly contributed to the growth of steel fabrication market in the region
- Europe: Implementing the growth in this region can be mostly attributed to technological advancements.
- Asia-Pacific: Asia-Pacific is expected to emerge as the fastest-growing regional market due to various factors such as increasing government investment. China and India are anticipated to dominate the Asia-Pacific market over the forthcoming years.
- Latin America: The growing demand is due to the rise in industrialization and urbanization in major countries.
- Middle East & Africa: Increase in government investments is fueling the demand for steel fabrication in the region.
