Structural Steel Fabrication Market Size, Share, and COVID-19 Impact Analysis, By Section Type (Heavy Section, Light Section, and Others), By End User (Manufacturing, Automotive, Energy and Power, Construction, Oil & Gas, and Others), and Regional Forecast, 2024-2032

Structural steel fabrication is the process of converting the raw steel sheets to the desired shapes or objects according to design and parameters and making them workable. The different processes involved in the manufacturing of this steel are metal rolling, bending, cutting, shearing, welding, and many others, and vary according to industry requirements. Structural steel fabricated products provide high tensile strength, corrosion resistance, and durability has been supporting the market’s stable growth. It has a wide range of applications in end-user industries such as manufacturing, automotive, construction, energy & power, oil & gas, and others.

Global economics recovered a lot post-pandemic, with rising investment in infrastructure and advanced technologies raising the demand for structural steel. According to Indian Brands Equity Foundation (IBEF), steel demand in construction activities is anticipated to rise by almost 17% to 110 (MT) million tons. Furthermore, the adoption of hi-tech and modular home fittings has raised the demand for modular steel fitments. The rapidly growing construct steel market is appreciating modular fittings and continuous drop in fitting costs making it more affordable. In addition, electricity infrastructure expansion to remote areas has propelled investments thus raising the demand for fabricated steel structures in the market.

Nowadays, global restrictions and port congestion are causing hindrances to the steel supply chain. In addition, rising raw material prices and production costs with supply shortages in major countries will restrain the market growth. However, manufacturers are switching to electric arc furnaces (EAF) for steel production which in turn is minimizing carbon emissions. Moreover, subsidies by governments all over the globe to switch towards carbon-neutral steel production are driving the market growth. Growing research for subsidiary fuels has raised the demand for H2 hydrogen-based steel production. Although it is new, key players such as Jindal Steel Limited are trying their fortune with this new opportunity.

Impact of COVID-19 on the Global Structural Steel Fabrication Market

The COVID-19 outbreak has disrupted production globally, however, some parts of Asia-pacific saw a rise in production. Later on, rising restrictions and supply chain disruption impacted global steel production. Furthermore, rising sustainability concerns and restrictions on carbon emission policy uplifted the Electric arc furnace steel production. A rise in the hospitality & travel industry boosted the demand for steel fabricated objects. In 2022, according to World Steel Association, Global crude steel production dropped by 3.0% by about 110 (MT) million tons. However, growing steel usage in aerospace, infrastructure development, and machinery raises demand for durable, corrosion-free, and sustainable steel that yields market growth.

Key Insights

The report will cover the following key insights:

• Recent industry trends and developments.


• Competitive landscape & strategic key players.


• Complete background analysis including an assessment of the global market.


• Impact of COVID-19 on the market

Analysis by End User

• Global rise in demand for steel, changing market dynamics, and supply chain disruptions steel prices are anticipated to rise significantly. However, emerging new technologies and production methods will reduce manufacturing costs. In addition, global manufacturing expansions and investments are anticipated to raise the demand for steel fabrication products & equipment.

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  • According to Construct Steel Organization, China declared USD 1.1 trillion for infrastructure spending to support their devastated economy.
  
  
  
  

Regional Analysis

• North America is expected to grow significantly on account of rising architectural infrastructure and home automation. Furthermore, growing investments and new manufacturing facilities will keep uplifting the market demand for steel fabrication products.
  
  
  
  • According to Construct Steel Organization, US housing modular start-up Vantum is set to develop 15 new manufacturing facilities after successful funding from Bill Gate’s firm Energy Ventures.
  
  
  
  


• The Asia Pacific region is expected to grow with the highest CAGR for steel fabrication market growth. Rising Investments in infrastructure projects, financial aid, and favorable policies by the government are the key factors for market growth. Furthermore, growing in-house demand and capacity expansions, and manufacturers’ modifications further raise the demand.
  
  
  
  • According to Indian Brands Equity Foundation (IBEF) in October 2021, JSW Steel invested around USD 19.9 million to set up a steel plant in Jammu Kashmir for steel production growth in this region.
  
  
  
  


• Europe’s resource shortages, looming recession, and growing inflation slowed the economy. However, the growing hospitality industry, building construction, and infrastructure development to stabilize the falling economy are driving steady growth in the market.
  
  
  
  • According to World Travel Tourism Council (WTTC), a 275% surge in intra-European bookings, while the latest data shows European destinations are anticipated to see a surge of 280% y-o-y.
  
  
  
  


• The Middle East and African countries are investing to improve their transportation network to attract more export options for the steel sector. In addition, the availability of hydrogen at a very lower cost owing to huge solar power resources has provided opportunities to attract steel manufacturers to the Middle East and African region.
  
  
  
  • According to the Institute of Energy Economics and Financial Analysis (ieefa) investment of USD 6 Billion by the government in steel plate and EV battery metal making is to portray MENA as a global leader in Green Steel Production.  
  
  
  
  


• Latin America’s economic instability and rising dependencies on steel imports have slowed down the progress. However, rising investments in energy infrastructure projects and EVs to keep supporting the growth in the long term.

Key Players Covered

Kaman Corporation, BTD Manufacturing Inc., O'Neal Manufacturing Services, Mayville Engineering Company Inc., Matcor-Matsu Group Inc., Fabtech Group, Global Fabricators, Ironform, IMS Companies LLC., Anchor Fabrication, Steel Craft Corp Of Hartford, Momentum Manufacturing Company, Tenere Inc., Defiance Metal Products Inc., Global Engineering, Shanghai Canhu Industry Co. Ltd., and Others.

Segmentation

Key Industry Developments

• September 2022- The latest digital sheet forming machine by Desktop Metal offers no dies, molds, and cutting tools to improve precision and less delivery time to boost the fabrication industry’s growth.


• September 2022- Rising usage of stainless steel in the aerospace industry for durability and high operating conditions needs ultimate fabrication which is strongly supporting the steel fabrication market. According to, China Southern Airlines Co Ltd, an order for 40 airbus A320 neo aircraft made worth USD 4.85 Billion.


• July 2022- O’Neal Manufacturing Services, latest investment of USD 5.5 Million to open 130,000 square foot fabrication facility in their Fayette building.