As per MRFR Analysis, the Global Steel Fabrication Market was valued at USD 20.66 Billion in 2023 and is projected to grow to USD 27.67 Billion by 2032, with a CAGR of 3.30% from 2024 to 2032. The market is driven by the increasing demand from the building and construction industry, alongside rising public sector investments in non-residential structures. Key services include welding, machining, and cutting, which enhance the value of steel fabrication. The Asia-Pacific region is expected to dominate the market due to high demand and government investments, while North America shows significant growth due to its established construction industry.
The Steel Fabrication Market is witnessing several key trends that are shaping its growth trajectory.
Key companies include Nippon Shokubai Co. Ltd, Dynea AS, Sekisui Kasei Co. Ltd, Kuraray Co. Ltd, and Kobo Products Inc.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Due to the modernization of the steel manufacturing industry, CAD (Computer Aided Design) software has become customary in various end-use cases. CAD software has leveraged the design stage of companies in the market, as changes can be made quickly. To gain a competitive advantage over other manufacturers, stakeholders are mainly focusing on precision steel-cutting services.
In 2024 Voestalpine introduced a new line of high-performance steel plates designed specifically for the energy sector. These plates feature enhanced durability and resistance to extreme conditions, suitable for use in oil and gas, as well as renewable energy applications.
In 2023 ArcelorMittal launched the Amstrong® range of ultra-high-strength steels. These products are designed to meet the needs of industries requiring superior mechanical properties, such as automotive and heavy machinery, while offering improved weldability and formability.
The market segmentation, based on Type, includes Carbon Steel, Alloy Steel, Stainless Steel, and Tool Steel. The Carbon Steel segment may dominate the market. carbon steel has a high tensile strength, making it suitable for use in the construction of structures such as bridges, buildings, and pipelines. The automotive industry also heavily relies on carbon steel for the fabrication of automobile parts due to its strength and resistance to corrosion.
Based on Application, the global market segmentation includes Automotive, Building & Construction, Manufacturing, Energy & Power, and Others. The Building & Construction application is holding the largest market share. Due to its strength, durability, and versatility. Steel is commonly used in the construction of various structures such as buildings, bridges, and stadiums, as well as for the fabrication of components like beams, columns, and trusses.
Figure 2: Steel Fabrication Market, by Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific market is predicted to hold the most considerable share, by value, and the growth in the Asian region can be primarily due to the collaboration of key players, high-demand end-use industries, expansion of production capacity, and an upsurge in government investments. The Asia-Pacific market provides considerable opportunities for growth to the manufacturers and is foreseen to record the highest CAGR. Moreover, many global companies are constructing new facilities and preparing to expand, followed by technological advancements in the European region, which is expected to have a substantial market in the region. North America was foreseen to have increased demand for steel fabrication, owing to the well-established construction industry in the USA and Canada, which has significantly increased the demand for steel fabrication.
Figure 3: STEEL FABRICATION MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Steel Fabrication industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Steel Fabrication industry to benefit customers and expand the market sector. Major market players, including Nippon Shokubai Co. Ltd, Dynea AS, Sekisui Kasei Co. Ltd, Kuraray Co. Ltd, Kobo Products Inc, and others, are attempting to increase market demand by funding R&D initiatives.
Nippon Shokubai Co. Ltd is a Japanese chemical company. The company's product portfolio includes a wide range of specialty chemicals, such as acrylic acid, superabsorbent polymers, ethylene oxide derivatives, and catalysts. These products are used in various applications, such as coatings, adhesives, detergents, diapers, and cosmetics. The company has a strong global presence, with manufacturing facilities and sales offices in Japan, the United States, Europe, Asia, and the Middle East.
Dynea is a Norwegian chemical company that specializes in the production of adhesives, resins, and formaldehyde-based chemicals. Dynea's product portfolio includes a wide range of industrial adhesives, such as urea-formaldehyde resin (UF), melamine formaldehyde resin (MF), phenol formaldehyde resin (PF), and resorcinol formaldehyde resin (RF). These adhesives are used in various industries, such as woodworking, construction, and automotive. In addition to adhesives, Dynea also produces resins and formaldehyde-based chemicals used in the manufacture of various products, such as laminates, paper, textiles, and coatings.
Steel Fabrication Industry Developments
March 2022:Â Vulcan Industries announced the acquisition of Aptec ltd a sheet metal fabrication company specializing in metal forming, laser cutting, and bending.
March 2021:Â Miro Manufacturing, Inc. acquired additional facilities in Waukesha to support its growth in metal stamping and fabrication industries. The expansion of manufacturing facilities is expected to strengthen its presence in the market.
North America
Europe
Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 20.66 Billion |
| Market Size 2024 | USD 21.34 Billion |
| Market Size 2032 | USD 27.67 Billion |
| Compound Annual Growth Rate (CAGR) | 3.30% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Nippon Shokubai Co. Ltd, Dynea AS, Sekisui Kasei Co. Ltd, Kuraray Co. Ltd, HEYO, Kobo Products Inc, Cospheric LLC, Imperial Microspheres, Trinseo, Microchem, and Vulcan Industries |
| Key Market Opportunities | Precision Steel Cutting Techniques Leveraging Manufacturing Activities |
| Key Market Dynamics | Rapid Urbanization, economic growth, and bolstering of infrastructural projects |
Steel Fabrication Market Highlights:
Frequently Asked Questions (FAQ) :
The Steel Fabrication Market size was valued at USD 20.66 Billion in 2023.
The global market is projected to grow at a CAGR of 3.30% during the forecast period, 2024-2032.
Asia Pacific had the largest share of the Steel Fabrication Market.
The key players in the market are Nippon Shokubai Co. Ltd, Dynea AS, Sekisui Kasei Co. Ltd, Kuraray Co. Ltd, HEYO, Kobo Products Inc, Cospheric LLC, Imperial Microspheres, Trinseo, Microchem, and Vulcan Industries.
The Carbon Steel category dominated the market in 2022.
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Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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