Steel Fabrication Market Research Report—Global Forecast till 2030

Steel Fabrication Market Research Report Information By Type (Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel), By End Use (Automotive, Building & Construction, Manufacturing, Energy & Power, Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

ID: MRFR/CnM/9445-HCR | 100 Pages | Author: Priya Nagrale | February 2024         

Global Steel Fabrication Market Overview


The Steel Fabrication Market Size was valued at USD 21.18 Billion in 2022. The Steel Fabrication industry is projected to grow from USD 22.36 Billion in 2023 to USD 30.64 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.72% during the forecast period (2023 - 2030). Steel fabrication is defined as producing steel-crafted structures and assemblies. This is referred to be a value-added service since it uses multiple methods such as welding, machining, shaping, and cutting to distort the raw material and build a completely new structure. Welding, cutting, machining, and shearing are just a few of the value-added services offered by steel fabrication facilities. Steel fabricators provide value to their customers by offering a comprehensive range of services in one location. The burgeoning growth of the building & construction industry is grabbing the attention of stakeholders in the market. Builders and contractors are increasing efforts to gain a clear understanding of steel building construction techniques to specialize in various end-use cases. A rise in public sector investments in non-residential buildings and non-residential structures is also expected to drive market growth.
Steel Fabrication Market Overview
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Steel Fabrication Market Trends




  • Precision Steel Cutting Techniques Leveraging Manufacturing Activities




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.


Steel Fabrication Market Segment Insights


Steel Fabrication Type Insights


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.


Steel Fabrication Application Insights


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)
Steel Fabrication Market, by Type
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Steel Fabrication Regional Insights


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 (%)
STEEL FABRICATION MARKET SHARE BY REGION
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Steel Fabrication Key Market Players & Competitive Insights


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.


Key Companies in the Steel Fabrication market include



Steel Fabrication Industry Developments

March 2022: Vulcan Industries announced the acquisition of Aptec ltd a sheet metal fabrication company specializing in metal forming, laser cutting, and bending.


March 2021: 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.


Steel Fabrication Market Segmentation

Steel Fabrication Type Outlook



  • Carbon Steel

  • Alloy Steel

  • Stainless Steel

  • Tool Steel


Steel Fabrication End-Use Outlook



  • Automotive

  • Building & Construction

  • Manufacturing

  • Energy & Power

  • Others


Steel Fabrication Regional Outlook




  • North America



    • US

    • Canada


     




  • Europe



    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe


     




  • Asia-Pacific



    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific


     




  • Rest of the World




    • Middle East




    • Africa




    • Latin America





Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 21.18 Billion
Market Size 2023 USD 22.36 Billion
Market Size 2030 USD 30.64 Billion
Compound Annual Growth Rate (CAGR) 4.72% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
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




Frequently Asked Questions (FAQ) :

The Steel Fabrication Market size was valued at USD 21.18 Billion in 2022.

The global market is projected to grow at a CAGR of 4.72% during the forecast period, 2023-2030.

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.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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