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.
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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.
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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.
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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.
Rise in demand for Primary Steel will Bolster Structural Steel Fabrication Market Growth
The rise in advancement in technological tools for fabrication of steel structure and its increasing demand in structural engineering will add impetus to the overall growth of the global structural steel fabrication market. Designing innovation and patterns are changing each year at a fast speed. This factor is additionally decidedly impacting the development business. Organizations are seeing the appropriation of new and trend setting innovations at a quick speed. Prior the
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