According to a new market report published by Transparency Market Research "Structural Steel Fabrication Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026," the global structural steel fabrication market, in terms of revenue, was valued at US$ 132.17 Bn in 2017. It is projected to expand at a CAGR of 4.24% during the period 2018 to 2026. Expansion of construction and automobile sectors across the globe and increase in number of manufacturing plants are key factors driving the structural steel fabrication market. Additionally, rise in demand for prefabricated construction buildings and increase in use of Computer Numeric Control (CNC) machine tools to ease the workload are driving the structural steel fabrication market.
In terms of service, the global structural steel fabrication market has been classified into metal welding, machining, metal forming, metal cutting, shearing, metal folding, metal rolling, metal stamping, and metal punching. The metal welding segment held a prominent share of 17.54% of the structural steel fabrication service market in 2017. However, this dominance is expected to be surpassed by the machining segment, owing to its widespread machining technology aspects and fastest growing trend of machining service during the forecast period. The machining segment is expected to expand at a significant growth rate in the near future. For instance, laser cutting tool can also be utilized for metal cutting as well as metal punching purposes.
Based on end-use industry, the structural steel fabrication market can be segregated into construction, automotive, manufacturing, energy & power, electronics, and others. Construction is a highly prominent segment, among all end-use industry segments. The dominance of structural steel fabrication across construction segment is attributed to the rise in number of construction activities across developing nations. The most active consumer base for structural steel fabrication services are manufacturing and automotive sector. Structural steel fabrication units are gaining importance in order to cater to the increase in demand for structural steel fabrication in the automobile sector and manufacturing industries, in order to provide these industries with finished / fabricated structural steel products that can be directly employed for assembling parts.
Rising popularity of 3D printing services specifically in aerospace, automotive, and marine sectors is a key factor hampering the structural steel fabrication market. Furthermore, fluctuating iron and steel prices have been hampering the revenue generation tendencies of structural steel fabrication services globally. Moreover, the presence of a large number of unorganized local players with competitive pricing for their services offered has disrupted the position of prominent players in the structural steel fabrication market.
Key industry players profiled 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.
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