Structural Steel Fabrication Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
The Business Research Company’s Structural Steel Fabrication Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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The structural steel fabrication market has grown significantly, expanding from $153.85 billion in 2023 to $168.63 billion in 2024, with a CAGR of 9.6%. This growth is due to a construction boom, industrialization, urbanization, government infrastructure investments, and the cost-effectiveness of steel fabrication.
What Is the Anticipated Market Size of the Global Structural Steel Fabrication Market and Its Growth Rate?
The structural steel fabrication market size is projected to experience strong growth, expected to reach $239.54 billion in 2028 with a CAGR of 9.2%. This growth is attributed to infrastructure renewal, population growth, the adoption of sustainable construction practices, growth in the energy sector, and technological innovations in design. Major trends include an increased emphasis on safety and quality standards, the rise of 5G technology for enhanced communication and collaboration, the adoption of augmented reality (AR) and virtual reality (VR), customization and personalization in fabricated structures, and collaborations aimed at advancing fabrication techniques.
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What Is The Primary Growth Driver Of The Structural Steel Fabrication Market?
The anticipated growth of the construction industry is likely to enhance the structural steel fabrication report in the coming years. This growth is driven by continuous urbanization, forthcoming infrastructure projects, and an expanding population. The construction sector employs structural steel for a range of products due to its impressive strength, durability, tensile strength, and affordability, making it the ideal choice for the design and construction of high-rise buildings, residential properties, bridges, and various other structures.
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Which Market Leaders Are Behind the Growth of the Structural Steel Fabrication Market?
Major companies operating in the market report are ArcelorMittal SA, POSCO, Nippon Steel & Sumitomo Metal Corporation, Tsingshan Holding Group, Tata Steel Limited, JSW Steel Limited, Gerdau S.A., Sujana Group, Mayville Engineering Company Inc., BTD Manufacturing Inc., O’Neal Manufacturing Services Inc., Defiance Metal Products LLC.
What Key Trends Are Impacting The Size Of The Structural Steel Fabrication Market?
The adoption of CNC plasma cutting machines by steel fabricators for precise metal cutting is an emerging trend in the structural steel fabrication market. These machines use a plasma cutter to accurately cut metals of varying thicknesses along a multi-axis grid. Unlike manual plasma cutting, CNC technology offers greater precision and efficiency, as the process is computer-controlled rather than reliant on human operation.
How Is The Global Structural Steel Fabrication Market Segmented?
1) By Service: Metal Welding; Machining; Metal Forming; Metal Cutting; Metal Shearing; Metal Folding; Metal Rolling; Metal Punching; Metal Stamping
2) By Product: Carbon Steel; Alloy Steel; Stainless Steel; Tool Steel
3) By End-Users: Aerospace; Automotive; Construction; Defense And Aerospace; Electronics; Energy And Power; Manufacturing; Mining; Other End-Users
Regional Insights: Asia-Pacific Paving the Way in the Structural Steel Fabrication Market
Asia-Pacific was the largest region in the structural steel fabrication market share in 2023. The regions covered in the structural steel fabrication report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The Structural Steel Fabrication Market?
Structural Steel Fabrication involves activities like cutting, bending, and shaping steel to form predetermined sizes and shapes. This process is used to assemble steel into buildings, industrial equipment, tools, and other products.
The Structural Steel Fabrication Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Structural Steel Fabrication Market Report: Trends, Opportunities, Strategies, and More
The Structural Steel Fabrication Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into structural steel fabrication market size, structural steel fabrication market drivers and trends, structural steel fabrication global market major players, structural steel fabrication competitors’ revenues, structural steel fabrication global market positioning, and structural steel fabrication market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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The Business Research Company has published more than 15,000 reports spanning 27 industries and over 60 regions. Our research is supported by 1.5 million datasets, thorough secondary research, and unique insights gained from interviews with industry experts. We offer ongoing and customized research services, featuring a variety of specialized packages designed to meet your specific needs, such as Market Entry Research, Competitor Tracking, Supplier & Distributor Packages, and many others.
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Oliver Guirdham
The Business Research Company
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Article originally published on www.einpresswire.com as Precision Innovation with CNC Plasma Cutting Machines
