Steel Fabrication Market

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.

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 Global Steel Fabrication Market Industry experiences a robust demand driven by increasing infrastructure development across various regions. Governments are investing heavily in infrastructure projects, including roads, bridges, and buildings, which require substantial amounts of fabricated steel. For instance, the market is projected to reach 21.3 USD Billion in 2024, reflecting the urgency of these projects. This trend is particularly evident in emerging economies, where urbanization is accelerating. The need for durable and sustainable materials in construction further propels the demand for steel fabrication, suggesting a long-term growth trajectory in the industry.

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, Market Research Future 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.