Steel Fabrication Market Driven by Increased Demand from Construction Industry

Modern fabrication factories use computer-aided design system to obtain finished products which are emerging with the improvement in fabrication machinery. Nowadays architects are attracted towards stainless steel usage in contemporary kitchen designs. Steel fabricators use steel at ceiling work, steel staircases, handrails, ornate staircases, balustrades, gates and in facades. According to IndustryARC, a business consulting firm, the demand in the global steel fabrication market will increment at a profitable CAGR during the forecast period of 2018 to 2023. The report is titled “Steel Fabrication Market: By Type (Carbon Steel, Alloy Steel, Stainless Steel and Tool Steel), By Manufacturing Process (Blast Furnace, Electric Arc Furnace and Others), By Product Type (Slab, Billet and Bloom), By End User (Automotive, Shipping, Infrastructure, Railways, Aviation, Power & Energy, Machine Goods, Home Appliances and Others) & Geography - Forecast (2018 - 2023).”

Browse 73 Market Tables, 178 Figures spread through 163 slides and an in-depth TOC on “Steel Fabrication Market (2018 - 2023)”

The U.S. Economics and Statistics Administration states that steel fabrication is providing 12% of the manufacturing employment opportunities in the country. Steel fabrication is an important component of modern economies, whose success reflects individual economies. It is a process of construction of structures such as railways and buildings using raw materials. This process involves cutting, bending, welding, and coating of steel to prepare predefined molds. Steel is an economical metal which is preferred for its durability against adverse climatic conditions. Additionally, it is more reliable, cost-effective, and eco-friendly. Steel is extensively used in the construction of residential buildings, factories and in manufacturing, mining, shipbuilding, and automotive industries. As it is resistant to fire and oozes of long lifespan, steel is fairly ubiquitous.

Steel Fabrication Market: Competitive Analysis

• ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Hebei Iron and Steel Group, and Schuff Steel Company are some of the key players holding major shares in the global steel fabrication market.
• In 2017, ArcelorMittalproduced97.03 million tonnes of steel. It was awarded in 2018 as it built the world’s largest solar power plant with its Industeel’s stainless steel. 
• ArcelorMittal and Nippon Steel & Sumitomo Metal jointly offered $6.9 billion for Essar's assets. In 2018, ArcelorMittal entered into Indian Steel industry and heated up the competition with rivals Tata Steel and JSW Steel.
• Schuff Steel Company launched a new manufacturing facility in New York with a capital investment of $9 million to enhance fabrication capabilities in this region of the U.S.
• Hebei Iron and Steel Group is planning to buy major stakes in NatSteel Holdings and Tata Steel (Thailand) from Indian Tata Steel for $327 million, to expand its presence in Southeast Asia.
• Nippon Steel & Sumitomo Metal Corporation acquisition with Ovakois targeted to establish their business and to strengthen their technology in Europe.

Steel fabrication is a process of molding a piece of steel into different shapes and sizes using fabrication machines. Construction, manufacturing, and mining industries are purchasing more steel fabricated products. Increasing plant expansions in various regions are expected to drive the growth of the steel fabrication market in the near future.