Report Code: A07873 | Pages: NA | ||
Tables: NA | Charts: NA |
|
Steel fabrication is a process that includes cutting, shaping, and assembling components that are designed using steel. Industries in the steel fabrication sector convert steel into intermediate or final products. The commonly used steel fabrication processes are stamping, machining, bending, and forming. These processes are used to provide proper shapes to the metal pieces. Whereas, other steel fabrication processes like assembling and welding are used to join individual different components together. Steel fabrication has major applications in industries such as manufacturing, construction, oil and gas, power and energy, and others. Technological advancements in the steel fabrication industry are raising the quality standards of the production by generating computer-aided manufacturing (CAM) or computer-aided design (CAD) models
COVID-19 Scenario analysis:
Drivers, restraints, and opportunities
Steel has many applications in the construction industry for the construction of bridges, buildings, parking garages, and more. Growth in the construction activities worldwide is one of the major factors catering to the growth of the steel fabrication market. Besides, technological advancements and growth in automation in the steel industry can potentially boost the growth of the steel fabrication market in the next few years. Moreover, increasing applications in the end-use industries like energy and power, oil and gas, and others can fuel the demand for the steel fabrication industry during the forecast period. However, high dependence on low-quality raw material for steel fabrication process is anticipated to hinder the market growth. On the contrary, new business expansion strategies by key market players are anticipated to provide new growth opportunities for the steel fabrication market in the upcoming years. Â Â
Due to factors like rapid urbanization, industrialization, and growing population in emerging countries like China and India, there has been a surge in construction activities in these countries. Advanced steel fabrication techniques have many uses in the construction industry like exterior applications, flexible design, lighter buildings, easy modification, and enhance the aesthetic appeal of structures. Government initiatives for new constructions and the pursuit to build smart cities in these countries can significantly result in the positive growth of the construction sector. For instance, the Indian government announced $1.4 trillion for infrastructure in the Union Budget 2019-20. The money will be utilized for the development of infrastructure of transport, railways, energy and power generation projects, and more. Such huge investments for the development of infrastructure can boost the growth of the construction industry that will eventually result in the positive growth of the steel fabrication market.
The key market players in the steel fabrication market are adopting various growth strategies, like mergers, acquisitions, new product offerings, innovations, collaborations, and partnerships to prevail in the highly competitive market. To cite an instance, Tata Steel, an Indian multinational steel-making company entered into a joint venture with ThyssenKrupp AG, a German multinational conglomerate in 2018. The joint venture was aimed at combining both company’s business in the European countries. Such new business expansion strategies by key players of the market can significantly boost the growth of the steel fabrication market during the forecast period.
Key benefits of the report:
Steel Fabrication Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
Aspects | Details |
---|---|
By Product Type |
|
By End-use industry |
|
By Region |
|
Key Market Players | Mayville Engineering Comp. Inc., BTD Manufacturing Inc., Fabtech Group, Matcor-Matsu Group Inc., Kaman Corporation, Global Engineering, and Shanghai Canhu Industry Co., Ltd., Defiance Metal Products Inc., Global Fabricators, O’Neal Manufacturing Service |
Loading Table Of Content...
Start reading.
This Report and over 71,321+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time for readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save the time of readers