Steel Fabrication is the process involved in shaping, cutting and assembling components which are designed with steel. Industries in the fabricated steel sector transform steel into intermediate or end products, other than machinery, metal furniture, or treat metals and metal formed products fabricated elsewhere. Important fabricated steel processes are forging, stamping, bending, forming, and machining, used to shape individual pieces of the metal; and other processes, such as welding and assembling, used to join separate parts together. Establishments in this subsector may use one of these processes or a combination of these processes. The day to day technological advancements are boosting up the quality standards of production by creating a computer-aided design (CAD)/ computer-aided manufacturing (CAM) environment in the modern steelwork fabrication factories.
The field of steelwork fabrication equipment has undergone a lot of research and development in the past years and prominent capitalization, vast extensive continuous research and significant improvements in the fabricating machinery have propelled the global steel fabrication market. The overall Steel fabrication market can be segmented based on types, manufacturing process, product types, end user industries and geography.
The global Steel fabrication market revenue is expected to grow from $Xx billion in 2015, to $Xx billion in 2021, at an estimated CAGR of Xx% from 2015 to 2021. The global Steel fabrication market is governed by the major players like ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Hebei Steel Group, Baosteel Group, among others.
North and South Europe to see positive growth in terms of steel imports will be a strong driver for the fabrication industry in Europe. Europe which once represented a quarter of all of steel exports now is closer to 9 percent, and it continues to drop, which will affect the American steel exports market Germany’s positive economic outlook and a strong growth in construction and automotive sector will aid the fabrication sector. Pending consumer demands will see to it that the market stays positive for steel fabricators. Latest data gives some hope that the U.S. is recovering steadily, aided by a rising U.S. housing market and also strong rebound in automotive industry. Construction spending on a global scale is estimated to remain moderate to good, which will be a major driver for the steel fabrication industry. The structural steel segment in the U.S. occupied around XX.X% of the total construction materials market in 2014 and is estimated to increase further in near future. This will be a positive sign for the steel fabricating industry in North America.