North America Structural Steel Fabrication Market - Growth, Trends, and Forecast (2020 - 2025)
The market is segmented by end-user industries and product type.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
Fastest Growing Market:
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The North America Structural Steel Fabrication Market is estimated to grow at a CAGR of approximately 3.4% during the forecast period.
The US is the largest market for structural steel fabrication in North America. In 2018, there were more than 1,700 steel fabricators in the United States supplying fabricated structural steel for building and bridges. Among these 1,700 fabricators are 1,114 facilities certified for the fabrication of buildings and 370 facilities certified for the fabrication of bridges with majority of the companies being small and medium sized and family-owned business employing from 10-100 employees.
In 2017, Structural steel accounted for more than 45% of structural framing material for buildings in the US, for non-residential and multi-story residential construction.
Also, in 2017, Non-residential construction represented 37% of the overall demand for structural steel with each point of market share being equivalent to 40,000 tons of structural steel.
Non-structural applications such as rack systems, marine applications, trailers, transportation and mobile homes comprise 15% of the overall demand for structural products.
Scope of the Report
This report aims to provide a detailed analysis on the North America Structural Steel Fabrication Market. It focuses on the market dynamics, technological trends, and insights on various end-user industries and product type. Also, it analyses the major players and the competitive landscape in the North America Structural Steel Fabrication Market.
By End Use Industry
Power and Energy
Oil and Gas
By Product Type
Heavy Sectional Steel
Light Sectional Steel
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Key Market Trends
Increased Use of Blockchain, Internet of Things, and Industry 5.0:
Blockchain is most often described as a digital ledger distributed on a network. While the digital information may be distributed on the network, it may not be copied. That means each individual piece of data can only have one owner. The information is regularly updated and reconciled to be as up to date and accurate as possible.
Blockchain can work to verify vendors and to validate their part in the manufacturing process for a manufacturer. Fabricators can be the focus of a blockchain in tracking raw materials being supplied to them, or they can be a part of a blockchain in providing confidence, value and accountability for a manufacturer that they are supplying parts to.
While the Internet of Things and Industry 5.0 are pushing man and machine closer together through digital technology, blockchain is more focused on validating the identities and efforts of those involved. It can, to a degree, be viewed as online digital accounting that is verified by stakeholders who participate in the ledger. It adds a new layer of trust to data that then may be used as a more powerful fuel in pushing the Internet of Things and Industry 5.0 forward.
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Rising demand from construction sector in the US and Canada:
In the US, fabricated and erected structural steel framing were fabricated for more than 10,000 buildings, bridges and industrial facilities through a network of producers, service centers, steel fabricators and erectors in 2017.
The US structural steel fabrication market is estimated to be more than USD 23 billion in 2017 and is expected to grow at a CAGR of more than 3% during the forecast period.
The US structural steel market for commercial application is expected to grow more than 5% during the forecast period. Also, the demand for prefabricated buildings has led to increased consumption of steel structures in the country.
Also, the demand for structural steel and pre-fabricated buildings are gaining traction in Canada. The construction sector in Canada is one of the major end-user segment that contributes significantly for the growth of structural steel fabrication in the country.
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The report covers the major players operating in the North America Structural Steel Fabrication Market. In terms of market share, the large players in the region compete with each other to gain major share as the market is majorly occupied by small and medium sized players and hence the market is highly competitive and fragmented.