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North America Structural Steel Fabrication Market Size (2024 - 2029)

The North American structural steel fabrication market is poised for growth, driven by factors such as rapid urbanization and the increasing demand for efficient space utilization post-pandemic. The United States holds the largest share in this market, benefiting from technological advancements and the integration of ERP and CAM technologies, which enhance decision-making and operational efficiency. The construction industry's expansion, fueled by public sector investments and a recovering economy, further propels the market's growth trajectory. Despite a slight decline in crude steel production in the region, the market's potential remains robust due to these underlying growth drivers.

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Market Size of North America Structural Steel Fabrication Industry

North America Structural Steel Fabrication Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 5.83 %
Market Concentration Low

Major Players

North America Structural Steel Fabrication Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Structural Steel Fabrication Market Analysis

The North American Structural Steel Fabrication Market size is expected to grow from USD 47.32 billion in 2023 to USD 62.81 billion by 2028, at a CAGR of 5.83% during the forecast period.

The COVID-19 pandemic had a negative impact on the structural steel market. After the pandemic, the industry is expected to recover due to rapid urbanization and the growing need for wise use of existing spaces.

  • The United States is the largest market for structural steel fabrication in North America. The US market for structural steel fabrication is anticipated to grow during the forecast period due to technological advancements in the industry.
  • The metal fabrication business makes use of a variety of ERP tools and software. This facilitates data accessibility and speeds up the fabrication industry's decision-making process. The use of computer-aided manufacturing (CAM) technology is growing, which benefits the production and operational efficiency of the structural steel fabrication sector.
  • Due to the expansion of public sector investments in residential buildings and non-residential structures, the construction industry in the United States has been seeing tremendous growth. Additionally, the easing of trade tensions and the expansion of the American economy are major drivers of investments in the nation's building industry.
  • In the first half of 2022, total crude steel production in North America fell by around 2.3% compared to the same time the previous year (henceforth, year-on-year), mostly due to decreases in output in the United States (-2.2%) and Canada (-4.2%). Mexico's steel output fell more gradually (-1.0%). High energy prices that impacted steel makers in Europe had less of an impact on steel producers in North America.

North America Structural Steel Fabrication Industry Segmentation

Structural steel fabrication is the process of bending, cutting, and modeling steel to form structures. Structural steel manufacturing involves assembling billets to create a variety of structures, usually of predefined sizes and shapes.

This report aims to provide a detailed analysis of the North American structural steel fabrication market. It focuses on market dynamics, technological trends, and insights into various end-user industries and product types. Also, it analyses the major players and the competitive landscape in the North American structural steel fabrication market.

The market is segmented by end-user industries (manufacturing, power and energy, construction, oil and gas, and other end-user industries) and product types (heavy sectional steel, light sectional steel, and other product types). The report offers the market size in value terms in USD for all the abovementioned segments.

By End-user Industry
Manufacturing
Power and Energy
Construction
Oil and Gas
Other End-user Industries
By Product Type
Heavy Sectional Steel
Light Sectional Steel
Other Product Types
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North America Structural Steel Fabrication Market Size Summary

The North American structural steel fabrication market is poised for significant growth, driven by rapid urbanization and the increasing need for efficient space utilization. The United States stands as the largest market within this region, benefiting from technological advancements and the integration of ERP tools and computer-aided manufacturing technologies. These innovations enhance data accessibility and decision-making processes, thereby improving production and operational efficiency. The construction industry in the U.S. is experiencing substantial growth due to public sector investments in both residential and non-residential structures, alongside the easing of trade tensions and economic expansion. Despite a slight decline in crude steel production in the region, the market is expected to recover and expand, supported by the demand for prefabricated buildings and structural steel.

In Canada, the construction sector significantly contributes to the growth of structural steel fabrication, with numerous large-scale infrastructure projects underway. The demand for structural steel and prefabricated buildings is gaining momentum, reflecting the increasing value of construction projects in major Canadian cities. The market is highly competitive and fragmented, with major players like High Industries Inc., SME Industries Inc., and others vying for market share. Recent strategic acquisitions, such as BM Group's acquisition of LE Steel Fabricators Ltd. and Terex's acquisition of Steelweld, highlight the ongoing efforts to enhance manufacturing capabilities and expand market presence. These developments underscore the dynamic nature of the market, as companies seek to leverage their financial strength and diverse portfolios to gain a competitive edge.

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North America Structural Steel Fabrication Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Dynamics

      1. 1.2.1 Market Drivers

        1. 1.2.1.1 Rapid Growth In the Infrastructure Sector

        2. 1.2.1.2 Increased Demand for Steel Products

      2. 1.2.2 Market Restraints

        1. 1.2.2.1 Increased Production Cost

        2. 1.2.2.2 Construction Issue

      3. 1.2.3 Market Opportunities

        1. 1.2.3.1 Robotics and 3D Printing

    3. 1.3 Value Chain / Supply Chain Analysis

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

    5. 1.5 Technological Innovations in the Market

    6. 1.6 Government Regulations and Key Initiatives

    7. 1.7 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By End-user Industry

      1. 2.1.1 Manufacturing

      2. 2.1.2 Power and Energy

      3. 2.1.3 Construction

      4. 2.1.4 Oil and Gas

      5. 2.1.5 Other End-user Industries

    2. 2.2 By Product Type

      1. 2.2.1 Heavy Sectional Steel

      2. 2.2.2 Light Sectional Steel

      3. 2.2.3 Other Product Types

North America Structural Steel Fabrication Market Size FAQs

The North America Structural Steel Fabrication Market is projected to register a CAGR of 5.83% during the forecast period (2024-2029)

High Industries Inc., SME Industries Inc., Whitemud Ironworks Limited, Farr Installations Ltd and Marid Industries Limited are the major companies operating in the North America Structural Steel Fabrication Market.

North America Structural Steel Fabrication Market Report Snapshots

North America Structural Steel Fabrication Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)