Global Structural Steel Fabrication Market to Expand at a CAGR of 4.24% over 201

Posted by Priyanka Thakare on May 16th, 2019

The demand within the global market for structural steel fabrication has been rising on account of advancements in the constructions industry, finds Transparency Market Research (TMR). Several new entities have entered into business of manufacturing structural steel with the intent of making huge-scale profits. Since the constructions industry is booming, it is legit for the market vendors to expected substantial return on investment in the years to come. The key vendors in the global market for structural steel fabrication are projected to alter their business strategies in ordet to expand their profit margins.

The direct relation between the constructions industry and structural steel fabrication market tells a lot about the propensities of the market vendors. The leading players are expected to establish tie-ups with global construction companies in order to maintain a regular inflow of revenues. Furthermore, the presence of regional construction entities shall enhance the growth stakes of regional and local vendors. The bar of competition within the global structural steel fabrication market is expected to escalate to new levels in the forthcoming years. Some of the key vendors in the global market for structural steel fabrication are BTD Manufacturing Inc., Mayville Engineering Company, Inc., Kapco Metal Stamping, Watson Engineering Inc., and Defiance Metal Products Inc.

Transparency Market Research (TMR) predicts that the global structural steel fabrication market would expand at a sluggish CAGR of 4.24% over the period between 2018 and 2026. Furthermore, the global market for structural steel fabrication held a total valuation worth US$ 132.17 Bn in 2017. Based on end-use industry, the demand for structural steel fabrication has been the highest across the constructions industry. The market for structural steel fabrication in Asia Pacific has lately expanded at a robust rate. 

Advancements in Automotive Sector to Propel Market Demand

The use of structural steel fabrication is not just restricted to the constructions sector, and several other industries have also emerged as prominent end-users. The automotive sector has become a key user of structural steel in recent times, and this factor has given a strong impetus to the growth of the global structural steel fabrication market. Furthermore, the presence of a seamless energy sector is also a key driver of demand within the global market for structural steel fabrication. There is a strong possibility of new end-user industries for structural steel fabrication originating in the global market.

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Electronics Industry to Aid Market Growth

The splendid properties of structural steel have led to its usage across the electronics industry. The demand for electronic devices and equipments has been increasing at a skyrocketing pace in recent times. Moreover, the emergence of new industries for electronic manufacturing has also given an impetus to the growth of the global market for structural steel fabrication. It is expected that the global market for structural steel fabrication would expand alongside improvements in the revenue index of the global electronics industry.