Market Size of North America Structural Steel Fabrication Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
