Vietnam Structural Steel Fabrication Market Size

Vietnam Structural Steel Fabrication Market Analysis

The Vietnam Structural Steel Fabrication Market size is estimated at USD 2.82 billion in 2024, and is expected to reach USD 4.19 billion by 2029, growing at a CAGR of 8.21% during the forecast period (2024-2029).

• Rapid urbanization, growth in infrastructure and increasing steel within the country have resulted in an astonishing rate of more than 20% growth in the production of Vietnam’s steel industry.
• Finished steel consumption reached about approx. 12.5 million tons, down about 17% year-on-year in 2022. Although finished steel sales declined, steel exports still saw growth. Finished steel exports in the first 6 months reached 3,881 million tons, up 6.5% over the same period in 2021.
• As per industry experts, per capita steel consumption in Vietnam is expected to increase in the next few years driven by the rising infrastructure and property investments.
• Also, the demand for steel in the Vietnam construction sector is expected to rise more than 10% over the next few years.
• Due to the development of the socio-economy along with the trend of globalization, the demand for construction of civil works tends to increase in recent years, so the need to use these materials are a lot of attention and interest.
• Steel structure is one of the most popular types of structures today, fully utilized and applied in a variety of designs and construction of various projects from high-rise buildings to industrial buildings.
• The Vietnam's government's emphasis on developing mordern infrastructure has increased the demand for the structural steel in the market.