Steel Fabrication Market - Forecast(2021 - 2026)
Steel fabrication Market Overview: As per an International Trade Administration report, the crude steel production continues to show significant growth with production increased by 47% between 2005 and 2017, which translates to 8 million metric tons in 2005 to 1.69 billion metric tons in 2017 respectively [1] . High global demand with higher levels of production and global capacity utilization rate are some of the major factors responsible for relative growth in the steel industry. Almost all the sectors from industrial to residential utilize steel, which is creating a myriad of opportunities in the steel fabrication market. As of 2018, the global steel fabrication market size hovered around $138 billion. Furthermore, the demand for steel fabrication will observe a notable CAGR of around 4.1% during the forecast period of 2019 to 2025. Request Sample APAC dominates the steel fabrication market due to rapid industrialization and several development projects and plans such as smart ci