The Latest Steel Fabrication Industry Statistics Explained
In 2020, the worldwide market size of the fabricated metal product manufacturing, which includes steel, was around USD 804.6 billion.
The statistic states that in 2020, the global market size for fabricated metal product manufacturing, which encompasses the production of steel and other metal products, amounted to approximately USD 804.6 billion. This figure reflects the vast scale and economic significance of the fabricated metal industry on a global scale in the specified year. The substantial market size underscores the importance of fabricated metal products in various industries such as construction, automotive, aerospace, and infrastructure development. Additionally, the statistic serves as an indicator of the extensive demand for steel and other fabricated metal products, highlighting their critical role in driving economic activities worldwide.
The US fabricated metal product manufacturing industry generated revenues worth more than USD 345.6 billion in 2019.
The statistic indicates that the fabricated metal product manufacturing industry in the United States produced over $345.6 billion in revenue in the year 2019. This revenue amount represents the total sales generated by companies within this industry through the production and sale of fabricated metal products, such as metal structures, machinery parts, and other metal components. The significant revenue figure underscores the industry’s economic importance and its contribution to the overall manufacturing sector in the US. It reflects the robust market demand for fabricated metal products, which are utilized in various industries such as construction, automotive, aerospace, and machinery manufacturing, highlighting the industry’s role in supporting economic growth and employment opportunities.
The metal fabrication market is expected to grow by an annual rate of 3% from 2020 to 2027.
This statistic indicates the projected growth of the metal fabrication market over a seven-year period from 2020 to 2027. A 3% annual growth rate suggests a gradual but steady expansion in the industry during this timeframe. This growth rate can be attributed to various factors such as increasing demand for metal fabricated products across sectors like construction, automotive, aerospace, and manufacturing. The projection of a 3% annual growth rate provides valuable insights for businesses operating within the metal fabrication market, allowing them to anticipate market trends, plan for expansion, and make informed decisions regarding investments and strategic initiatives.
In 2020, China produced about 1,053 million metric tons of crude steel, leading in global steel production.
The statistic indicates that in the year 2020, China was the leading producer of crude steel worldwide, with a production volume of approximately 1,053 million metric tons. This highlights China’s significant role in the global steel industry, as the country’s output surpasses that of any other nation. The high production volume implies China’s substantial capacity for steel manufacturing and its prominent position in meeting global demand for steel products. This statistic underscores the economic importance of China in the steel sector and its influence on global steel prices, trade flows, and manufacturing activities.
India is the world’s second-largest steel producer, with production reaching 99.6 million tons in 2020.
The statistic that India is the world’s second-largest steel producer with a production of 99.6 million tons in 2020 highlights the significant and expanding role that the country plays in the global steel industry. India’s robust steel production reflects its growing industrialization and infrastructure development, driven by a combination of factors such as strong domestic demand, government investments in infrastructure projects, and increasing exports of steel products. This statistic not only underscores India’s position as a key player in the global steel market but also indicates its potential for further growth and influence in the industry.
In 2019, 1,870 steel fabrication businesses were operating in the UK.
The statistic ‘In 2019, 1,870 steel fabrication businesses were operating in the UK’ provides a snapshot of the number of companies within the steel fabrication industry in the United Kingdom during that year. This statistic indicates the scale of the steel fabrication sector in the UK and highlights the level of competition and market activity within the industry. By knowing the number of businesses operating in this sector, policymakers, investors, and industry professionals can gain insights into the economic landscape, trends, and potential growth opportunities within the UK’s steel fabrication industry. Additionally, this statistic can also be used for benchmarking purposes and to track changes and developments in the industry over time.
In Australia, the steel fabrication industry is expected to increase at an annualized rate of 0.5% over five years to 2024.
This statistic suggests that the steel fabrication industry in Australia is projected to experience a modest but steady growth rate of 0.5% per year over the next five years, up until 2024. This indicates that the industry is expected to see gradual expansion and development during this period. Factors such as increased demand for steel products, advancements in technologies, and potential infrastructure projects may contribute to this growth trajectory. It also implies that businesses operating within the steel fabrication sector may have opportunities for expansion and profitability in the coming years, albeit at a relatively slow pace compared to other industries.
The steel industry is responsible for 2–2.5% of global CO2 emissions.
The statistic “The steel industry is responsible for 2-2.5% of global CO2 emissions” indicates the proportion of total carbon dioxide emissions resulting from the steel manufacturing process on a global scale. This statistic highlights the significant contribution of the steel industry to greenhouse gas emissions, which are known to contribute to climate change. The range provided (2-2.5%) reflects some variability in estimates, likely due to different methodologies and data sources used in calculating emissions. It underscores the importance of addressing emissions from the steel sector as part of broader efforts to mitigate climate change and transition towards more sustainable industrial practices.
About 69% of steel is recycled in North America each year.
The statistic that about 69% of steel is recycled in North America each year indicates the significant impact of recycling efforts on reducing the environmental footprint of steel production in the region. Steel is a crucial material in various industries, and its high recycling rate shows a sustainable approach to resource management. Recycling steel not only conserves energy and raw materials but also helps decrease greenhouse gas emissions associated with steel manufacturing. This statistic showcases North America’s commitment to sustainability and highlights the importance of recycling practices in the steel industry for the preservation of natural resources and the environment.
In 2021, the global steel market size was valued at $1,313.7 billion and is expected to reach $1,881.5 billion by 2030.
The statistic indicates that in 2021, the global steel market was valued at $1,313.7 billion. This monetary value represents the total revenue generated within the steel industry worldwide during that year. Additionally, the statistic predicts that the market size is projected to increase to $1,881.5 billion by 2030. This growth forecast suggests a significant expansion in the industry over the next decade. Factors contributing to this expected increase may include rising global demand for steel, industrial development, infrastructure projects, and economic growth. The statistic provides valuable insights for stakeholders in the steel industry, policymakers, investors, and other interested parties to anticipate and plan for future market trends and developments.
The CNC metal cutting is projected to expand at a CAGR of 6.14% over the forecast period of 2021 – 2026, a significant aspect of steel fabrication.
The statistic indicates that the CNC metal cutting industry is expected to experience a Compound Annual Growth Rate (CAGR) of 6.14% between 2021 and 2026. This projected growth rate suggests a positive trend in the utilization of CNC technology for metal cutting processes, particularly in the context of steel fabrication. The significance of this expansion lies in the increasing adoption of CNC machinery for precise and efficient metal cutting operations, which can enhance productivity, quality, and cost-effectiveness in the steel fabrication sector. Overall, this statistic highlights the anticipated growth and importance of CNC metal cutting within the steel fabrication industry over the forecast period.
The Middle East construction market size, a key consumer of steel, was valued at approximately 130 billion U.S. dollars in 2020.
The statistic indicates that the Middle East construction market, which has a significant demand for steel as a key material, was estimated to be worth around 130 billion U.S. dollars in the year 2020. This highlights the substantial economic activity and investment within the construction sector in the Middle East region during that time period. The high valuation suggests a strong demand for construction projects, infrastructure development, and real estate within the region, reflecting potential growth opportunities for industries related to steel production, supply, and distribution. Additionally, the statistic underscores the crucial role of the construction industry in driving economic development and providing insights into the scale of market opportunities for steel manufacturers and suppliers operating within the Middle East region.
The global shipbuilding industry, a heavy user of fabricated steel, was estimated to be worth around 150.63 billion U.S. dollars in 2020.
The statistic indicates that the global shipbuilding industry, which heavily relies on fabricated steel for construction, was valued at approximately 150.63 billion U.S. dollars in 2020. This value represents the total economic activity generated by the industry in terms of manufacturing, assembling, and delivering ships worldwide during that year. The figure underscores the significance of the shipbuilding sector as a major player in the global economy and highlights the substantial demand for fabricated steel within this industry. The industry’s economic value reflects not only the scale of operations but also its contribution to employment, trade, and technological advancements in the maritime sector.
The global robotics metalwork market size which heavily relies on steel fabrication, was USD 1.3 billion in 2020, and is projected to reach USD 3.5 billion by 2028.
The statistic of the global robotics metalwork market size, which primarily depends on steel fabrication, indicates that it generated USD 1.3 billion in revenue in 2020. The projection shows an expected significant growth as it is estimated to reach USD 3.5 billion by the year 2028. This growth suggests a potential increase in demand for robotics metalwork products and services within the industry. Factors such as technological advancements, automation trends, and the increasing adoption of robotics in various sectors are likely to drive this market expansion. This statistic reflects a positive outlook for the robotics metalwork sector, with opportunities for businesses and investors to capitalize on the anticipated growth in the coming years.
The automotive metal stamping market, largely using fabricated steel, is projected to reach $112.38 billion by 2027.
The statistic indicates that the automotive metal stamping market, which predominantly involves the use of fabricated steel for manufacturing various automotive components, is forecasted to grow significantly and reach a value of $112.38 billion by the year 2027. This projected market value suggests a substantial expansion in the demand for metal stamped automotive parts, driven by factors such as the increasing production and sales of vehicles worldwide, advancements in automotive technologies requiring precision components, and the emphasis on lightweight, durable, and cost-effective materials in the automotive industry. The growth potential highlighted in this statistic demonstrates a lucrative market opportunity for manufacturers and suppliers operating in the automotive metal stamping sector.
Mexico, an important player in steel fabrication through automotive and manufacturing industries, exported USD $92 billion worth of metals and metal manufacturing in 2020.
The statistic provided highlights Mexico’s significant role in the global steel fabrication industry, particularly within the automotive and manufacturing sectors. In 2020, Mexico successfully exported metals and metal manufacturing products valued at USD $92 billion, showcasing the country’s substantial contribution to the international market. This indicates Mexico’s competitiveness and expertise in producing and exporting high-quality metal products, which play a crucial role in supporting various industries worldwide. The substantial export value underscores Mexico’s strong presence as a key player in the global steel fabrication sector, reflecting the country’s importance and influence in the industry.
The global steel bridge market is set to grow at a rate of 3.1% from 2020 to 2026.
The statistic indicates that the global steel bridge market is projected to experience a growth rate of 3.1% from 2020 to 2026. This growth rate represents the expected increase in market size and demand for steel bridges over the specified time frame. A positive growth rate suggests that there is a growing need for steel bridges across various regions globally, possibly due to factors such as infrastructure development projects, urbanization, and investments in transportation networks. The statistic signifies opportunities for steel bridge manufacturers, suppliers, and related industries to capitalize on the market expansion and cater to the increasing demand for steel bridge construction and infrastructure projects.
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