China Structural Steel Fabrication Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

China Structural Steel Fabrication Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The China structural steel fabrication market is estimated to reach approximately USD 110 billion in 2024 and grow at a CAGR of approximately 3.5% during the forecast period.

Key Highlights

• The structural steel industry accounted for approximately 8%-10% of the overall steel output in China in 2017. Also, in 2018, it accounted for 13%-15% of the construction industry in China, and the ratio of steel structure output value to total construction output was around 4%-5% during the same year.
• The consumption of steel in the structural steel industry in China is expected to rise from more than 50 million tons in 2017 to more than 100 million tons by 2020.
• The advancement in the prefabricated buildings and the construction industry in China is expected drive the market for structural steel over the forecast period.

Key Market TrendsRising Demand for Prefabricated Buildings

• The prefabricated building has obvious advantages and the industry has a high growth potential. Prefabricated buildings are prefabricated with building components as the core. They refer to the use of industrial production methods to build houses.
• Some or all of the components of the house are prefabricated in the factory, then transported to the construction site, and the components are assembled by reliable connection. From the perspective of environmental protection, the prefabricated building can significantly save water, save energy and reduce waste discharge.
• China's prefabricated building applications are mainly concentrated in precast concrete buildings and prefabricated steel structures.
• China's prefabricated buildings are mainly concentrated in East China and North China. The economies of these regions are relatively developed, and the speed and frequency of the introduction of prefabricated building-related policies by local governments are also significantly higher than those of other regions.
• Also, the Chinese government has clearly expressed its strong support for the development of fabricated buildings.

Increasing Use of Structural Steel in the Construction Industry

• Structural steels form an important part of fabricated buildings, in China structural steel accounted for about 30% of prefabricated buildings, which was higher than the previous years. Majority of the structural steel were used for the construction of commercial and industrial buildings until 2018.
• Structural steel construction accounted for up to 5% of the overall construction industry in China. Also, majority of the construction companies have been opting to increase the use of structural steel in the construction process due to reduced cost and labour as compared to that of traditional process.
• Due to this increased preference towards structural steel in china the usage of structural steel in the construction industry within the country is expected to reach about 10% during the forecast period. Additionally, industry experts believe that there is still huge room for development in steel structure buildings and steel structure houses.

Competitive Landscape

The report covers the major players operating in the China structural steel fabrication market. In terms of market share, the companies in the region compete heavily with no major share as the market is majorly occupied by small and medium sized players and hence the market is highly competitive and fragmented.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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