The structural steel fabrication market is on a steady rise, with new projections from The Business Research Company showing the industry will grow from $179.04 billion in 2025 to an impressive $252.7 billion by 2029. This growth reflects a robust compound annual growth rate (CAGR) of 9.0%, fueled by a mix of global construction demand, urban expansion, and new technologies in fabrication.

This increase builds on already strong momentum. The market grew from $166.33 billion in 2024 to $179.04 billion in 2025, thanks to ongoing industrialization, infrastructure investment, and cost-efficient building solutions. Structural steel continues to be a go-to material for projects ranging from high-rises to bridges due to its strength, affordability, and versatility.

Industry leaders like ArcelorMittal, POSCO, Tata Steel, and Nippon Steel are among the top players contributing to this upward trend. They’re joined by companies like Hypertherm Associates, which in 2024 introduced the Powermax45 SYNC plasma cutter. This innovative tool offers more precise cuts, longer consumable life, and reduced operating costs—hallmarks of the next generation of fabrication technology.

Emerging trends such as augmented and virtual reality for design, customization of fabricated structures, and use of 5G for better communication are also shaping the future of the industry. Safety and quality standards are becoming more central, with companies increasingly focused on cleaner, more efficient manufacturing methods.

Asia-Pacific currently leads the global market and is expected to maintain that lead in the coming years. The region’s rapid development, particularly in countries like China and India, continues to drive demand for structural steel across both residential and commercial construction.

According to the report, the market is segmented by service type (welding, machining, cutting, forming, and more), product type (carbon, alloy, stainless, and tool steels), and end-users across sectors such as construction, automotive, aerospace, energy, and manufacturing.

The full report can be viewed here.