Fabricated Structural Metal Market
The global fabricated structural metal market is expected to see continued growth, with consumption and market value on the rise. The United States leads in both consumption and production of fabricated structural metal. The market is forecast to expand with an anticipated CAGR of +1.8% in volume and +3.6% in value from 2022 to 2030. In 2022, global consumption reached 7.9M tons, with a 6.8% increase from the previous year. The United States accounted for the largest volume and value of fabricated structural metal consumption, production, imports, and exports. The market is projected to see gradual growth in the near future, with the United States remaining a key player in the industry.
Market Forecast
Driven by increasing demand for fabricated structural metal worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.8% for the period from 2022 to 2030, which is projected to bring the market volume to 9.1M tons by the end of 2030.
In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $53.9B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Fabricated Structural Metal
In 2022, the amount of fabricated structural metal consumed worldwide amounted to 7.9M tons, surging by 6.8% on 2021. The total consumption volume increased at an average annual rate of +3.1% over the period from 2013 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. Global consumption peaked in 2022 and is likely to see gradual growth in the near future.
The global fabricated structural metal market value expanded significantly to $40.6B in 2022, growing by 6.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.2% over the period from 2013 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the global market attained the maximum level in 2022 and is likely to continue growth in years to come.
Consumption By Country
The United States (7.9M tons) constituted the country with the largest volume of fabricated structural metal consumption, comprising approx. 100% of total volume.
From 2013 to 2022, the average annual growth rate of volume in the United States stood at +3.1%.
In value terms, the United States ($40.6B) led the market, alone.
In the United States, the fabricated structural metal market expanded at an average annual rate of +3.2% over the period from 2013-2022.
From 2013 to 2022, the average annual rate of growth in terms of the fabricated structural metal per capita consumption in the United States stood at +2.4%.
Production
World Production of Fabricated Structural Metal
In 2022, production of fabricated structural metal increased by 1.3% to 5.5M tons, rising for the second year in a row after two years of decline. Overall, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 4.9%. As a result, production attained the peak volume of 5.8M tons. From 2019 to 2022, global production growth remained at a lower figure.
In value terms, fabricated structural metal production amounted to $28.4B in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 4.9%. As a result, production attained the peak level of $30B. From 2019 to 2022, global production growth remained at a lower figure.
Production By Country
The country with the largest volume of fabricated structural metal production was the United States (5.5M tons), accounting for 100% of total volume.
From 2013 to 2022, the average annual rate of growth in terms of volume in the United States was relatively modest.
Imports
World Imports of Fabricated Structural Metal
For the third year in a row, the global market recorded growth in purchases abroad of fabricated structural metal, which increased by 19% to 2.6M tons in 2022. In general, imports showed a prominent expansion. The growth pace was the most rapid in 2015 when imports increased by 38% against the previous year. Global imports peaked in 2022 and are expected to retain growth in years to come.
In value terms, fabricated structural metal imports soared to $7.7B in 2022. Over the period under review, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 40% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.
Imports By Country
In 2022, the United States (2.6M tons) was the main importer of fabricated structural metal in the world, generating 100% of total import.
The United States was also the fastest-growing in terms of the fabricated structural metal imports, with a CAGR of +13.6% from 2013 to 2022. The shares of the largest importers remained relatively stable throughout the analyzed period.
In value terms, the United States ($7.7B) constitutes the largest market for imported fabricated structural metal worldwide.
In the United States, fabricated structural metal imports expanded at an average annual rate of +14.2% over the period from 2013-2022.
Import Prices By Country
The average fabricated structural metal import price stood at $2,989 per ton in 2022, rising by 9.8% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 11% against the previous year. Global import price peaked at $3,008 per ton in 2019; afterwards, it flattened through to 2022.
As there is only one major supplying country, the average price level is determined by prices for the United States.
From 2013 to 2022, the rate of growth in terms of prices for the United States amounted to +0.5% per year.
Exports
World Exports of Fabricated Structural Metal
Global fabricated structural metal exports declined to 205K tons in 2022, waning by -5.1% on the previous year. In general, exports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2021 when exports increased by 19% against the previous year. The global exports peaked at 327K tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.
In value terms, fabricated structural metal exports skyrocketed to $1.1B in 2022. Overall, exports showed a perceptible reduction. The growth pace was the most rapid in 2021 when exports increased by 22% against the previous year. Over the period under review, the global exports reached the maximum at $1.7B in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.
Exports By Country
The biggest shipments were from the United States (205K tons), together accounting for 100% of total export.
The United States was also the fastest-growing in terms of the fabricated structural metal exports, with a CAGR of -5.1% from 2013 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.
In value terms, the United States ($1.1B) also remains the largest fabricated structural metal supplier worldwide.
From 2013 to 2022, the average annual rate of growth in terms of value in the United States stood at -4.2%.
Export Prices By Country
The average fabricated structural metal export price stood at $5,572 per ton in 2022, growing by 23% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.
As there is only one major export destination, the average price level is determined by prices for the United States.
From 2013 to 2022, the rate of growth in terms of prices for the United States amounted to +0.9% per year.
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