With the surge in
construction activity and a shift towards pre-engineered buildings, the demand for structured steel design and detailing is increasing rapidly. As per a research by Mordor Intelligence, the Indian
structural steel fabrication market is expected to grow at a CAGR of 5.5 percent till 2024.
If we look at the growth drivers for the market, they primarily include the increasing demand from manufacturing sector, rising popularity of pre-engineered buildings, and steps taken by the government to boost infrastructure development through various policies and measures. The structural steel fabrication market in particular is going to see a rapid growth with the impact of several initiatives taken by the government pertaining to construction of green buildings. Government schemes that are already underway such as Smart City projects and Make in India scheme are giving a fillip to the structural steel fabrication market in India.
Notwithstanding the growth factors, there are a few impedances in the way of faster adoption and steady growth. With the increasing cost of coking coal which is the main raw material currently used in India to manufacture steel, the price of steel is bound to go up. Adding to the woes are the government regulations with regard to steel production that are aimed at reducing the harm to the environment.
Growth despite all odds
Although a necessary step, it is proving to be counter-productive as the change which is needed at the energy source is not being done and other stages of manufacturing have to bear the burden of environmental concerns.
Considering the fact that structural steel is the primary raw material for any pre-engineered building, as the real estate sector moves towards PEBs, the demand of structural steel is going to increase exponentially.
“Due to its high strength-to-weight ratio, less steel is needed in a single support or beam, reducing material costs and improving its sustainable nature. It can withstand strong physical impacts and forces, keeping building occupants safe, but won’t wear away or need to be replaced afterwards,” says Harry Steel, Marketing Coordinator for Baileigh Industrial designers.
The conspicuous benefits of pre-engineered buildings are helping drive the growth of this market further and as a result, there is an increasing demand from all sectors. Leading the demand front is the end user segment which includes automotive, logistics, and retail, to name a few. The growth of PEB market is going to have a direct and immediate effect on the structural steel market, boosting its growth considerably.
