Market Trends of China Structural Steel Fabrication Industry
Rising Demand for Prefabricated Buildings
- The advantages of prefabricated buildings are evident, and the business includes strong development potential. Building components serve as the core of prefabricated buildings. They relate to the application of industrial manufacturing technologies in constructing dwellings. Some or all of the house's components are prefabricated in the factory, brought to the building site, and built via a reliable connection.
- Regarding environmental protection, prefabricated buildings may greatly save water, electricity, and waste disposal. Precast concrete buildings and prefabricated steel structures dominate China's prefabricated construction uses. East and North China contain the highest concentrations of prefabricated structures in China. These regions' economies are very developed, and the pace and frequency with which local governments implement prefabricated building-related policies are substantially higher than in other locations. Furthermore, the Chinese government unequivocally stated its strong support for developing prefabricated structures.
Understand The Key Trends Shaping This Market
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Increasing Use of Structural Steel in the Construction Industry
- Structural steels are a significant component of prefabricated structures. In China, structural steel accounted for almost 30% of prefabricated buildings, a larger percentage than in previous years. The construction industry in China is expected to grow by 8.5% to reach CNY 9,508 billion (USD 13 billion) in 2022. The construction output in the country is expected to reach CNY 12,582.5 billion (USD 18 billion) by 2026.
- With growing urbanization, China's construction sector generated more than CNY 29 trillion (USD 42 trillion) in production that year. Structural steel construction accounted for up to 5% of the construction sector in China. Furthermore, due to lower costs and workforce compared to the traditional technique, most construction businesses chose to increase structural steel usage in the construction process.
- Because of this rising structural steel demand in China, structural steel utilization in the country's building sector is predicted to reach 10% throughout the projection period. Furthermore, industry experts feel there is still a lot of space for growth in steel-structure buildings and residences.
