Due to increased capacity and experienced labor, local producers now own 90% of the formerly heavily imported prefabricated steel market, according to insiders in the sector.
According to figures from the Steel Building Manufacturers Association of Bangladesh(SBMA), the domestic prefabricated steel market is currently worth over Tk 4,000 crore, up from Tk 2,000 crore in 2010.
At the moment, Bangladesh requires at least 3 lakh tonnes of prefabricated steel annually. Around 2.7 lakh tonnes of the total demand are supplied by local industries, with the remainder being satisfied by international suppliers.
According to the president of the SBMA, more than 50 active enterprises have generated almost 2 lakh prospects for direct employment. With the exception of the pandemic years in 2020 and 2021, the sector has grown by an average of 15 to 20% annually since 2010, according to the managing director of Tiger Steel Bangladesh.
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