PUBLISHER: The Business Research Company | PRODUCT CODE: 1465835
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465835
Metal fabrication involves the transformation of raw metal materials into finished products using techniques such as cutting, shaping, bending, welding, and assembly. This comprehensive process encompasses a variety of metals, including steel, aluminum, copper, and more. The end results of metal fabrication can vary widely, ranging from straightforward components such as brackets or frames to intricate and complex structures.
Primary categories within metal fabrication encompass cutting, machining, welding, bending, and additional processes. Metal cutting stands out as a fundamental procedure in this domain, where a metal workpiece is divided into smaller components. This technique spans across diverse materials such as steel, aluminum, and others. Industries relying on metal cutting include manufacturing, power and utilities, construction, oil and gas, among others.
The metal fabrication market research report is one of a series of new reports from The Business Research Company that provides metal fabrication market statistics, including metal fabrication industry global market size, regional shares, competitors with a metal fabrication market share, detailed metal fabrication market segments, market trends and opportunities, and any further data you may need to thrive in the metal fabrication industry. This metal fabrication market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The metal fabrication market size has grown strongly in recent years. It will grow from $20.5 billion in 2023 to $21.7 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed in the historical period can be attributed to various factors, including the requirements in agricultural machinery manufacturing, the expansion of the renewable energy sector, the increasing pace of urbanization, and growth in the marine and shipbuilding sectors. Additionally, there was a notable demand for metal furniture and fixtures, contributing to the overall growth during this period.
The metal fabrication market size is expected to see steady growth in the next few years. It will grow to $25.99 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The anticipated growth in the forecast period can be attributed to a surge in demand from the automotive industry, increased requests for metal signage and advertising materials, replacement demand for aging infrastructure, and a growing need for metal enclosures in the electronics industry. Significant trends expected during this forecast period include the integration of the Internet of Things (IoT) in fabrication processes, the expansion of manufacturing industries, technological innovations in metal alloys, infrastructure development, and the expansion of the construction sector.
The anticipated growth in the construction industry is set to be a driving force for the metal fabrication market. Covering an array of activities from planning and design to development, construction, renovation, and maintenance of physical structures, the construction industry relies heavily on metal fabrication for essential structural and aesthetic elements. Metal fabrication's popularity in construction is attributed to its versatility and customization options. As of September 2023, the United States Census Bureau reported an over 8% increase in the overall value of residential and non-residential construction in the U.S. between 2020 and 2021. Moreover, global construction output in September 2021, standing at US$10.7 trillion, is projected to experience substantial growth of approximately 42%, reaching a total of US$15.2 trillion by 2030, according to reports by Oxford Economics. This robust expansion in the construction industry is poised to drive the metal fabrication market forward.
Key players in the metal fabrication industry are strategically focusing on innovative advancements to stay competitive and meet evolving market demands. One such advancement is digital sheet metal forming technology, enabling the direct shaping of standard sheet metal on demand from a digital design file without the need for traditional stamping presses, custom tools, molds, or dies. In September 2022, Desktop Metal, a U.S.-based manufacturing company, introduced the Figur G15, the first commercially available machine tool platform leveraging digital sheet metal forming (DSF) technology. This cost-effective, flexible, and agile solution has a patent-pending software-driven ceramic toolhead on an XY gantry, capable of forming sheet metal with up to 2,000 lbs of force.
In March 2022, Vulcan Industries plc, a UK-based industrial services company, made a strategic move by acquiring Aptec Ltd. for $2.06 million (£1.55 million). This acquisition aligns with Vulcan's long-term strategy to identify and integrate businesses with strong growth potential, generating significant synergies and fostering further growth. Aptec Ltd., a UK-based sheet metal fabrication company, specializes in metal forming, bending, and laser cutting.
Major companies operating in the metal fabrication market are Interplex Holdings Pte. Ltd., Kaman Corporation, Mayville Engineering Comp. Inc., O'Neal Manufacturing Services, BTD Manufacturing Inc., Ironform Corporation, Kapco Metal Stamping, Standard Iron & Wire Works Inc., CGI Automated Manufacturing, Hartwell Manufacturing, Matcor-Matsu Group Inc., Komaspec, Adey Steel Ltd, Richlind Metal Fabricators, Watson Engineering Inc., LancerFab Tech Pvt. Ltd., PMS Fabrications Ltd, Gray Fabrication Ltd, Mudersbach GmbH & Co. KG, Lycett Fabrications Ltd, London Steel Fabrication Ltd., M J Ellis Manufacturing, Helander Metal, Schaumburg Specialties LLC, Ark Alloy LLC
Asia-Pacific was the largest region in the metal fabrication market in 2023. The regions covered in the metal fabrication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the metal fabrication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The metal fabrication market consists of revenues earned by entities by providing services such as designing and engineering, forming and shaping, welding, and quality control. The market value includes the value of related goods sold by the service provider or included within the service offering. The metal fabrication market also includes sales of structural components, sheet metal parts, machine parts. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Metal Fabrication Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on metal fabrication market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for metal fabrication ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The metal fabrication market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.