By 2031, Metal Fabrication Market is Expected to Surpass US$ 27.74 Bn, with a CAGR of over 3.3% from 2022 to 2031
Under one roof, metal fabrication workshops provide a variety of value-added services like cutting, welding, machining, as well as shearing. OEMs, iron and steel producers, construction companies, and value-added resellers depend on metal fabrication workshops to make durable, high-quality products.
Wilmington, Delaware, United States, Aug. 04, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global market for metal fabrication was estimated to have acquired a market valuation around US$ 20 billion in 2022. The market is likely to grow with a slowly rising 3.3% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 27.74 billion.
The manufacturing, building & construction, hardware & hand tools, aerospace, as well as hardware manufacturing industries are among the target customers for the metal fabrication company. The market for sheet metal fabrication services is predicted to grow as a result of rapid industrialization and infrastructural development. Increased population demands major infrastructure investment, particularly in emerging nations.
Global Metal Fabrication Market: Key Players
The majority of the market share is held by a number of medium- and large-sized suppliers and manufacturers in the worldwide metal fabrication industry. To improve their production processes and machinery operations, major businesses are investing heavily in R&D. Product portfolio expansion along with mergers and acquisitions are two important techniques used by participants.
Some developments by the key players in the global market for metal fabrication are:
Vulcan Industries plc purchased Aptec Ltd., a sheet metal production business that specialized in metal bending, developing, and laser cutting, in March 2022.
Richlind Metal Fabricators, a company that offers precision sheet metal fabrication as well as machining services, was purchased by CGI Automated Manufacturing in February 2022.
During the projection period, it is predicted that increased expenditures in infrastructure projects, particularly in developing nations like Brazil, China, and India, would help the metal fabrication sector flourish. A growing trend in the building sector is structural steel fabrication because of its many benefits. Leading green structural building material structural steel actively reduces carbon emissions and improves energy efficiency.
Construction-related steel structures may be recycled and utilized again for various purposes, fostering sustainable growth in the industry. In the building industry, modern metal fabrication processes are becoming more and more popular since they can handle intricate, individualized architectural designs and esthetic criteria. The need for aluminum fabrication is rising in the automotive industry as lightweight car parts for fuel-efficient automobiles become more popular.
Key Findings of Market Report
By 2030, India is anticipated to invest US$5.5 Trn in the construction of its infrastructure.
In 2021, the welding category accounted for a sizable 15.3% of the worldwide market.
During the projection period, the category is anticipated to develop at a CAGR of 4.2%.
With a 36.9% market share in 2021, the construction category dominated the whole world.
The growth in global construction projects is expected to cause the category to grow at a CAGR of 2.8% over the projected period.
During the anticipated period, Asia Pacific is anticipated to be the market’s most alluring region; in 2021, it owned a 41.5% share of the worldwide market.
Market Trends For Metal Fabrication
In 2021, increasing numbers of building projects throughout the world led to the construction segment dominate the worldwide market. Prefabricated buildings are used in construction operations to speed up project completion. Steel is preferred by engineers, designers, and builders because it is affordable and recyclable. Ladders, trusses, and structural steel beams are used in a variety of construction-related tasks. Development of structural steel compositions like steel beams, trusses, ladders, and handrails involves steel manufacturing to a significant extent.
In 2021, the welding market category accounted for a sizable portion of the overall market. Metals and alloys including aluminum, steel, cast iron, and stainless steel are joined by welding. According to the size and intricacy of the product, manufacturers can use robotic or hand welding.
Global Metal Fabrication Regional Market Outlook
During the projection period, Asia Pacific is anticipated to be the market’s most alluring region. In 2021, it controlled 41.5% of the worldwide market. The Asia Pacific metal fabrication market is being driven by an increase in investments in building infrastructure in India, China, and the ASEAN nations.
The market for metal fabrication was dominated by North America and Europe in 2021, with respective shares of 20.6% and 25.1%. During the projection period, the markets in North America and Europe are anticipated to expand at CAGRs of 4.6% and 2.4%, respectively.
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