Press release
Metal Fabrication Market to Reach around US$ 23 Bn by 2026
Metal fabrication is the process of forming metal structures and assemblies from raw metalwork pieces. This process is referred to as a value-added service, as it completely deforms the raw material and develops a completely new structure by using several procedures such as metal welding, metal machining, metal forming, and metal cutting. Metal fabrication workshops offer multiple value-added services under a single roof such as welding, cutting, machining, and shearing. Metal fabricators offer additional value to clients by providing complete services under one facility. Original equipment manufacturers (OEMs) iron and steel manufacturers, building contractors, and value-added resellers enter into contracts with metal fabrication workshops in order to satisfy their metal fabrication needs.
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metal fabrication industry
Advancement in technological tools used in metal fabrication to drive the market
Various ERP technologies and software are employed in the metal fabrication market. This makes data easily accessible and accelerates the decision-making process. Increase in usage of computer-aided manufacturing technologies is helping companies operating in the metal fabrication market improve their operational efficiency and enhance production. These advancements in technologies are anticipated to drive the global metal fabrication market during the forecast period.
Automation of metal fabrication and diversification of end-use industries to fuel the metal fabrication market
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Advancement in robotics and automation tools boosts the application of robots and automation tools in metal fabrication. Currently, automation is used in metal fabrication to increase efficiency and lower labor costs. Increasing demand for automated manufacturing systems in the metal fabrication market helps in making manufacturing facilities safe, as all critical jobs such as welding and cutting are carried out by robots. Apart from this, automation tools such as laser saws make it easier for fabricators to manufacture metal parts that are precisely cut.
Fabricated metals are used in various sectors such as automotive, oil & gas, construction, aerospace, agriculture, consumer products, medical devices, and military & defense. As these end-use industries are diversified, effects of cyclic nature of the metal fabrication market are mitigated. Growth of end-use industries such as aerospace and automotive is anticipated to drive the metal fabrication market in the next few years. The global aerospace industry is witnessing expansion with increasing number of passengers. In Asia Pacific, the demand for commercial aircrafts in increasing. For instance, 1740 commercial aircrafts were delivered in the region in 2017, which is 1.5% more than the number of aircrafts delivered in 2016.
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The automotive industry in Asia Pacific is witnessing growth, also due to improved living standards and risen per capita income in developing countries such as China and India. According to the International Organization of Motor Vehicle Manufacturers, the number of vehicles produced across the globe was 97,302,534 in 2017, which is 2.36% more than the number of vehicles produced in 2017. All these factors are anticipated to drive the metal fabrication market during the forecast period.
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