Press release
Insights into the 2024 Metal Fabrication Market: Size, Share, Trends, and Global Growth Forecast Until 2033
Metal Fabrication Market
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 growth in the forecast period can be attributed to increasing demand from automotive industry, demand for metal signage and advertising materials, replacement demand for aging infrastructure, replacement demand for aging infrastructure, demand for metal enclosures in electronics industry. Major trends in the forecast period include integration of internet of things (IoT) in fabrication processes, expansion of manufacturing industries, technological innovation in metal alloys, infrastructure development, construction sector expansion.
Market Overview -
Metal fabrication refers to the process of transforming raw metal materials into finished products through various techniques such as cutting, shaping, bending, welding, and assembling. This can involve a wide range of metals, including steel, aluminum, copper, and others. The final products of metal fabrication can range from simple components, such as brackets or frames, to complex structures
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Role Of The Construction Industry in Driving Metal Fabrication Market Growth
The increasing construction industry is expected to drive the growth of the metal fabrication market forward. The construction industry refers to a wide range of activities related to the planning, design, development, construction, renovation, and maintenance of physical structures and infrastructure. Metal fabrication is used in the construction industry to provide essential structural, aesthetic elements for buildings due to its versatility, and customization options. For instance, in September 2023, according to reports shared by the United States Census Bureau, a US-based government agency, the overall value of residential and non-residential construction in the US increased by over 8% between 2020 and 2021. Furthermore, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, global construction output in 2020 stood at US$10.7 trillion. It is projected to experience substantial growth of approximately 42%, adding US$4.5 trillion and reaching a total of US$15.2 trillion by the year 2030. Therefore, the increasing construction industry is expected to propel the growth of the metal fabrication market.
Competitive Landscape -
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
Advancement With The Introduction Of Digital Sheet Metal Forming Technology
Major companies operating in the metal fabrication industry are concentrating on innovative advancements such as digital sheet metal forming technology to stay competitive and meet evolving market demands. This digital sheet metal forming technology process allows for 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. For instance, in September 2022, Desktop Metal, a US-based manufacturing company, introduced the Figur G15, a new digital sheet metal forming technology. It is the first commercially available machine tool platform to shape sheet metal on demand without custom tooling. The Figur G15 uses patent-pending digital sheet forming (DSF) technology, which involves a software-driven ceramic toolhead on an XY gantry that forms sheet metal with up to 2,000 lbs of force. The Figur G15 are cost-effective, flexible, and agile solution for digital sheet metal forming.
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Key Segments -
The metal fabrication market covered in this report is segmented -
1) By Type: Cutting, Machining, Welding, Bending, Other Types
2) By Material Type: Steel, Aluminum, Others Material Type
3) By End-Use Industry: Manufacturing, Power And Utilities, Construction, Oil And Gas, Other End-user Industries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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