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Metal Fabrication Market Estimated Growth Curve, Trends, Size, Share And Analysis Report 2024-2033
Metal Fabrication Market
Metal Fabrication Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $25.99 Bn In 2028 At A CAGR Of 4.6% :
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 in the historic period can be attributed to agricultural machinery manufacturing requirements, renewable energy sector growth, increasing urbanization, growth in marine and shipbuilding sectors, demand for metal furniture and fixtures.
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.
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Metal Fabrication Market Major 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 Driver - 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.
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Prominent Trend - 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.
Metal Fabrication Market Players
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
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Largest And Fastest Growing Region In The Market
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Metal Fabrication Market Report Structure
3. Metal Fabrication Market Trends And Strategies
4. Metal Fabrication Market - Macro Economic Scenario
5. Metal Fabrication Market Size And Growth
…..
27. Metal Fabrication Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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