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Rising Developments in Construction and Automotive Sectors to Fuel Adoption of Metal Fabrication Services Globally
Investment in research and development activities is also a key growth strategy adopted by many companies, the author of the TMR study finds. For instance, O’Neal Manufacturing Services invested US$5 mn on equipment and machinery in May 2014. This facilitated the company in providing fabricated parts and components for Caterpillar Inc.
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The opportunity in the global metal fabrication market was pegged at US$16.35 bn in 2015. This is forecast to be worth US$21.38 by 2024, expanding at a CAGR of 3.0% therein.
Revenue Generated by Metal Welding Services Higher than that of Any Other Segment
By service, metal welding accounted for the lead share in the global metal fabrication market with a share of just over 14% in 2015. However, machining services are anticipated to witness rapid growth in the coming years, registering a 4.1% CAGR from 2016 to 2024. Based on end use, the construction sector held the dominant share in the metal fabrication market in 2015 and is anticipated to retain its lead throughout the forecast period. The manufacturing industry, on the other hand, is projected to expand at a rate higher than any other end-use segment.
Geographically, Asia Pacific is the leading market for metal fabrication and in 2015, accounted for just under 43% in terms of revenue. North America will register a 4.8% CAGR during the course of the forecast period, higher than any other regional segment.
Rising Popularity of 3D Metal Printing a Major Threat
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“The rising demand for iron and steel by European and American construction and automobile industries has led to the rising significance of metal fabricators across these regions,” states the author of the study. Substantial spending on industrial projects, the development of industrial infrastructure, and interest rate cuts by centralized banking authorities of India have helped promote the demand for steel in the construction sector, thereby driving the demand for metal fabrication. There has also been continuous growth in global permanent modular construction (PMC) activities over the past few years and this is anticipated to drive the market for metal fabrication in the near future.
On the flip side, the growing popularity of 3D metal printing poses a major threat to the development of the metal fabrication market. “Three-dimensional metal printing has become a widely acclaimed technology for metal additive manufacturing,’ the lead analyst states. Today, 3D metal printing has gained extensive usage in the aerospace, automotive, and marine sectors, owing to its high quality adherence and high-precision machining operations. This adoption is being viewed as a hindrance to the trajectory of the metal fabrication market, specifically in developed economies.
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