Rising Developments in Construction and Automotive Sectors to Fuel Adoption of Metal Fabrication Services Globally
The global market for metal fabrication is also fueled by continued investments in electric furnace and metals processing, the growing aluminum consumption, the reshoring of manufacturing practices in the automotive industry, recovery in non-residential investments, and growing aerospace demand.
The global metal fabrication market was valued at US$16.35 bn in 2015 and is forecast to expand at a CAGR of 3.0% to reach US$21.38 by 2024.
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Soaring Application of Metal Fabrication in Construction Sector
The metal fabrication market is segmented on the basis of end use into construction, automotive, manufacturing, energy and power, electronics, and others. The construction sector is the leading end-use segment and its dominance in the metal fabrication market is characterized by the growing number of construction activities across developing economies.
The most active consumer bases for metal fabrication services are the manufacturing and automotive sectors. In order to cater to the growing demand for metal fabrication in these two industries, metal fabrication units are focused on providing finished as well as fabricated metal products that can be directly used to assemble various parts.
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Germany, China Emerge as Influential Markets for Metal Fabrication
Europe was identified as the key metal fabrication market, holding approximately 1/4th of the global market share in 2015. The growing number of metal fabrication units in Europe is mainly attributed to the growing demand for metal fabricated products from the automotive and manufacturing sectors.
In Europe, the industrial scenario is mainly adjudged by the overall growth in the manufacturing and automotive industries. Furthermore, favorable government regulations have strengthened the European metal fabrication market. Germany held the leading market share in the European region and is expected to witness rapid growth during the forecast period, expanding at a CAGR of 4.3%.
Asia Pacific is one of the key regions holding a comparatively larger share in the global metal fabrication market in 2015 and is expected to dominate the market throughout the forecast period. China held the majority of the market share in Asia Pacific as well as globally and is projected to expand at a CAGR of 2.4% from 2016 to 2024.
The establishment of new metal fabrication plants in Japan, China, India, Singapore, and South Korea is mainly driven by the rise in construction activities, the growing number of iron and steel manufacturing units, and an overall rise in the number of manufacturing plants. Furthermore, the growth of the industrial sector across Asia Pacific has positively influenced the expansion of the metal fabrication market in the past few years.
Some of the leading players in the global metal fabrication market are O’Neal Manufacturing Service, BTD Manufacturing Inc., Kapco Inc., Komaspec Pte Ltd., Mayville Engineering Company Inc., Watson Engineering Inc., Defiance Metal Products, Matcor-Matsu Group Inc., Standard Iron & Wire Works Inc., Ironform Corporation, LancerFabtech Pvt. Ltd., Interplex Holdings Pte. Ltd, and P & A International.
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