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Metal Fabrication Market - Evolving Industry Trends and key Insights by 2024
Investments in global infrastructure projects have been increasing rapidly over the past decade and this presents a growing opportunity for the prefabricated construction market to grow considerably in the coming years. This acts as a key factor driving the demand for metal fabricators, especially in developed regions such as North America.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%.
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