The global metal fabrication market was valued at around US$ 16,824.1 Mn in 2016 and is anticipated to expand at a CAGR of over 3.4% from 2017 to 2025, according to a new report published by Transparency Market Research (TMR) titled ‘Metal Fabrication – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.’ Expansion of the global metal fabrication market is driven by rise in demand from construction & automotive companies. The metal fabrication market in North America is expected to expand at a CAGR of over 4.8% during the forecast period. Rise in automation and technological upgrades are likely to propel the metal fabrication market in the region.
Automation in Metal Fabrication Industry and Diversified End-use Industries Expected to Drive the Metal Fabrication Market
Robotics and automation tools are being increasingly used in the metal fabrication industry. Automation is used in metal fabrication to increase efficiency and lower labor costs. Deployment of automated manufacturing systems in the metal fabrication industry helps in making manufacturing facilities safe as all the critical jobs such as welding and cutting are done by robots. Apart from this, automation tools such as laser saws make it easier for fabricators to manufacture precisely cut metal parts. Fabricated metals are used in various end-use industries such as automotive, oil & gas, construction, aerospace, agriculture, consumer products, medical devices, and military & defense. As end-use industries are diversified, effects of cyclical nature of the metal fabrication industry are mitigated.
Moreover, various ERP technologies and software are used in the metal fabrication industry. This makes data easily accessible and accelerates the decision-making process in the fabrication industry. Increase in usage of computer aided manufacturing technologies is helping the metal fabrication industry improve operational efficiency and enhance production.
Rise in Demand from Construction Industry is Boosting Demand for Metal Welding
In terms of type, the metal fabrication market can be classified into welding, machining, metal forming, metal shearing, metal cutting, metal folding, metal rolling, metal stamping, and metal punching. Welding is one of the vital services under the purview of metal fabrication. It ranks high among all industrial processes, owing to its necessity in manufacturing of bulldozers, material handling equipment, food-processing machinery, office machinery, cranes, textiles, and papermaking and printing equipment. The metal welding segment is anticipated to account for a major share of the metal fabrication market as it is the most commonly used industrial process. Welding is an integral part of the automotive and construction industries. A large construction and automotive base in developing countries such as China, India, and Japan is expected to increase the use of metal welding during the forecast period.
Read more: Key Facts and Other Pointers About the Global Metal Fabrication Market