Press release
Metal Fabrication Market is Expected to Surpass US$ 27.74 Bn, with a CAGR of over 3.3% from 2022 to 2031
The global market for metal fabrication (金属加工) was estimated to have acquired a market valuation of around US$ 20 billion in 2022. The market is likely to grow with a slowly rising 3.3% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 27.74 billion.The manufacturing, building & construction, hardware & hand tools, aerospace, as well as hardware manufacturing industries are among the target customers for the metal fabrication company. The market for sheet metal fabrication services is predicted to grow as a result of rapid industrialization and infrastructural development. Increased population demands major infrastructure investment, particularly in emerging nations.
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Global Metal Fabrication Market: Key Players
the majority of the market share is held by a number of medium- and large-sized suppliers and manufacturers in the worldwide metal fabrication industry. To improve their production processes and machinery operations, major businesses are investing heavily in R&D. Product portfolio expansion along with mergers and acquisitions are two important techniques used by participants.
Several well-known companies operating in the market include Mayville Engineering Comp. Inc., O'Neal Manufacturing Services, BTD Manufacturing Inc., Matcor-Matsu Group Inc., Kaman Corporation, Watson Engineering, Inc., Kapco Metal Stamping, Standard Iron & Wire Works Inc., Ironform Corporation, LancerFab Tech Pvt. Ltd., and Interplex Holdings Pte. Ltd., PA International, and Komaspec.
Construction-related steel structures may be recycled and utilized again for various purposes, fostering sustainable growth in the industry. In the building industry, modern metal fabrication processes are becoming more and more popular since they can handle intricate, individualized architectural designs and esthetic criteria. The need for aluminum fabrication is rising in the automotive industry as lightweight car parts for fuel-efficient automobiles become more popular.
Key Findings of Market Report
By 2030, India is anticipated to invest US$5.5 Trn in the construction of its infrastructure.
In 2021, the welding category accounted for a sizable 15.3% of the worldwide market.
During the projection period, the category is anticipated to develop at a CAGR of 4.2%.
With a 36.9% market share in 2021, the construction category dominated the whole world.
The growth in global construction projects is expected to cause the category to grow at a CAGR of 2.8% over the projected period.
During the anticipated period, Asia Pacific is anticipated to be the market's most alluring region; in 2021, it owned a 41.5% share of the worldwide market.
Global Metal Fabrication Regional Market Outlook
During the projection period, Asia Pacific is anticipated to be the market's most alluring region. In 2021, it controlled 41.5% of the worldwide market. The Asia Pacific metal fabrication market is being driven by an increase in investments in building infrastructure in India, China, and the ASEAN nations.
The market for metal fabrication (금속 제조) was dominated by North America and Europe in 2021, with respective shares of 20.6% and 25.1%. During the projection period, the markets in North America and Europe are anticipated to expand at CAGRs of 4.6% and 2.4%, respectively.
Global Metal Fabrication Market Segmentation
Service
Welding
Machining
Forming
Cutting
Shearing
Rolling
Folding
Stamping
Punching
End-use Industry
Construction
Automotive
Manufacturing
Energy & Power
Electronics
Others
Region
North America
Europe
Asia Pacific
Middle East & Africa
South America
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