Metal Fabrication Market Definition And Segments
Metal fabrication refers to the process of transforming raw metal materials into finished products through various techniques such as cutting, shaping, bending, welding, and assembling. This can involve a wide range of metals, including steel, aluminum, copper, and others. The final products of metal fabrication can range from simple components, such as brackets or frames, to complex structures
The main types of metal fabrication are cutting, machining, welding, bending, and others. Metal cutting is a fundamental process in metal fabrication that involves separating a metal workpiece into smaller pieces. It includes various materials, such as steel, aluminum, and others, and the end-use industries are manufacturing, power and utilities, construction, oil and gas, and others.
The metal fabrication market covered in this report is segmented –
1) By Type: Cutting, Machining, Welding, Bending, Other Types
2) By Material Type: Steel, Aluminum, Others Material Type
3) By End-Use Industry: Manufacturing, Power And Utilities, Construction, Oil And Gas, Other End-user Industries
The metal fabrication market size has grown strongly in recent years. It will grow from $20.5 billion in 2023 to $21.7 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to agricultural machinery manufacturing requirements, renewable energy sector growth, increasing urbanization, growth in marine and shipbuilding sectors, demand for metal furniture and fixtures.
The metal fabrication market size is expected to see steady growth in the next few years. It will grow to $25.99 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to increasing demand from automotive industry, demand for metal signage and advertising materials, replacement demand for aging infrastructure, replacement demand for aging infrastructure, demand for metal enclosures in electronics industry. Major trends in the forecast period include integration of internet of things (IoT) in fabrication processes, expansion of manufacturing industries, technological innovation in metal alloys, infrastructure development, construction sector expansion.
Role Of The Construction Industry in Driving Metal Fabrication Market Growth
The increasing construction industry is expected to drive the growth of the metal fabrication market forward. The construction industry refers to a wide range of activities related to the planning, design, development, construction, renovation, and maintenance of physical structures and infrastructure. Metal fabrication is used in the construction industry to provide essential structural, aesthetic elements for buildings due to its versatility, and customization options. For instance, in September 2023, according to reports shared by the United States Census Bureau, a US-based government agency, the overall value of residential and non-residential construction in the US increased by over 8% between 2020 and 2021. Furthermore, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, global construction output in 2020 stood at US$10.7 trillion. It is projected to experience substantial growth of approximately 42%, adding US$4.5 trillion and reaching a total of US$15.2 trillion by the year 2030. Therefore, the increasing construction industry is expected to propel the growth of the metal fabrication market.
Major companies operating in the metal fabrication market are Interplex Holdings Pte. Ltd., Kaman Corporation, Mayville Engineering Comp. Inc., O’Neal Manufacturing Services, BTD Manufacturing Inc., Ironform Corporation, Kapco Metal Stamping, Standard Iron & Wire Works Inc., CGI Automated Manufacturing, Hartwell Manufacturing, Matcor-Matsu Group Inc., Komaspec, Adey Steel Ltd., Richlind Metal Fabricators, Watson Engineering Inc., LancerFab Tech Pvt. Ltd., PMS Fabrications Ltd., Gray Fabrication Ltd., Mudersbach GmbH & Co. KG, Lycett Fabrications Ltd., London Steel Fabrication Ltd., M J Ellis Manufacturing, Helander Metal, Schaumburg Specialties LLC, Ark Alloy LLC
Advancement With The Introduction Of Digital Sheet Metal Forming Technology
Major companies operating in the metal fabrication industry are concentrating on innovative advancements such as digital sheet metal forming technology to stay competitive and meet evolving market demands. This digital sheet metal forming technology process allows for the direct shaping of standard sheet metal on demand from a digital design file without the need for traditional stamping presses, custom tools, molds, or dies. For instance, in September 2022, Desktop Metal, a US-based manufacturing company, introduced the Figur G15, a new digital sheet metal forming technology. It is the first commercially available machine tool platform to shape sheet metal on demand without custom tooling. The Figur G15 uses patent-pending digital sheet forming (DSF) technology, which involves a software-driven ceramic toolhead on an XY gantry that forms sheet metal with up to 2,000 lbs of force. The Figur G15 are cost-effective, flexible, and agile solution for digital sheet metal forming.
Vulcan Industries plc Expands Fabrication Capabilities Through Acquisition Of Aptec Ltd.
In March 2022, Vulcan Industries plc, a UK-based industrial services company, acquired Aptec Ltd. for $2.06 million (£1.55 million). With this acquisition, Vulcan Industries plc aims to enhance its growth potential and create a large industrial conglomerate in the coming years. This acquisition aligns with Vulcan's long-term strategy to identify and integrate businesses that exhibit strong growth potential, generate significant synergies, and foster further growth. Aptec Ltd. is a UK-based sheet metal fabrication company specializing in metal forming, bending, and laser cutting.
Asia-Pacific was the largest region in the metal fabrication market in 2023. The regions covered in the metal fabrication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the metal fabrication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The metal fabrication market consists of revenues earned by entities by providing services such as designing and engineering, forming and shaping, welding, and quality control. The market value includes the value of related goods sold by the service provider or included within the service offering. The metal fabrication market also includes sales of structural components, sheet metal parts, machine parts. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The metal fabrication market research report is one of a series of new reports from The Business Research Company that provides metal fabrication market statistics, including metal fabrication industry global market size, regional shares, competitors with a metal fabrication market share, detailed metal fabrication market segments, market trends and opportunities, and any further data you may need to thrive in the metal fabrication industry. This metal fabrication market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.