Metal Fabrication Market Outlook 2031
- The global metal fabrication market was valued at US$ 20 Bn in 2022
- It is estimated to grow at a CAGR of 3.3% from 2022 to 2031
- The global metal fabrication market is expected to reach US$ 27.74 Bn by the end of 2031
Global Metal Fabrication Market Introduction
Metal fabrication is the process of manufacturing metal structures or products from raw materials. The process includes metal cutting, burning, welding, machining, forming, and assembly. Metal fabrication plays an important role in manufacturing a wide range of products such as paper clips, automotive parts, and steel beams. Facilities that specialize in metal fabrication are often called fabrication shops, and the products of said facilities are referred to as fabrications. Metal fabrication jobs usually consist of three phases: Phase I comprises designing, where drawings are created w.r.t. intended measurements; Phase II fabrication involves cutting, bending, and/or assembling; and in Phase III, the end product or structure is put together (either partially or fully).
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Rapid Industrialization and Infrastructure Development Augmenting Global Metal Fabrication Market
Target markets for the metal fabrication business include manufacturing, hardware & hand tools, building & construction, aerospace, and hardware manufacturing. Rapid industrialization and infrastructure development are expected to boost the sheet metal fabrication services market. Rise in population, especially in developing economies, requires significant investment in infrastructure development. India is expected to invest US$ 5.5 Trn in infrastructure development by 2030.
Rise in Demand for Prefabricated Structures Across Globe
Increase in investments in infrastructure projects, especially in developing economies such as China, Brazil, and India, is anticipated to contribute to the metal fabrication industry growth during the forecast period. Structural steel fabrication is gaining traction in the construction industry, owing to its various advantages. Structural steel is a leading green structural construction material that proactively contributes to carbon reduction and increases energy efficiency. Steel structures used for construction can be recycled and reused for other applications, thereby promoting sustainable development in the construction sector. Modern metal fabrication techniques are increasingly preferred in the construction sector, as they are equipped to deal with complex individualistic architectural designs and esthetic requirements. The automotive sector is also witnessing a rise in demand for aluminum fabrication to manufacture lightweight vehicle components for fuel-efficient vehicles.
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Analysis of Key Players in Global Metal Fabrication Market
The global metal fabrication market comprises several small and large-scale manufacturers and suppliers that control majority of the share. Key players are investing significantly in R&D activities to optimize their manufacturing process and operating machinery. Expansion of product portfolios and mergers & acquisitions are key strategies adopted by players. 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., Interplex Holdings Pte. Ltd., PA International, and Komaspec are prominent entities operating in the market.
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