The global metal fabrication market has been growing at a substantial rate in the last few years and the increasing investments in this field is likely to encourage the growth of the market in the coming years. In addition, the growing focus on research and development activities and the emergence of technologically advanced equipment are some of the other factors expected to accelerate the growth of the overall market in the next few years.
As per a research study by Transparency Market Research (TMR), in 2015, the global metal fabrication market was worth US$16.35 bn and is estimated to reach a value of US$21.38 bn by the end of 2024. The market is anticipated to register a 3.0% CAGR between 2016 and 2024.
Favorable Government Initiatives to Augment Global Metal Fabrication Market
The rising technological advancements in metal fabrication equipment and the emergence of 3D metrology equipment are the vital factors predicted to fuel the development of the global metal fabrication market in the next few years. In addition, the rising preference for automation, thanks to the fourth industrial revolution and the favorable government initiatives are estimated to supplement the growth of the market across the globe. On the flip side, the rise in the use of metal substitutes, including fiber and plastic and the rise in material cost are likely to act as a key challenge for the prominent players in the market.
On the basis of service, the global metal fabrication market has been classified into metal welding, metal rolling, metal stamping, metal forming, machining, shearing, metal cutting, metal punching, and metal folding. Among these, the metal welding segment is anticipated to lead the global market and account for a massive share in the coming years. Some of the prominent end-use industries are manufacturing, energy and power, defense, construction, electronics, mining, automotive, and aerospace.
Rising Construction Activities to Encourage Growth in Asia Pacific Market
From a geographical viewpoint, Europe is identified as a leading segment in the global metal fabrication market at present, thanks to the presence of a high number of metal fabrication processing units in this region. In addition, the tremendously rising demand for innovative metal fabricated products in manufacturing and automotive industries is expected to encourage the growth of the market in Europe in the near future. The favorable government regulations and the significant contribution from Germany are some of the other factors estimated to accelerate the growth of the market.
On the other hand, Asia Pacific is likely to account for a key share of the global metal fabrication market in the next few years. The high growth of this region can be attributed to the substantial contribution from China. Moreover, the establishment of several metal fabrication plants in China, India, Japan, South Korea, and Singapore and the increasing construction activities are some of the other key factors anticipated to augment metal fabrication market in Asia Pacific.
Browse the full Global Metal Fabrication Market report http://www.mrrse.com/metal-fabrication-market
Some of the prominent players operating in the global metal fabrication market are Kapco Inc., O’Neal Manufacturing Service, Standard Iron & Wire Works Inc., P & A International, Defiance Metal Products, Mayville Engineering Company Inc., Ironform Corporation, Matcor-Matsu Group Inc., Interplex Holdings Pte. Ltd, Watson Engineering Inc., Komaspec Pte Ltd., BTD Manufacturing Inc., and Lancer Fabtech Pvt. Ltd.