A major fillip to the global metal fabrication market has been provided by the rapidly increasing investments in various infrastructural projects worldwide, especially in the past one decade. Continuous investments in electric furnace and metals processing, the growing consumption of aluminum, revival of manufacturing in the automotive industry, revival in non-residential investments, and the robust demand in aerospace have also boosted the market significantly so far.
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In 2015, the global market for metal fabrication was worth US$16.35 bn. Exhibiting a 3.0% CAGR, it is expected to attain a value of US$21.38 by 2024.
Burgeoning Construction Activities at the Forefront of Driving Demand
Among the different end-use sectors for metal fabrication, the construction segment is at the forefront of driving demand on account of the sustained upswing in construction activities all over the world. The automotive sector has also majorly contributed to the demand. In a bid to provide for the rising need for metal fabrication in the aforementioned industries, metal fabrication manufacturing units are supplying both finished and fabricated metal products that can be used directly to assemble various parts.
Depending on service, metal welding dominated the global metal fabrication market with the maximum share. However, it is the machining services segment that is expected to see robust growth in the forthcoming years.
Popularity of 3D Metal puts a Roadblock in the Growth Path
One factor posing significant threat to the market is the soaring popularity of three dimensional (3D) metal printing which is increasingly supplanting metal fabrication. In fact, the 3D metal printing has become a highly preferred technology for metal additive manufacturing. Not just that, 3D metal printing has also found extensive application in automotive, aerospace, and marine sectors due to its high-precision machining operations and super-effective adherence. All these is likely to slow down the growth rate of global metal fabrication market, particularly in developed nations of the world.
Asia Pacific to Clock Maximum Growth due to Increased Construction Activities
Europe, Asia Pacific, and North America – all three are important markets for metal fabrication. For example, Europe held almost a quarter of the share in the global metal fabrication market in 2015, on account of the strong demand from the automotive and manufacturing sectors. The market in the continent has also been helped by favorable government policies. Among the various countries in the region, Germany holds maximum share in the market and going forward it is predicted to clock a strong growth rate too. North America has also occupied a prominent position in the global market for metal fabrication on account of solid construction activities and the presence of automobile industries in the continent.
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Powered by India and China, Asia Pacific is another key region accounting for a substantial share in the global market for metal fabrication. In the near future too, Asia Pacific is slated to maintain its dominant share due to the setting up of metal fabrication units in China, Japan, India, South Korea, and Singapore to feed the growing construction activities and iron and steel manufacturing plants, among others, in the region.