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Metal Fabrication Market report also sheds light on the supply chains and the changes in the trends of the upstream raw materials and downstream distributors.
NEW YORK, NY, UNITED STATES, September 26, 2022 / / -- The global size is expected to reach USD 22.97 Billion in 2030 and register a revenue CAGR of 3.2% over the forecast period, according to a latest report by Reports and Data. Rapid implementation of advanced technologies in metal fabrication and increasing adoption of metal fabrication for heat resistance and high durability are expected to drive market revenue growth during the forecast period. Increasing demand for metal fabrication to manufacture solar energy plants is expected to boost the growth of the metal fabrication market in the near future. Rising demand for building solar energy plants has led to increased adoption of metal fabrication for the manufacturing process. Copper material is widely used to manufacture solar energy plants due to its easy availability from mines and recycling plants. Copper's efficiency in heat and electricity conductivity also makes it an essential material for the manufacturing of solar plants, which increases demand for copper metal fabrication. This is expected to drive the revenue growth of the market in the near future. Rising demand for copper metal fabrication due to its rust resistance and corrosion properties is expected to propel market revenue growth. Additionally, increasing adoption of metal fabrication due to its heat resistance and high durability has led to increased demand for metal fabrication. It is expected to drive the revenue growth of the market.
However, challenges in creating designs using metals after fabrication are some factors that could hamper the market's revenue growth during the forecast period. Some metals' velocity and molten flow characteristics are unsuitable for crafting high geometries or shapes. This leads to a challenge in creating the designs according to the consumer's need, which is expected to restrain the market revenue growth.
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Companies profiled in the global market report include Kaman Corporation, O'Neal Manufacturing Service, BTD Manufacturing, Inc., Matcor-Matsu Group, Inc., Mayville Engineering Company, Inc., Defiance Metal Products, Co., Salasar Techno Engineering Limited, Kirby Building Systems, Zamil Industrial Investment, Co., and Karamtara Engineering Pvt., Ltd.
Some Key Highlights in the Report
•Metal cutting segment is expected to account for larger market share revenue over the forecast period. Increasing usage of the metal cutting process during metal fabrication is driving the growth of the segment. Metal cutting is an essential process during fabrication as it helps to increase efficiency and reduce costs.
•Automotive segment is expected to account for the largest revenue share in the global metal fabrication market between 2022 and 2030. Rising demand for metal fabrication in automotive to provide custom-built designs and modern finish is driving revenue growth in the segment. Increasing demand for the latest and upgraded designs in automotive is also increasing demand for metal fabrication. This is expected to boost the growth of the segment.
•Asia Pacific metal fabrication market is expected to account for the largest revenue share in the global market over the forecast period. Rapid growth of the automotive and construction industry, in which metal fabrication plays an essential part is expected to drive market revenue growth. Rapid implementation of newest technologies by manufacturers in Asia Pacific is another factor expected to increase the revenue growth of the metal fabrication market.
•In November 2019, Mayville Engineering Company, Inc. announced the expansion of its capacity in Heber Springs (Ark), Cleburne County. Mayville Engineering Company will continue to invest in leading-edge equipment and process improvements. Mayville Engineering Company also aims to provide 70 new job opportunities over a four-year period to support growth in the business volumes.
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For the purpose of this report, Reports and Data has segmented the global metal fabrication market based on type, application, material, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
•Aerospace & Defense
Material Outlook (Revenue, USD Billion; 2019-2030)
•North America (U.S., Canada, Mexico)
•Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
•Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
•Latin America (Brazil, Rest of LATAM)
•Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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The manufacturing and construction industry is steadily expanding in terms of revenue over the recent years and is expected to register a robust revenue CAGR during the forecast period, 2019-2030. This can be attributed to factors such as rapidly growing construction and building sector, fast paced urbanization and industrialization across the globe, technological advancements in manufacturing techniques. In the recent years, there has been a rapid demand for green construction and energy efficient buildings owing to increasing awareness about environmental impact and carbon emission. Key factors such as rapidly expanding global population, changing lifestyle preferences, high demand for smart buildings, rising number of renovation and reconstructions worldwide, and increasing eco-friendly construction activities are expected to boost global market growth during the forecast period. In addition, rising disposable income, increasing government schemes and investments by private organizations to support manufacturing and construction industry, and high focus on aesthetics are other factors expected to boost global market growth going ahead.
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