USD 20.94 billion
Global Metal Fabrication Service Market Size, Share, Growth Analysis, By Service(Metal Welding, Metal Machining), By Material(Steel, Aluminum), By End users(Construction, Automotive) - Industry Forecast 2024-2031
Report ID:
SQMIG15J2028 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|
Tables:
100 |
Figures:
79
Global Metal Fabrication Service Market Insights
Global Metal Fabrication Service Market size was valued at USD 20.94 billion in 2022 and is poised to grow from USD 21.92 billion in 2023 to USD 31.66 billion by 2031, growing at a CAGR of 4.7% during the forecast period (2024-2031).
Metal fabrication is nowadays used in all industries and the target businesses includes manufacturing, hardware & hand tools, and building & construction. Developing countries across the globe are expected to boost the market due to rapid urbanization and industrialization as more and more buildings and bridges will be needed to be constructed. As there is an increase in the automotive sector, it directly affects the metal fabrication service market because most of the customers are preferring custom and modern finish design.
Due to the use of die casting instead of sand casting, the market is expected to grow lucratively in future. It is because sand casting does not use any type of fabrication. The demand for metal processing and machining in various nations can boost the market. Integration of different software and ERP technologies are projected to provide ample growth opportunities in the near future.
US Metal Fabrication Service Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
steel
Fastest Growth
steel
Growth Rate
4.7% CAGR
Global Metal Fabrication Service Market ($ Bn)
Country Share for Asia-Pacific Region (%)
Global Metal Fabrication Service Market By Materials ($ Bn)
Global Metal Fabrication Service Market By Materials (%)
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Global Metal Fabrication Service Market Segmental Analysis
On the basis of service, the global metal fabrication service market is segmented into metal welding, metal machining, metal forming, metal shearing, metal cutting, metal folding, metal rolling, metal stamping, and metal punching. On the basis of material, Metal Fabrication Service Market is segmented into steel, metals and others. On the basis of end users, Metal Fabrication Service Market is segmented into construction, automotive, aerospace, manufacturing, energy and power, electronics, and others. On the basis of region, it is segmented into North America, Middle-East, Africa, and Asia-pacific.
Metal Fabrication Service Market Analysis by End users
By end user, the automotive sector holds the highest revenue share among the other sectors of 38% of the global metal fabrication service market and is expected to grow prodigiously at a CAGR of 5.3%. Due to rising demand for metal fabrication in automotive to provide custom-built designs and modern finish. People are also preferring to buy automotive with latest and upgraded designs with modern finish. There is also a demand for custom built designs and modern finish. The automotive industry is one of the largest demand generators owing to the continuously evolving designs and material combinations in automobile manufacturing.
Metal Fabrication Service Market Analysis by Material
By material, Steel holds the highest market share of about 45% of the global metal fabrication market due to the anti-rust property of steel. Though aluminum is more anti corrosive, the tensile strength of steel is more as compared to aluminum. The cost of aluminum is also more than steel therefore in the automobile industry steel is preferred over other materials. Rising adoption of rigid, easy handle and convenient transportation materials has led to increasing demand for steel metal fabrication which is expected to boost the revenue growth of the segment. Steel is used to make bridges and multistorey buildings due to its property to withstand high pressure, therefore, use of steel fabrication is widely used over other metals.
Global Metal Fabrication Service Market By Materials, 2023 (%)
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Global Metal Fabrication Service Market Regional Insights
The Asia-Pacific region accounts for the largest revenue share of about 40 % in the global metal fabrication service market due to rapid growth in the automotive sector. This is also due to the rapid industrialization and urbanization of some developing countries like India, Bangladesh, and Vietnam the market is expected to grow. Government schemes like Make in India mission are promoting industrial activities. Some industries like construction, oil and gas industry, are driving the growth of metal fabrication.
The market of Europe is expected to have a steady revenue CAGR due the electronic and automotive industry which demands metal fabrication. Due to environmental pollution plastic fabrication is going to be banned and it will be replaced by steel and metal fabrication. Germany holds the highest market share in Europe due to the presence of more automotive industries.
North America currently holds 21% of the global market share and is expected to reach US$ 6 billion by 2030 with an annual CAGR of 4%. Currently the welding segment has dominated the North-America region. The USA has the largest share of metal fabrication in the region.
Global Metal Fabrication Service Market By Region, 2024-2031
- Largest
- Fastest
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Global Metal Fabrication Service Market Dynamics
Metal Fabrication Service Market Drivers
Rising Adoption of Die Casting to Bolster Market Growth
- Die casting is expected to increase the adoption of metal fabrication in various industrial projects because it requires less machining and other finishing operations than sand casting. Die casting has better dimensional tolerances and greater production efficiency. Die casting reshapes the molten metal in a die instead of mold. It is often used to make components for the automotive industry or decorative hardware and many other small components
- Due to rising usage of metal fabrication in various industries like construction, oil & gas, automotive, military & defense, and agricultural equipment for the process of welding, soldering and casting is expected to drive the growth of the market.
- Nowadays the doors and windows are made of aluminum or steel instead of wood. Therefore, to make it fabrication is required and also due to extra protection and durability there is an increasing adoption to fabrication of windows and doors will drive the growth of the metal fabrication market.
Metal Fabrication Service Market Restraints
High Initial Installation Cost to Hinder Market Growth
- The installation cost of new advanced fabrication technology is expensive and it also requires additional things to be installed like to remove sharp edges, etc. which increases the installation cost. The maintenance cost is also more which can restrain the growth of the market.
- As the fabrication process is going to be done by robots, more skilled technicians are required for operations of metal fabrications. According to a report there is a shortage of skilled workforces in countries like Japan, India, and Brazil.
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Global Metal Fabrication Service Market Competitive Landscape
The global metal fabrication market is highly competitive. The major dominant players in North America include Mayville Engineering Company, Inc., O’Neal Manufacturing Services, BTD Manufacturing Inc. The market in the rest of the regions are highly fragmented with small players. To maintain a competitive edge companies are spending heavily on R&D to make fabrication fully automated to get the most effective and economical solution.
Metal Fabrication Service Market Top Company Profiles
- ThyssenKrupp AG
- O'Neal Industries
- Allegheny Technologies Incorporated
- Precision Castparts Corp.
- Sandvik AB
- Tata Steel Ltd.
- ArcelorMittal S.A.
- United States Steel Corporation
- Nippon Steel Corporation
- Valmont Industries, Inc.
- AK Steel Holding Corporation
- Allegheny Ludlum
- Outokumpu Oyj
- POSCO
- Worthington Industries, Inc.
- Voestalpine AG
- Carpenter Technology Corporation
- Mueller Industries, Inc.
- Haynes International, Inc.
- Aperam S.A.
Metal Fabrication Service Market Recent Developments
- In September 2022, Victaulic Acquired Tennessee Metal Fabricating Corporation. The Tennessee Metal Fabricating Corporation brings decades of construction fabrication experience specializing in water, wastewater and infrastructure projects throughout North America.
- In September 2022, Attard Engineering unveiled a complete range of cnc machining, welding and metal fabrication services to design and manufacture different products in Australia.
- In August 2022, Desktop Metal Introduces All-New Digital Sheet Metal Forming Technology with Figur G15. The Figur G15 uses patent-pending Digital Sheet Forming (DSF) technology in which a software-driven ceramic tool head on a gantry shapes standard sheet metal into parts with up to 2,000 lbs of force.
Global Metal Fabrication Service Key Market Trends
- The rising use of welding robots in the automotive, electrical & electronics industries along with the introduction of new materials like carbon fibers in the industrial processes, is expected to gain impetus in the metal fabrication robots in future.
- Structural steel fabrication is gaining traction in the construction industry, due to its various advantages. Steel structures used for construction can be recycled and reused for other applications, thereby promoting sustainable development in the construction sector.
- The automotive sector is also witnessing a rise in demand for aluminum fabrication to manufacture lightweight vehicle components for fuel-efficient vehicles.
Global Metal Fabrication Service Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the worldwide use of metal fabrication is increasing due to extensive use in all kinds of industries. Some old techniques like sand casting are replaced by die casting. The automotive sector is constantly driving the growth of fabrication as the automotive sector is growing at a CAGR of 3.6% and fabrication is used widely in automotive sector.
Asia-Pacific region holds the largest share and also expected to hold the same in coming years due to rapid urbanization and industrialization of developing countries. The use of robots for fabrication service will increase and to do it more skilled workforce are needed which can hinder the growth of metal fabrication industry.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 20.94 billion |
| Market size value in 2031 | USD 31.66 billion |
| Growth Rate | 4.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Metal Fabrication Service Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Metal Fabrication Service Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Metal Fabrication Service Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Metal Fabrication Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Metal Fabrication Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Metal Fabrication Service Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Metal Fabrication Service Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Metal Fabrication Service Market Report Snapshots
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