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

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).

The 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. '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.', '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.'

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

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.

The Asia-Pacific region accounts for the largest revenue share of about 40 % in the 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.