ALBANY, New York, September 15, 2016 /PRNewswire/ --
Investments in global infrastructure projects have been increasing rapidly over the past decade and this presents a growing opportunity for the prefabricated construction market to grow considerably in the coming years. This acts as a key factor driving the demand for metal fabricators, especially in developed regions such as North America.
The global market for metal fabrication is also fueled by continued investments in electric furnace and metals processing, the growing aluminum consumption, the reshoring of manufacturing practices in the automotive industry, recovery in non-residential investments, and growing aerospace demand.
The global metal fabrication market was valued at US$16.35 bn in 2015 and is forecast to expand at a CAGR of 3.0% to reach US$21.38 by 2024.
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Revenue Generated by Metal Welding Services Higher than that of Any Other Segment
By service, metal welding accounted for the lead share in the global metal fabrication market with a share of just over 14% in 2015. However, machining services are anticipated to witness rapid growth in the coming years, registering a 4.1% CAGR from 2016 to 2024. Based on end use, the construction sector held the dominant share in the metal fabrication market in 2015 and is anticipated to retain its lead throughout the forecast period. The manufacturing industry, on the other hand, is projected to expand at a rate higher than any other end-use segment.
Geographically, Asia Pacific is the leading market for metal fabrication and in 2015, accounted for just under 43% in terms of revenue. North America will register a 4.8% CAGR during the course of the forecast period, higher than any other regional segment.
Rising Popularity of 3D Metal Printing a Major Threat
"The rising demand for iron and steel by European and American construction and automobile industries has led to the rising significance of metal fabricators across these regions," states the author of the study. Substantial spending on industrial projects, the development of industrial infrastructure, and interest rate cuts by centralized banking authorities of India have helped promote the demand for steel in the construction sector, thereby driving the demand for metal fabrication. There has also been continuous growth in global permanent modular construction (PMC) activities over the past few years and this is anticipated to drive the metal fabrication market in the near future.
On the flip side, the growing popularity of 3D metal printing poses a major threat to the development of the metal fabrication market. "Three-dimensional metal printing has become a widely acclaimed technology for metal additive manufacturing,' the lead analyst states. Today, 3D metal printing has gained extensive usage in the aerospace, automotive, and marine sectors, owing to its high quality adherence and high-precision machining operations. This adoption is being viewed as a hindrance to the trajectory of the metal fabrication market, specifically in developed economies.
This review is based on the findings of a TMR report titled "Metal Fabrication Market (By Service - Metal Welding, Machining, Metal Forming, Metal Shearing, Metal Cutting, Metal Rolling, Metal Folding, Metal Punching and Metal Stamping; By End Use Industry - Construction, Automotive, Manufacturing, Energy & Power, Electronics and Others; By Geography - North America, Europe, APAC, MEA, and Latin America) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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Metal Fabrication Market, by Service
- Metal Welding
- Metal Forming
- Metal Cutting
- Metal Folding
- Metal Rolling
- Metal Punching
- Metal Stamping
Metal Fabrication Market, by End-use Industry
- Energy & Power
- Others (Defense & Aerospace and Mining)
Metal Fabrication Market, by Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America
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