The global fabricated metal market was valued at $21.4 billion in 2021 and is projected to reach $34.1 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.
Metal fabrication is the process of sheet metal production and other metal products using CAD software, automation, and machinery. The metal products manufactured through this process are defined as fabricated metal. Steel, aluminum, gold tin, silver, and copper are some metal types that are used to fabricate hand tools, equipment attachments, car parts, cutlery, and others.
The machinery manufacturing and fabricated metal production industry have seen an upsurge in employment since 2020. In addition, coupled with technological developments and growing R&D activities will further foster the growth of the fabricated metal market. CAD software, automation, and machinery solutions are technologies used across metal fabrication. Key players in metal fabrication use advanced production technologies in order to widen the use of fabricated metal parts across different industrial sectors. For instance, CAD software plays a crucial role in the design of metal fabrication projects. Technological advancement in CAD software has allowed sheet metal fabricators to design and manufacture fine-tuned parts for demanding applications in aerospace and marine end-use industries. Other factors such as the implementation of automation, emerging market, and growth in demand for additive manufacturing technology is further expected to drive the demand for the fabricated metal market.
For instance, key players in the metal fabrication industry are inclined towards the use of advanced production technologies that tend to cut down production time and cost. Predominantly, metal fabricators use extensive human labor for cutting and welding of fabricated metal parts. However, technological advancements have allowed metal fabricators to use automated machines for completing cutting and welding of sheet metal parts. This further reduces production time and cost allowing manufacturers to gain maximum profit. For instance, Computer Numerical Control (CNC) is an advanced technology that is used for cutting fabricated metal sheets. CNC is a pre-programmed software that helps to guide the cutting mechanism of fabricated sheets depending upon its intended application.
New key entrants are likely to step back on setting up fabrication facilities. Tools and equipment used for metal fabrication generally cost high. In addition, metal fabrication is a cost-associated technique due to the requirement of post-fabrication process for the manufactured metal parts. For instance, fabricated metal parts require additional fabrication processes such as de-burring, finishing, and painting that further tend to increase production time and cost. Molten or viscous metals are not suitable to be used for metal fabrication as such metals are not ideal for making advanced shapes depending upon their intended application.
Key players in metal fabrication are using advanced robotic technologies during sheet metal production. Robotic technology has emerged as one of the advanced technology and asset in the metal fabrication industry. Key players in the global fabricated metal emphasize more on the use of advanced robotic technologies during production. Robotic technology has allowed manufacturers to produce a large number of fabricated metal products within minimal time. In addition, growth in shortage of labor owing to the re-surgency of COVID-19 has further escalated the need for robotic manufacturing technology in the metal fabrication industry. In addition, growth in automotive industry has further escalated the need for precisely fabricated metal sheets. In addition, the electronic automotive industry across the western market is growing which in turn will act as a driving force in the global fabricated metal market. On the other hand, eastern countries such as Japan, China, South Korea, and India have witnessed growth in automotive and construction end-use industries. Coupled with technological advancement and growing end-user will further augment the demand for the fabricated metal market. India is adopting advanced automation technologies for metal fabrication in order to enhance productivity. All these factors contribute to the growth of the fabricated metal market.
The fabricated metal market is segmented on the metal type, application, end-use industry, and region. On the basis of metal type, the market is divided into aluminum, steel, copper, magnesium, and others. On the basis of application, covered in the report include hand tools, bolts, nuts & screws, cans, pipes & pipe fittings, metal windows & doors, and others. On the basis of end-use industry, the global fabricated metal market is divided into manufacturing, building & construction, energy & power, automotive, aerospace, electrical & electronics, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players in the fabricated metal industry include Metals Fabrication Company, Stanley Black & Decker Inc., Illinois Tool Works Inc., Unites States Steel Corp., Arconic, Levestal, The Federal Group USA, Veriform Inc., Alusite Precision Co. Ltd., and Klockner Metals Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the fabricated metal market analysis from 2021 to 2031 to identify the prevailing fabricated metal market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the fabricated metal market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global fabricated metal market trends, key players, market segments, application areas, and market growth Strategies.
Key Market Segments
By Metal Type
- Aluminum
- Steel
- Copper
- Magnesium
By Application
- Hand Tools
- Bolts, nuts and screws
- Cans
- Pipe and Pipe Fitting
- Metal Doors and Windows
By End-Use Industry
- Manufacturing
- Building and Construction
- Energy and Power
- Automotive
- Aerospace
- Electrical and Electronics
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Metals Fabrication Company
- Stanley Black and Decker Inc.
- United States Steel Corp.
- Arconic
- Levstal
- Veriform Inc.
- Kloeckner Metals Corporation
- Illinois Tool Works Inc.
- The Federal Group USA
- Alusite Precision Co., Ltd.
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Table of Contents
Executive Summary
According to the report titled, 'Fabricated Metal Market,' the fabricated metal market was valued at $21.4 billion in 2021, and is estimated to reach $34.1 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.Metal fabrication is the process of sheet metal production and other metal products using CAD software, automation, and machinery. The metal products manufactured through this process are defined as fabricated metal. Steel, aluminum, gold tin, silver, and copper are some metal types that are used to fabricate hand tools, equipment attachments, car parts, cutlery, and others.
The structural property and compressive strength of steel make it the most widely used fabricated metal in the construction industry. In addition, fabricated steel is used for building tall commercial buildings. On the other hand, affordability of fabricated steel makes it viable to be used for construction of large warehouses. The mining industry majorly uses fabricated steel for applications such as shovels, trucks, loading machines, and other mining industry equipment. Pipes, graters, and fittings are other applications that use fabricated steel. The energy industry also uses fabricated steel for applications across pipelines, transmission towers, oil & gas wells, solar panels, and electric-powered turbines. Furthermore, fabricated steel is widely used and produced fabricated metal owing to its reliability, cost, mechanical properties, and flexibility. Other end-use industries of fabricated steel include aerospace, automobile, manufacturing, and shipping. Fabricated steel is produced through a series of process that includes the transformation of raw steel into a product or item that can be used in construction or assembly. Machining, cutting, and welding are three basic methods that are used to produce fabricated steel parts. It is used in applications such as bar joists, gratings, skids, universal beams, pipe racks, platforms, and others. Construction, mining, and energy end-use industries are the major consumers of fabricated steel. Copper sheet metal fabrication has skyrocketed owing to its wide industrial applications. The malleability, conductivity, corrosion resistance, and affordability of copper make it an ideal choice for fabrication of roofing, electrical wirings, telecommunication cables, and renewable energy industry. The malleability of copper allows it to be molded into different customizable shapes thus extending its use across industrial applications. In addition, the conductivity of copper allows proper electrical and heat conduction, thus making it a top priority in equipment electrical wiring applications which drive the demand for the fabricated metal market.
Metal fabrication is a cost-associated technique due to the requirement of post-fabrication process for the manufactured metal parts. For instance, fabricated metal parts require additional fabrication processes such as de-burring, finishing, and painting that further tend to increase production time and cost. Molten or viscous metals are not suitable to be used for metal fabrication as such metals are not ideal for making advanced shapes depending upon their intended application. In addition, key players engaged in custom metal fabrication require a high initial investment for purchasing tools restrains the market growth.
Application of fabricated metal in the mining industry includes mine cars, belt drives, hybrid shovels, conveyors, dipper doors & buckets, and others. Medical machines are of utmost importance and fabrication of these machines is crucial for ensuring the safety of workers and patients. Surgical instruments, scanning machines, and other patient recovery equipment generally use fabricated metal parts, which drive the demand for the market. Robotics is another major consumer of fabricated metal parts and products. Application of fabricated metal across robotic end-use industry includes casings, springs, gear & gearboxes, levers, brackets, and arms. All these factors boost the demand for the global fabricated metal market. Electrical and electronics industry uses fabricated metal parts for applications such as sheet metal enclosers, metal panels, and others. In addition, fabricated metal parts are used across cable management devices and wire management enclosures. Aluminum, stainless steel, titanium, brass, and copper are widely used metal for fabrication of parts used in electrical and electronics end-use industry. Stainless steel metal is used to produce custom electrical metal boxes, instrumentation boxes, and other electrical enclosers. The growth of electronic sector is huge and fabricated sheet metal products are crucial choices in electronics industry. Application of metal fabricated parts in electronic industry includes sheet metal enclosures, housings, chassis, brackets, and cabinets. All these factors boost the growth of the market.
The fabricated metal market analysis is done on the basis of metal type, application, end-use industry, and region. By metal type, the market is segregated into aluminum, steel, copper, magnesium, and others. By application, the global market is segmented into hand tools, bolts, nuts & screws, cans, pipes & pipe fittings, metal windows & doors, and others. By end-use industry, the market is divided into manufacturing, building & construction, energy & power, automotive, aerospace, electrical & electronics, and others. By region, the market is divided into North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the fabricated metal market include, Metals Fabrication Company, Stanley Black & Decker Inc., Illinois Tool Works Inc., Unites States Steel Corp., Arconic, Levestal, The Federal Group USA, Veriform Inc., Alusite Precision Co. Ltd., Klockner Metals Corporation. The global fabricated metal market report provides in-depth competitive analysis as well as profiles of these major players.
Key Market Insights:
The steel metal type is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.2% from 2022 to 2031.Hand tools application is anticipated to register the highest CAGR of 5.0% during the forecast period.
The building & construction end-use industry is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.3% from 2022 to 2031.
The Asia-Pacific region is estimated to display the highest growth rate, in terms of revenue and accounted for a major share of 44% in 2021.
Companies Mentioned
- Metals Fabrication Company
- Stanley Black and Decker Inc.
- United States Steel Corp.
- Arconic
- Levstal
- Veriform Inc.
- Kloeckner Metals Corporation
- Illinois Tool Works Inc.
- The Federal Group USA
- Alusite Precision Co., Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 420 |
| Published | January 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 21.4 billion |
| Forecasted Market Value ( USD | $ 34.1 billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
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