Metal Working Global Market Report 2024

The metal working market has grown steadily in recent years. It will grow from $11.03 billion in 2023 to $11.53 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth observed in the historical period can be attributed to factors such as materials innovation and development, the integration of automation and CNC (Computer Numerical Control) technology, globalization and market expansion, increased demand for specialized components, and shifts in manufacturing practices.

The metal working market is expected to see steady growth in the next few years. It will grow to $13.46 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The anticipated growth in the forecast period can be attributed to the adoption of additive manufacturing, global market expansion, a focus on sustainable practices, advancements in smart manufacturing, and an increase in demand for customization. Major trends expected in this forecast period include the integration of Industry 4.0 technologies, the development of advanced materials, increased adoption of additive manufacturing, a focus on sustainability and green practices, and advancements in precision machining and CNC (Computer Numerical Control) technologies.

The anticipated growth in manufacturing industries is set to drive the expansion of the metalworking market in the future. Manufacturing industries encompass various sectors involved in the production of goods using manual labor or machinery, managing industrial equipment installation and repair, and outsourcing work to third parties. The significance of the metalworking industry lies in its provision of machinery and materials essential for shaping and sizing, particularly in construction and automobile-related metalworking. For example, data from the US Bureau of Labor Statistics in April 2023 indicated an increase in the number of establishments in private industry's fabricated metal product manufacturing, rising from 59,265 establishments in the 4th quarter of 2021 to 60,032 establishments in the 3rd quarter of 2022. Therefore, the growth of manufacturing industries is a driving force behind the expansion of the metalworking market.

The escalating demand for electronic devices is expected to further propel the growth of the metalworking market. Electronic devices encompass a diverse range of devices utilizing electronic components for functionality. Metalworking services play a pivotal role in manufacturing consumer electronics, ensuring the production of precision metal components for devices such as smartphones and laptops. According to the Japan Electronics and Information Technology Industries Association in May 2023, total electronic device production in Japan accounted for $6,722 million (¥771,457 million), with consumer electronics device production reaching $280 million (¥32,099 million) compared to $230.9 million (¥25,268 million) in May 2022. Therefore, the increasing demand for electronic devices is poised to drive the growth of the metalworking market.

The expansion of advanced manufacturing facilities is a key trend gaining traction in the metalworking market. Major market players are directing efforts toward establishing manufacturing facilities extensively used in the metal and steel industry, automotive sector, and aerospace business. For instance, in November 2022, Kennametal Limited, a US-based manufacturer and distributor of tools and solutions for metalworking, mining, and oil industries, inaugurated a new Metal Cutting inserts manufacturing facility. This state-of-the-art facility consolidates inserts manufacturing operations with intelligent manufacturing systems for improved quality and consistency, supporting the growing demand from the Asia-Pacific market.

Major companies operating in the metalworking market are placing emphasis on the development of robotic welding products, such as robotic welders, to capture market share and enhance their product offerings. Robotic welders automate the welding process in manufacturing, improving precision and efficiency through robotic arms programmed for welding metal components, leading to enhanced productivity and consistent weld quality. For example, in April 2023, Kemppi Oy, a Finland-based family-owned welding company, introduced the Kemppi AX MIG Welder, a robust robotic welding system designed for seamless integration, user-friendly operation, and cutting-edge welding technology. Tailored for high-demand, continuous, and automated welding applications, this system is engineered to excel in tackling challenging tasks and meeting stringent production objectives, boasting precision ignition and a highly accurate seam tracking system for consistent, top-quality welds.

In June 2022, Aussafer Due s.r.l., an Italian-based supplier of services for precision laser cutting, sheet metal processing, and metal fabrication, acquired Ramo for an undisclosed amount. This acquisition is expected to enable Aussafer to expand its services and international presence with cold forming and sheet metal aggregation. Ramo, based in Italy, specializes in sheet metal cold forming and metalworking-related productions.

Major companies operating in the metal working market report are Atlas Copco Group, BTD Manufacturing Inc., Colfax Corporation, DMG Mori Co Ltd., HMT Limited, Robert Bosch GmbH, Komaspect Pte Ltd., Standard Iron & Wire Works Inc., Sandvik AB, Trumpf GmbH + Co KG, Matcor Matsu Group Inc., AMADA Group, Qatar National Aluminum Panel Co, Gulf Steel & Engineering, CLIC Qatar Trading Company WLL, Valmont Industries Inc., Mayville Engineering Company Inc., PMF Industries Inc., Monti Inc., Nucor Corporation, Freeport-McMoRan Inc., United States Steel Corporation, Alcoa Corporation, Steel Dynamics Inc., Reliance Steel & Aluminum Co, O’Neal Manufacturing Services, Ironform Corporation, United Steel Inc., Tenere Inc., Robinson Metal Inc., Morton Industries LLC, Metalcraft of Mayville Inc., The Timken Company, The Bradbury Co Inc.

Asia-Pacific was the largest region in the metal working market in 2023. The regions covered in the metal working market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the metal working market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of metalworking include cutting, forming, welding, stamping, punching, rolling, and others. Cutting is a method employed to shape a product by removing excess material using various tools. Different segments within metalworking include structural steel fabrication, architectural aluminum fabrication, architectural steel fabrication, pre-fabricated buildings, pre-engineered buildings, and others. These metalworking processes find applications in various industries, including oil and gas, mining, energy and utilities, water, industrial and logistics, building construction, and more.

The metal working market research report provides metal working market statistics, including metal working industry global market size, regional shares, competitors with a metal working market share, detailed metal working market segments, market trends and opportunities, and any further data you may need to thrive in the metal working industry. This metal working market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The metal working market includes revenues earned by entities involved in the forming structure from bare metal servers, laser cutting, welding works, bending works. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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