Higher infrastructure spending, particularly in developing nations, is predicted to support the expansion of the metal fabrication market during the forecast period
Wilmington, Delaware, United States, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2022, the Global Metal Fabrication Market size was estimated to touch value of US$ 20 Bn. metal fabrication industry report anticipate the market to develop at 3.3% CAGR during the forecast period, from 2022 to 2031. The global metal fabrication industry outlook 2031 project the market to attain valuation of US$ 27.74 Bn by 2031. The expansion of the global market for sheet metal fabrication is likely to be driven by increasing demand for automated production systems. Computer-aided engineering, robotics, and ERP software are all used to increase production, decrease labor costs, and make industrial facilities safer. The global market for metal fabrication is predicted to expand more rapidly as a result of these factors.
Metals are adaptable materials that are frequently employed in many different sectors. The value-added services of machining, cutting, welding, and shearing are all provided by metal fabrication workshops under one roof. Iron and steel producers, OEMs, construction companies, and value-added resellers depend on metal fabrication workshops to make durable, high-quality products. Cost-saving methods for labor and materials include metal fabrication.
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Key Findings of Market Report
The hardware and hand tool, manufacturing, aerospace, building and construction, and hardware manufacturing industries are amongst the target customers for the metal fabrication company. The metal fabrication industry overview expects the market to grow quickly due to rapid industrialization and infrastructural development.
In 2021, the welding service segment held a significant portion of the global market, accounting for 15.3% of it. It is predicted that the category will expand at a CAGR of 4.2% during the forecast period. Depending on the complexity and size of the welding project, firms are using robotic or manual welding more and more, which is expected to drive the global Metal Fabrication market.
In terms of end-use industries, the construction segment held a 36.9% share of the global market in 2021. Due to the rise in global construction projects, the category is predicted to develop at a CAGR of 2.8% over the projected period. Prefabricated buildings are used in construction to speed up project completion, which is anticipated to promote market expansion.
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Global Metal Fabrication Market: Key Players
Some of the key market players are
Standard Iron & Wire Works Inc.
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Global Metal Fabrication Market: Segmentation
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