16-Apr-2021 | Facts and Factors
According to the report published by Facts and Factors, the global fabricated metals market was valued at approximately USD 20.02 billion in 2019 and is expected to generate revenue of around USD 24.57 billion by end of 2026, growing at a CAGR of around 3.48% between 2020 and 2026.
Fabricated metal is a component used in the manufacturing of durable goods and transforms metal into intermediate or end items that are not computers, electronics, or metal furniture. The global fabricated metal industry consists primarily of facilities that produce metal shapes and conduct metal finishing processes, which involve surface preparation. Main manufactured metal items include, screw machine products and bolts, hand tools and hardware, cutlery, metal containers, and pipes and pipe fittings.
Browse the full “Fabricated Metals Market by Type (Architectural & Structural Metals Products, Screws, Nuts, And Bolts, Tanks & Shipping Containers, Cutlery And Hand Tools, Boilers And Coating And Heat Treating, and Others) By End User (Machinery, Equipment, Construction, Automobile, And Others) By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/fabricated-metals-market.
During the manufacturing process, many metal fabricators now use Computer-Aided Design (CAD) or Computer-Aided Manufacturing (CAM). Players can create a 3-D prototype of an object using CAD and CAM software before starting the actual metalwork.
Some sub-sectors of the fabricated metal products industry may be reliant, for example, engine manufacturers who make components for construction metal products or hand tool makers who use metals manufactured by heat treating companies. The cluster's firms often buy services as inputs, such as distribution services that deliver inputs to the site.
The profitability of the metal fabrication industry is dependent on economic growth because demand is driven by the economy. Metal fabrication has grown into a strong and intense industry since the economic recovery following the last recession, and it continues to recalibrate and thrive. Attempting to sustain stable revenue levels by diversifying and trying to follow the competitive formula of previous years, rather than relying on a few major ventures to maintain a yearly profit, is one of the current changes.
Market Dynamics
The global fabricated metal market is being driven by an increase in demand for fabricated metal products in the automotive industry, mainly due to the high demand for passenger and commercial vehicles. Furthermore, the global fabricated metal market is being fueled by steady growth in the construction industry. Governments all over the world are investing heavily in infrastructure upgrades and growth. For example, the United States government intends to spend USD 1.7 trillion over the next ten years to rebuild the country's infrastructure. Construction projects need a steady supply of fabricated metal parts due to their high technology and material requirements.
Governments all over the world are constantly investing heavily in infrastructure research and development. Construction ventures, on the other hand, are dependent on technology and materials, necessitating a steady supply of manufactured metal parts. As a result, the demand for fabricated metal will grow. The combined industries of building/piping, manufacturing, and design drive the global demand for metal fabrication. Metal fabrication, on the other hand, is a labor-intensive method that is one of the most critical cost elements after raw materials. As a result of increasing labor costs and the scarcity of skilled labor, manufacturers are expected to operate with tighter margins, potentially reducing local and small-scale supply bases.
Asia Pacific is projected to Dominate Global Fabricated Metals Market Growth
The global fabricated metal market can be divided into five regions: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The global fabricated metal market is projected to be dominated by the Asia Pacific. Due to low labor costs and abundant raw materials, the global fabricated metal market in the area is expected to grow rapidly during the forecast period. As a result, several multinational corporations have set up manufacturing operations in the Asia Pacific. However, such manufacturing firms depend heavily on fabricated metal goods, fueling the global fabricated metal market's expansion. China, India, Japan, and Indonesia all play a major role in the region's global fabricated metal industry.
In developing metal processing industries, countries such as Vietnam, Turkey, Thailand, and Brazil, among others, have shown a strong demand for fabrication machines.
Another important area in the global fabricated metal market is Europe. The presence of automakers like BMW, Volkswagen, Mercedes-Benz, and Audi in Europe is improving the region's global fabricated metal industry. In Europe, Germany, the United Kingdom, Spain, and France are major contributors to the global fabricated metal industry. Furthermore, the United States' increased investment in the aerospace and defense industry is opening up new prospects in the global fabricated metal market. The aerospace industry contributed USD 143 billion in export sales to the American economy in 2017.
Report Scope
Report Attribute |
Details |
Market Size in 2019 |
USD 20.02 Billion |
Projected Market Size in 2026 |
USD 24.57 Billion |
CAGR Growth Rate |
3.48% CAGR |
Base Year |
2019 |
Forecast Years |
2020-2026 |
Key Market Players |
Toyo Seikan Kaisha, Ltd., Ball Corporation, Rivers Metal Products Inc., The Timken Company, Valmont Industries Inc., Mueller Industries, Inc., Illinois Tool Works Inc., Flowserve Corporation, Schaeffler Technologies AG & Co. KG, and Smith International Inc., and Others |
Key Segment |
By Type, End User, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Top Market Players
Major players operative in the global fabricated metals market is Toyo Seikan Kaisha, Ltd., Ball Corporation, Rivers Metal Products Inc., The Timken Company, Valmont Industries Inc., Mueller Industries, Inc., Illinois Tool Works Inc., Flowserve Corporation, Schaeffler Technologies AG & Co. KG, and Smith International Inc. amongst others.
The global fabricated metals market is segmented as follows:
By Type:
- Architectural & Structural Products
- Screws, Nuts, and Bolts
- Tanks & Shipping Containers
- Cutlery and Hand Tools
- Boilers
- Coating and Heat Treating
- Others
By End User:
- Machinery
- Equipment
- Construction
- Automobile
- Others
By Region:
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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