Metal Fabrication Market To Generate $27.4 Billion Revenue by 2030

The metal fabrication market size is expected to advance at a CAGR of 3.4% during 2024–2030, to reach USD 27.4 billion by 2030.

The continuous increment in the number of construction projects being lined up and executed across the globe and the rampant industrialization are expected to drive the market expansion.

Metal fabrication involves creating or forming a new component, object, or structure by cutting, assembling, welding, and further modifying, as well as processing metallic elements, to mold them into the required shape or form. The fabricated metal products become robust, durable, and resistant to heat and corrosion. Additionally, automated fabrication of metals is gaining pace due to its advantage in terms of speed, accuracy, efficiency, and cost-effectiveness.

Copper, aluminum, and steel are some of the most-commonly used metals either on their own or in combination with others for fabrication. This is because they have applications in the electrical consumer goods & wires, automobiles & auto components, aerospace, manufacturing, and other sectors. Moreover, steel is one of the most-widely used metals due to its durability, sturdiness, resistance to corrosion, and cost-effectiveness.

Constant Increase in Industrialization and Urbanization Levels

Worldwide, there has been a substantial increase in the urbanization levels due to employment as well as upgraded lifestyle opportunities, thereby giving a push to infrastructure development activities. Most of the developing economies, such as India and China, are also highly populous and witnessing rampant urbanization. Industrialization has also been progressing at a fast pace to fulfill the growing needs of people for convenient and upgraded lifestyles.

Industrialization and urbanization are the major factors leading to the construction of various residential, commercial, and industrial spaces. Governments in numerous countries are allocating funds for infrastructure development, thereby contributing to an increase in the demand for metallic products. Additionally, as per the five-year plan of China for 2021–2025, investments worth more than USD 4 trillion have been envisioned for infrastructure development, with a focus on green buildings and energy efficiency.

Hence, the rising population and strong rate of urbanization are driving a surge in infrastructure development activities and, subsequently, the need for metal fabrication for various industrial and construction activities.

North American Region Is Likely To Hold Significant Market Share

During the projection period, the North American region is expected to hold a significant share of the market and grow at a CAGR of 3.2%. This will be due to the presence of various metallic resources, such as iron, copper, lead, and zinc, as well as the advanced industrial setup of manufacturing and automotive companies.

According to a dealer association, the automotive sector generates more than USD 500 billion through sales yearly. Similarly, several huge companies, such as The Boeing Company and Huntington Ingalls Industries Inc., which manufacture aircraft and military ships, respectively, are headquartered in the region, thus indicating a huge demand for fabricated metal products.

Some of the companies operating in the market are AMETEK Inc., ArcelorMittal S.A., Ball Corporation, Generac Power Systems Inc., Howmet Aerospace Inc., Nucor Corporation, Parker-Hannifin Corporation, Toyota Tsusho Corporation, Alusite Precision Co. Ltd., and Levstal Group.