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Fabricated Metal Market Expected to Reach $34.1 Billion by 2031—Allied Market Research

 
2022
Fabricated Metal Market

Report Code : A08651

quote Fabricated metal parts such as high-precision tubes, channels, beams, and angles are used across the building and construction industry. In addition, fabricated metal also finds application across interior and exterior building. Fabricated metal can also be used in applications such as commercial buildings, residential buildings, production halls, logistical buildings, and others. The efficiency, durability, versatility, and toughness of steel make it ideal for fabrication of parts used in commercial buildings. 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. quote

Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research

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According to a new report published by Allied Market Research, 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.    

Fabricated metal parts such as high-precision tubes, channels, beams, and angles are used across the building and construction industry. In addition, fabricated metal also finds application across interior and exterior building. Fabricated metal can also be used in applications such as commercial buildings, residential buildings, production halls, logistical buildings, and others. Fabricated steel is the most widely used construction material in commercial buildings. Other application of fabricated metal in commercial building includes training centers, showrooms, supermarkets, departmental stores, office premises, sports hall, parking lots, and others.

There is an increase in demand for fabricated steel across residential buildings owing to its cost-effectiveness, which drives the demand for the fabricated metal. In addition, the use of fabricated steel cuts down construction time and different contemporary design can be made using fabricated steel parts. Industrial facility construction mainly uses fabricated steel to cut down the cost associated with building the facility. For instance, fabricated steel parts such as sectional angles and beams can be used to construct large industrial facilities with minimal cost as compared with other construction materials. All these factors drive the demand for the global fabricated metal market.  

New key entrants are expected to step back on setting up fabrication facilities which restrains the market growth. 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. In addition, key players engaged in custom metal fabrication require a high initial investment for purchasing tools hampers the market growth. 

Fabricated custom metal parts are used across different machines and equipment in the mining industry. 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 fabricated metal market. Robotics is another major consumer of fabricated metal parts and products. Application of fabricated metal across the robotic end-use industry includes casings, springs, gear & gearboxes, levers, brackets, and arms. All these factors are anticipated to offer new growth opportunities for fabricated metal market during the forecast period.  

The fabricated metal market analysis is segmented on the basis of type, application, end-use industry, and region. By metal type, the market is divided into aluminum, steel, copper, magnesium, and others. The steel segment is anticipated to grow at the fastest CAGR of 5.2% during the forecast period. 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.  

The applications covered in the report include hand tools, bolts, nuts & screws, cans, pipes & pipe fittings, metal windows & doors, and others. The bolts, nuts & screws application accounted for of 28% fabricated metal market share in 2021. Fabricated bolts are used in applications such as boilers, bridges, construction machinery, engineered plumbing, hydraulics, and machine tools. On the other hand, fabricated bolts are used across different industrial sectors such as agricultural equipment, automotive, construction, marine, mining, and oil & gas drive the demand for the market. Anchor bolts are mainly used across concrete and masonry construction. They are capable of attaching concrete structures (masonry fills) effectively to the solid structure of the building. 

On the basis of end-use industry, the market is divided into manufacturing, building & construction, energy & power, automotive, aerospace, electrical & electronics, and others. The building & construction end-use industry is anticipated to grow at fastest CAGR of 5.3% in the forecast period. Fabricated metal parts such as high-precision tubes, channels, beams, and angles are used across building and construction industry. In addition, fabricated metal has applications across interior and exterior of buildings. Fabricated metal can also be used in applications such as commercial buildings, residential buildings, production halls, logistical buildings, and others.  

On the basis of region, the fabricated metal market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region showcased the fastest CAGR growth during the forecast period. There is growth in the metal fabrication industry in India owing to a large number of technological advancements. Moreover, governmental bodies across the country have announced new infrastructure and construction projects. Fabricated steel is most widely used construction material in commercial buildings. Efficiency, durability, versatility, and toughness of steel make it ideal for fabrication of parts used in commercial buildings.  

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., Klockner Metals Corporation.

Key Findings of the Study:

  • 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. 

COVID-19 Analysis:

The metal fabrication industry was deemed an essential industry during the COVID-19 pandemic, thus the global fabricated metal market had a moderate COVID-19 impact. For instance, the U.S. Department of Homeland Security approved the metal manufacturing industry as part of the Essential Critical Infrastructure Workforce during the COVID-19 pandemic. Fabricated metal parts are used to produce medical equipment and personal protective equipment (PPE) for healthcare industry. In addition, fabricated metal parts are also used to manufacture equipment for supporting continued operations of essential services, food storage facilities, and hospital premises. Metal fabrication industry played a crucial role during the COVID-19 pandemic by actively supporting towards set up of healthcare facilities. 

For instance, according to the report by Homeland Security, the essential business has provided critical infrastructure that played role in responding to COVID-19 crisis and the well-being of the community. However, supply-demand gap, raw material price fluctuation, labor shortage, and others had a negative impact during the initial COVID-19 outbreak. In addition, the fabricated steel industry had disrupted owing to COVID-19 impact. For instance, according to a publication by Texas Iron and Metal, the global production of crude steel was decreased by 1.4% in the first quarter of 2022 as compared to the same quarter in 2019. Although, the steel industry was declared an essential sector several factors such as high transportation cost owing to travel restrictions have hampered the fabricated metal industry.

 

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quote Fabricated Metal Market by Metal Type (Aluminum, Steel, Copper, Magnesium, Others), by Application (Hand Tools, Bolts, nuts and screws, Cans, Pipe and Pipe Fitting, Metal Doors and Windows, Others), by End-Use Industry (Manufacturing, Building and Construction, Energy and Power, Automotive, Aerospace, Electrical and Electronics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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