Market Size of Global Fabricated Metal Products Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Fabricated Metal Products Market Analysis
The size of Fabricated Metal Products Market is USD 23.1 billion in the current year and is anticipated to register a CAGR of over 4% during the forecast period.
- The profitability of the metal fabrication business depends on economic growth because demand is a function of the economy. Metal fabrication has developed into a significant and vigorous industry that keeps recalibrating and thriving since the economic recovery following the previous recession. Automated fabrication is the main market driver for the global market for metal fabrication services. Prices for fabrication services have decreased as a result of automation. The fabrication process is now more effective thanks to automation. Fewer accidents happened throughout the fabrication process as a result of automation.
- Factors such as rising demand for low-emission ICE vehicles. Increasing consumer spending on safety and comfort features in automobiles and the growing trend of electrification of automobiles along with the growing demand for premium vehicles will lead to a growth in the global fabricated metal products market. The global recovery from the pandemic will also be a major factor leading to stable growth in demand for these fabricated metal products.
- One of the major factors propelling the market under study recently is an increase in demand from the building and construction industry, with the Asia-Pacific construction sector being the largest globally. Moreover, according to the National Development and Reform Commission of China, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019, which are expected to be completed by end of 2023. The growing infrastructure investment and building of complex structures are expected to drive the Fabricated Metal Products market.
- The automotive, aerospace, construction, and energy industries all depend on the metal fabrication sector, which is itself very cyclical. The market and economic elements influencing each sector's markets determine the earnings for each industry. Investors need to consider their specific clientele and the economic factors that may be having an impact on them at any given time. The cyclical nature of the industry can be better managed by diversifying the customer base and attracting clients from a variety of sectors.
