Metal Fabrication Equipment Market Size
|Study Period||2019 - 2028|
|Base Year For Estimation||2022|
|CAGR||> 4.30 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Metal Fabrication Equipment Market Analysis
The size of Metal Fabrication Equipment market is USD 74.1 billion in the current year and is anticipated to register a CAGR of over 4.5% during the forecast period
- The market for metal manufacturing suffered as a result of the coronavirus outbreak. Government-imposed import/export prohibitions, social distance requirements, and a plethora of regulations meant to prevent the spread of illness have severely disrupted manufacturing processes and stopped the cross-border supply chains for raw materials, which impacted the market. The market suffered a severe financial setback as a result. The aforementioned determinants will take the market's revenue trajectory into consideration over the projection period.
- Developing economies, such as India, China, and Indonesia, among others, along with industrialized countries, such as Japan and South Korea, have assisted the Asia-Pacific (APAC) region to dominate the manufacturing industry, in terms of demand, particularly with the demand for metal fabrication equipment.
- Europe is the second-largest market for metal fabrication equipment. Industrialized countries, such as Germany, France, and Italy, are expected to fuel the demand further in near future.
- Germany is the largest market in Europe, owing to the presence of huge automotive and ancillary industries, followed by Italy, and other markets, such as Switzerland and Russia.
- Growing demand is a direct result of global industrial and finance sectors experiencing changing patterns. Companies were pushed to relocate their manufacturing operations to these emerging economies by the growing population in the Asia Pacific region and the sizeable markets for several industry verticals.
- The automotive industry and its auxiliary sectors are the biggest consumers of fabrication equipment, closely followed by manufacturing companies. Over the course of the forecast period, demand and supply for key industries in the metal fabrication market, such as aerospace & defense, are anticipated to pick up.
- The use and demand for energy are being driven by the growing world population. The demand for fabrication equipment is expected to increase due to rapid industrialization. The high price of raw materials, however, is anticipated to be a significant barrier to the market's expansion. Nevertheless, it is projected that in the near future, new opportunities will be opened up for the producers thanks to technical improvements and efforts to design customized equipment.
Metal Fabrication Equipment Market Trends
This section covers the major market trends shaping the Metal Fabrication Equipment Market according to our research experts:
Increasing Focus on the Implementation of Industry 4.0
The growth of Industry 4.0, or the Internet of Things (IoT), which is a key trend, is expected to have a profound influence on tooling and fabricating equipment, as it relates to the flow of information to machine tools and engineers/operators. Smart tooling is expected to provide real-time feedback about problems, such as vibration, and send alerts to the engineer.
The transition to Industry 4.0 starts with machining environments that are highly consistent in day-to-day operations. Tool presetting is vital to the beginning of this process. Once the tool holder assembly is preset, data can be sent directly to the machine tool (saving time and preventing potential machining mistakes) or it can be transferred to an RFID chip installed in the tool holder.
Manufacturers find the presetting process to be a huge factor in reducing scrap during production. The demand for Industry 4.0 solutions is increasing as companies move toward consistent, highly productive machining.
The market's growth potential are being driven by rising trends of digitization and internet penetration brought on by various sectors' increased focus on effectiveness and profitable productivity.
The potential for disrupting the industrial value chain has started to grow as a result of recent developments in digital technologies and industrial computerization. With the arrival of the fourth industrial revolution (4.1), businesses are benefiting from higher productivity, individualized products, decreased costs, and, most crucially, the creation of new income and business models.
With the global market environment being ravaged by the COVID-19 pandemic, digitalization across industries are accelerating at a rapid rate. This presents a new opportunity for digital leaders to develop and adopt creative solutions to accelerate digital transformation at all levels of the company.
The outbreak of the coronavirus is hastening the introduction of the fourth industrial revolution (Industry 4.0), propelling businesses across sectors to a higher level of Internet of Things (IoT) technology and workflow. The global supply chain is undergoing unprecedented instability as a result of the COVID-19 pandemic that has affected the entire planet. Some manufacturing firms have completely stopped production while others have seen a significant decrease in demand and a few witnessed an increase in demand
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Growth of Machining Centers and the Machine Tools Market
The market for machining centers is being driven by the manufacturing industry's growing automation. Over the past few years, there have been substantial developments in the metal fabrication business.
The demand for machining centers is rising as a result of increased demand for high accuracy, decreased mistakes, and mass manufacturing. Additionally, manufacturers anticipate that a large reduction in operating costs will increase the attractiveness of their products. With less space available for production, manufacturers are concentrating on reducing cycle times and material handling, improving quality, and doing away with changeover times. It is anticipated that all of these causes will increase demand for machining centers.
The metal fabrication market in Asia-Pacific is likely to experience substantial growth over the next few years, owing to the robust growth in various application industries, especially in the automotive, aerospace, and defense markets.
Further anticipated effects include an increase in machining centers market revenue due to rising CNC machining center adoption. This is further due to the improved tool movement brought about by greater control and growing production process transparency.
Numerous variables, including position, speed, feed rate, and synchronization, can be precisely controlled thanks to the sophisticated CNC programming. Furthermore, the popularity of CNC technology is being driven by the simplicity of producing complicated surfaces.
The market for machining centers is expanding as a result of the rising demand for worker safety, high precision, real-time monitoring, higher flexibility, and high cutting parameters. Additionally, when Industry 4.0 solutions are used, there is an increase in there is an increase in demand for smart instruments. Thus, the market for linked machine centers is anticipated to expand.
China, Germany, and Japan dominated the global machine tool market in 2021. China produced 31% of the world's machine tools in that year, compared to 13% produced by Germany and 12% produced by Japan.
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Metal Fabrication Equipment Industry Overview
The Global metal Fabrication Equipment Market is said to be consolidated. The report covers major international players operating in the metal fabrication equipment market. In terms of market share, a few of the major players currently dominate the market studied. However, they face stiff competition from regional players and mid-size and smaller companies that are focused on providing custom equipment in the market studied.
Metal Fabrication Equipment Market Leaders
Shenyang Machine Tool
*Disclaimer: Major Players sorted in no particular order
Metal Fabrication Equipment Market News
- November 2022: Momentum Manufacturing Group (MMG), a metal producer, recently acquired two companies that enable the production of semiconductors in order to enter the semiconductor sector. Evans Industries in Topsfield, Massachusetts, and Little Enterprises in Ipswich, Massachusetts, have joined MMG, giving the Georgetown, Massachusetts-based company 86,000 square feet of additional manufacturing space and almost 160 highly qualified team members. Both businesses provide wafer fabrication equipment support components and offer precision metal machining. The purchases will improve MMG's current manufacturing business, which consists of 10 facilities spread throughout New England.
- March 2022: Ryerson Holding Corporation, a top value-added processor and distributor of industrial metals, announced the purchase of nearly all the assets of Mississauga, Ontario, Canada-based sheet metal fabricator Apogee Steel Fabrication Incorporated. Apogee has been able to satisfy the increasing demand of a variety of end markets because of its dedication to total quality and a positive client experience. In Canada, Ryerson's network of value-added service centers will be strengthened by Apogee, expanding its processing capacity and its full-service fabrication company.
Metal Fabrication Equipment Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Value Chain / Supply Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Technological Trends in the Market
5. MARKET SEGMENTATION
5.1.1 North America
5.1.2 Latin America
5.1.3 Asia-Pacific (APAC)
5.1.5 Middle East and Africa (MEA)
5.2 Service Type
5.2.1 Machining and Cutting
220.127.116.11 Machining Centres
18.104.22.168 Lathe Machines
22.214.171.124 Drilling, Grinding, Horning, and Lapping Machines
126.96.36.199 Laser, Ion Beam, and Ultrasonic Machines
188.8.131.52 Gear Cutting Machines
184.108.40.206 Sawing and Cutting-off Machines
220.127.116.11 Other Handling and Cutting Equipment
18.104.22.168 ARC Welding
22.214.171.124 Oxy-fuel Welding
126.96.36.199 Laser Beam Welding
188.8.131.52 Other Types of Welding
184.108.40.206 Forging Machines and Hammers
220.127.116.11 Bending, Folding, and Straightening Machines
18.104.22.168 Shearing, Punching, and Notching Machines
22.214.171.124 Wire Forming Machines
126.96.36.199 Other Presses and Metal Forming Machines
5.2.4 Other Service Types
5.3 End-user Industries
5.3.4 Electrical and Electronics
5.3.5 Other End-user Industries
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.2 Shenyang Machine Tool
6.2.5 DMG MORI
6.2.6 FANUC Corp.
6.2.8 Atlas Copco
6.2.9 BTD Manufacturing*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
Metal Fabrication Equipment Market Research FAQs
What is the current Metal Fabrication Equipment Market size?
The Metal Fabrication Equipment Market is projected to register a CAGR of greater than 4.3% during the forecast period (2023-2028).
Who are the key players in Metal Fabrication Equipment Market?
Trumpf, Shenyang Machine Tool, Okuma, DMG Mori and Colfaxcorp are the major companies operating in the Metal Fabrication Equipment Market.
Which is the fastest growing region in Metal Fabrication Equipment Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Metal Fabrication Equipment Market?
In 2023, the North America accounts for the largest market share in the Metal Fabrication Equipment Market.
Metal Fabrication Equipment Industry Report
Statistics for the 2023 Metal Fabrication Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Metal Fabrication Equipment analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.