Market Size of Metal Fabrication Equipment Industry
2020 - 2029|
Base Year For Estimation|
> 4.30 %|
Fastest Growing Market|
*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.