Market Research of Metal Fabrication Challenges, Analysis, Major Competitor and Strategies,2019 to 2027

Metal Fabrication Market - Snapshot

Metal fabrication is the process of forming metal structures and assemblies from raw metalwork pieces. This process is referred to as a value-added service, as it completely deforms the raw material and develops a completely new structure by using several procedures such as metal welding, metal machining, metal forming, and metal cutting. Metal fabrication workshops offer multiple value-added services under a single roof such as welding, cutting, machining, and shearing. Metal fabricators offer additional value to clients by providing complete services under one facility. Original equipment manufacturers (OEMs) iron and steel manufacturers, building contractors, and value-added resellers enter into contracts with metal fabrication workshops in order to satisfy their metal fabrication needs.

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Advancement in technological tools used in metal fabrication to drive the Metal Fabrication market

Various ERP technologies and software are employed in the metal fabrication market. This makes data easily accessible and accelerates the decision-making process. Increase in usage of computer-aided manufacturing technologies is helping companies operating in the metal fabrication market improve their operational efficiency and enhance production. These advancements in technologies are anticipated to drive the global metal fabrication market during the forecast period.

Automation of metal fabrication and diversification of end-use industries to fuel the metal fabrication market

Advancement in robotics and automation tools boosts the application of robots and automation tools in metal fabrication. Currently, automation is used in metal fabrication to increase efficiency and lower labor costs. Increasing demand for automated manufacturing systems in the metal fabrication market helps in making manufacturing facilities safe, as all critical jobs such as welding and cutting are carried out by robots. Apart from this, automation tools such as laser saws make it easier for fabricators to manufacture metal parts that are precisely cut.

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Fabricated metals are used in various sectors such as automotive, oil & gas, construction, aerospace, agriculture, consumer products, medical devices, and military & defense. As these end-use industries are diversified, effects of cyclic nature of the metal fabrication market are mitigated. Growth of end-use industries such as aerospace and automotive is anticipated to drive the metal fabrication market in the next few years. The global aerospace industry is witnessing expansion with increasing number of passengers. The automotive industry in Asia Pacific is witnessing growth, also due to improved living standards and risen per capita income in developing countries such as China and India. All these factors are anticipated to drive the metal fabrication market during the forecast period.

Lack of skilled labor and developments in additive manufacturing technologies to hinder the metal fabrication market

Finding skilled labor is becoming increasingly difficult, as metal fabrication market is becoming technologically advanced. According to an OECD report, skill shortage is a rising issue across the globe. Countries such as Japan, India, Brazil, and the U.S. are facing severe shortage of skilled workforce despite high unemployment rates. This is anticipated to hinder the metal fabrication market in the near future. Rapid advancements in additive manufacturing (3D printing) technologies are leading to reduction in the time taken to print an object. Additive manufacturing is a highly flexible manufacturing process with high scope for customization, which makes it easy for fabricators to design and manufacture complex parts. This type of manufacturing is not utilized on a large scale. However, additive manufacturing is anticipated to be commercialized in the near future, which is expected to change the dynamics of the metal fabrication market. Thus, lack of skilled labor and advancements in the field of additive manufacturing are anticipated to restrain the metal fabrication market in the near future.

Achieving operational excellence as per market requirements and focus on developing economies offer opportunities for the metal fabrication market

Demand for fabricated metals from OEMs has been fluctuating. It is in line with the demand for end-use products. Product-manufacturing companies have been adopting new operational methods to minimize cost by shortening the production time and lowering inventory costs. Companies operating in the metal fabrication market are adopting new business strategies in order to meet the changing requirements of customers. Metal fabricator companies have the opportunity to efficiently manage operations by using material requirements planning (MRP), Kanban (JIT), and optimized production technology (OPT) to meet the changing requirements of customers and remain competitive in the market. The metal fabrication market in Europe has been experiencing sluggish growth for the last few years. On the other hand, the metal fabrication market in developing countries such as India, China, and Brazil is expected to expand at a rapid pace in the near future. China and India are key countries of the global metal industry. These countries provide lucrative opportunities to companies operating in the metal fabrication market.

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 Expansion and Mergers & Acquisitions are Key Strategies

Major players operating in the metal fabrication market have adopted expansion and mergers & acquisitions as their key strategies in order to expand their network. In January 2017, O’Neal Manufacturing Services merged four affiliates: Aerodyne Alloys, United Performance Metals, Plus Ten Stainless, and Vulcanium Metal International in order to form a high-performance metal company called United Performance Metals. The merger helped the company achieve high operational efficiency. Expending current facilities is likely to be a long-term strategy of metal fabrication manufacturers. For example, in June 2016, high-precision Mitsubishi laser cutting carbon dioxide equipment was ordered by Komaspec to cut metals with thickness of up to 16 mm. The newly added capability would help the company meet the risen demand for metal fabrication products.

Asia Pacific held a major share of more than 40% of the global metal fabrication market in 2018

Asia Pacific held a prominent share of the global metal fabrication market in 2018, owing to extensive research and development activities in Japan, China, South Korea, and India. Construction and automotive are focus segments of the metal fabrication market in Asia, owing to strong presence of construction and automotive companies in China and India. Japan is a key country of the metal fabrication market in Asia Pacific, due to high R&D expenditure in the country.