Fabricated Metal Market Size Worth $34.1 Billion by 2031 | CAGR: 4.8%: AMR
PORTLAND, OREGON, UNITES STATE, February 27, 2024 /EINPresswire.com/ — According to the report published by Allied Market Research, the global fabricated metal market was estimated at $21.4 billion in 2021 and is expected to hit $34.1 billion by 2031, registering a CAGR of 4.8% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Covid-19 scenario-
The metal fabrication industry was deemed as essential industry during COVID-19 pandemic, thus the global fabricated metal market had moderate COVID-19 impact. For instance, U.S. Department of Homeland Security approved metal manufacturing industry as part of Essential Critical Infrastructure Workforce during 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 had played crucial role during COVID-19 pandemic by actively supporting towards set up of healthcare facilities. For instance, according to report by Homeland Security, the essential business has provided critical infrastructure that played role for responding to COVID-19 crisis and well-being of the community. However, supply demand gap, raw material price fluctuation, labor shortage, and others had negative impact during initial COVID-19 outbreak. In addition, the fabricated steel industry had disrupted owing to COVID-19 impact. For instance, according to 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 same quarter in 2019. Although, the steel industry was declared as essential sector several factors such as high transportation cost owing to travel restrictions has hampered the fabricated metal industry.
The global fabricated metal market is analyzed across metal type, application, end-user, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By metal type, the copper segment held the largest share in 2021, garnering over half of the global fabricated metal market revenue, and is projected to maintain its dominance by 2031. The steel segment, on the other hand, would showcase the fastest CAGR of 5.2% during the forecast period.
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By application, the bolts, nuts, & screw application contributed to nearly two-seventh of the global fabricated metal market share in 2021 and is projected to maintain its dominance by 2031. The hand tool application segment, on the other hand, would display the fastest CAGR of 5.0% throughout the forecast period. The other segments assessed through the report includes cans, pipes & pipe fittings, metal doors & windows, and others.
By end-user, the manufacturing segment accounted for the highest share in 2021, generating around one-fourth of the global fabricated metal market revenue. The building & construction segment, simultaneously, would portray the fastest CAGR of 5.3% during the forecast period. The energy & power, automotive, aerospace, electrical & electronics, and other segments are also analyzed through the report.
By region, Asia-Pacific held the major share in 2021, garnering more than three-seventh of the global market revenue. The same region would also showcase the fastest CAGR of 5.3% from 2022 to 2031. The other provinces assessed through the report include North America, Europe, and LAMEA.
The key market players analyzed in the global fabricated metal market report 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.
These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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