Analysis of Potential Impact of COVID-19 on Metal Fabrication Market
Metal fabrication refers to the procedure of making structures and machines from various raw metal materials. This procedure comprises assembly, forming, machining, welding, burning, and cutting to produce a finished product. Metal fabrication is basically a value added procedure that involves making of structures, parts, and machines. In present times, the industry is highly cyclical and dynamic with its expansion depending on various end use sectors. The end use segments for the global metal fabrication market comprise energy, construction, aerospace, and automotive.
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Changing demand of customers have made metal shops try for obtaining more profitability through diversification of customer base and make correct forecasts about the pattern of demands. Transparency Market Research has come up with an all-inclusive study on the global metal fabrication market, for the period 2019 to 2027. The report estimates that the global metal fabrication market is likely to grow at a rate of 3.5% CAGR.
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Rapid Industrialization to Drive Asia Pacific Market during the Assessment Tenure
Considering geographical segmentations, Asia Pacific is expected to account for a large share of the global metal fabrication market. Developing countries like Indonesia, China, and India are witnessing rapid growth in their economies and rapid industrialization. Economic progress and industrialization result in increased demand for various machines and metal structures, which is likely to trigger growth of the global metal fabrication market in the years to come.
Europe is estimated to emerge as another prominent region of the global metal fabrication market. Developed markets of western part of Europe such as the U.K., France, and Germany are likely to generate demand for metal fabrication technology, thanks to rapid development in the automation technology.
Integration of Automation to Offer Lucrative Opportunities for Growth
Various enterprise resource planning (ERP) technologies and software find increased utilization in the metal fabrication market in years to come. With the use of ERP technologies, the data becomes easily available and it speeds up the decision making process. Augmented utilization of computer-assisted technologies for manufacturing is assisting various market players to better their production capacity and operational efficiency. These technological progresses are expected to offer copious growth opportunities to the global metal fabrication market over the tenure of assessment, from 2019 to 2027.
The automobiles and aviation sectors make use of fabricated metal extensively and there is a constant rise in this trend, which is likely to trigger growth of the global metal fabrication market in years to come. However, the primary concern in relation to the fabrication equipment market is the fluctuation of price and availability of raw materials. These two factors are likely to impede growth of the global metal fabrication market in years to come.
In addition, advancement made in the field of robotics and automation tools is likely to emerge as another factor for the expansion of the global metal fabrication market in years to come. At present, automation is utilized in the process of metal fabrication, which is to improve the efficiency of the operation and reduce the overall cost of labor in years to come. Furthermore, automation tools like laser saws help fabricators to produce metal parts that need to be cut precisely, thereby underscoring the significance of automation tools in the global metal fabrication market.
The Global Metal Fabrication Market has been segmented as presented below:
Metal Fabrication Market: Service
- Metal Welding
- Metal Machining
- Metal Forming
- Metal Shearing
- Metal Cutting
- Metal Rolling
- Metal Folding
- Metal Punching
- Metal Stamping
Metal Fabrication Market: End-use Industry
- Energy and Power
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