The global metal fabrication market is expected grow at a positive pace due to rise in demand for computer aided manufacturing technologies. Recent innovations in technologies is predicted to drive the global metal fabrication market. Metal fabrication is a method of making metallic assemblies and structures from raw metal pieces. The method of metal fabrication is called a value added service as it deforms the raw material and produces a completely new structure through various methods such as machining, metal welding, metal cutting, metal forming, and others, thus requiring ample skills and financial support.
Numerous ERM technologies and software find its usage in the metal fabrication industry. This process helps in making decisions fast as the data are easily accessible. The global metal fabrication market is expected to report a 3.4% CAGR during the forecast period, according to a study by Transparency Market Research (TMR). The report states that the market was valued at US$16824.1 mn in 2016 and is predicted to grow.
One of the key players in the global metal fabrication industry, O’Neal Manufacturing Services has relocated and expanded its factory in Bayou City nearly after 20 year in southwest Houston. According to the reports the company has moved from 192999 square foot location in Clinton drive to a 1220000 square factory at Henry Road in northern part of Houston. Presently, the Houston facility has over 50 employees, and is expected to hire more for its third and second shift according to the company’s press release, thus giving a job opportunity to the people of north Houston. This has helped the company to capture the market in the northern part of Houston apart from holding it majorly in southern part.
Factors Impacting the Market Growth of the Global Metal Fabricating Market
Advent of automation tools and robotics in the metal fabrication market has boosted the manufacturing speed. It has also helped the organizations to become more efficient with a cut to labor cost. Rise in robotic and automation in the metal fabrication market has seen a big nod as it performs the critical jobs like cutting wielding which were previously done my labor force, thus making the work area safer. Laser saws which work on its own helps in cutting the metal for the initial process of fabricating. Fabricated metals are used as end use in industries such as oil and gas, automotive, consumer products, agriculture, aerospace, defense, military, and medical devices.
Lack of skilled labors needed for the global metal fabrication industry is deterring the market. The organization are failing to find skilled labors, thus making them rely on the automated devices. It has been reported that countries like India, USA, Japan, and China are witnessing a severe shortage in skilled labor despite the high unemployment rate. This is expected to cut down the growth rate of the market. However, use of additive manufacturing has helped organization to obtain 3D print of the object in less time. Additive manufacturing which provides customizable manufacturing, helps the fabricators to design complicated part easily. Though it is expected that the additive manufacturing is expected to commercialize in future thus developments in field is about to be curbed.
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The organizations in the global metal fabricator industries are trying to follow the market trends and business tactics in order to suffice its customers. Rise in urbanization is bolstering the market for fabrication market. On the basis of end use industry, the market can be classified into automotive, construction, energy and power, electronics, manufacturing, and others. Construction segmented dominated the market in 2016, and is expected to continue so in future. The market is spread across Europe, North America, Middle East and Africa, Europe, Asia Pacific, and Latin America. Amongst the pack, Europe and Asia Pacific is accounted for a major share in the market, as the most promising construction and automotive companies are located in this region. North America is expected to be the fastest growing market due to rapid growth in automation in future.