Overview and Scope
Metalworking refers to the technique of forming objects from metal to produce useful tools, items, equipment parts, and structures skilfully. It combines the art of shaping metal and modifying its shape to match the necessary application.
Sizing and Forecast
The metal working market size has grown steadily in recent years. It will grow from $11.03 billion in 2023 to $11.53 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to materials innovation and development, automation and cnc integration, globalization and market expansion, demand for specialized components, shifts in manufacturing practices.
The metal working market size is expected to see steady growth in the next few years. It will grow to $13.46 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to adoption of additive manufacturing, global market expansion, focus on sustainable practices, advancements in smart manufacturing, rise in demand for customization. Major trends in the forecast period include industry 4.0 integration, advanced materials development, additive manufacturing adoption, sustainability and green practices, precision machining and cnc technologies.
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Segmentation & Regional Insights
The metal working market covered in this report is segmented –
1) By Type: Cutting, Forming, Welding, Stamping, Punching, Rolling, Other Types
2) By Segment: Structural Steel Fabrication, Architectural Aluminum Fabrication, Architectural Steel Fabrication, Pre-Fabricated Buildings, Pre-Engineered Buildings, Other Segments
3) By Application: Oil And Gas, Mining, Energy And Utilities, Water, Industrial And Logistics, Building Construction, Other Applications
Asia-Pacific was the largest region in the metal working market in 2023. The regions covered in the metal working market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growth of manufacturing industries is expected to propel the growth of the metalworking market going forward. Manufacturing industries are any industries that produce goods using manual labor or machinery. It manages industrial equipment installation and repair, in addition to contracting work out to third parties. The importance of the metalworking industry stems from the fact that it provides the machinery and materials required shape and size for economical operations, where countless uses are there under construction and automobile-related metalworking. For Instance, in April 2023, according to the US Bureau of Labor Statistics, a US-based federal bureau, the number of establishments in fabricated metal product manufacturing in private industry increased from 59265 establishments in the 4th quarter of 2021 to 60032 establishments in the 3rd quarter of 2022. Therefore, the growth of manufacturing industries is driving the growth of metalworking.
Key Industry Players
Major companies operating in the metal working market report are Atlas Copco Group, BTD Manufacturing Inc., Colfax Corporation, DMG Mori Co Ltd., HMT Limited, Robert Bosch GmbH, Komaspect Pte Ltd., Standard Iron & Wire Works Inc., Sandvik AB, Trumpf GmbH + Co KG, Matcor Matsu Group Inc., AMADA Group, Qatar National Aluminum Panel Co, Gulf Steel & Engineering, CLIC Qatar Trading Company WLL, Valmont Industries Inc., Mayville Engineering Company Inc., PMF Industries Inc., Monti Inc., Nucor Corporation, Freeport-McMoRan Inc., United States Steel Corporation, Alcoa Corporation, Steel Dynamics Inc., Reliance Steel & Aluminum Co, O’Neal Manufacturing Services, Ironform Corporation, United Steel Inc., Tenere Inc., Robinson Metal Inc., Morton Industries LLC, Metalcraft of Mayville Inc., The Timken Company, The Bradbury Co Inc.
The metal working market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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