The Metal Working Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Metal Working Global Market Report 2024, 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..
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.
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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
Expansion of advance manufacturing facility is a key trend gaining popularity in the metalworking market. Major market players are concentrating their efforts on establishing manufacturing facilities that is utilized extensively in the metal and steel industry, automotive industry, and aerospace business. For Instance, in November 2022, Kennametal Limited, a US-based manufacturer and distributor of tools and solutions to metalworking, mining, and oil industries, launched new Metal Cutting inserts manufacturing facility. The new state-of-the-art facility consolidates inserts manufacturing operations with intelligent manufacturing systems for improved quality and consistency. The facility helps to support growing demand from the Asia-Pacific market.
The metal working market report table of contents includes:
1. Executive Summary
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