Global Fabricated Metal Market: Overview
Fabricated metal, a component used in the manufacture of durable goods, transforms metal into intermediate or end products other than computers, electronics, and metal furniture. The fabricated metal products industry includes facilities that mostly perform two primary functions: create metal shapes and perform metal finishing operations, which include surface preparation. Hand tools and hardware, screw machine products and bolts, metal cans, cutlery, and pipes and pipe fittings are key fabricated metal products.
Global Fabricated Metal Market: Market Demand
Rise in demand for fabricated metal products in the automotive industry, primarily due to the high demand for passenger and commercial vehicles, is driving the global fabricated metal market. Additionally, constant growth in the construction industry is fueling the global fabricated metal market. Governments across the globe are investing significantly in upgrade and development of infrastructure. For example, the U.S. Government plans to invest US$ 1.7 Trillion over the next 10 years to rebuild infrastructure in the country. Construction projects are technology and material intensive; therefore, these require continuous supply of a wide variety of fabricated metal components.
Global Fabricated Metal Market: Key Segments
The global fabricated metal market can be segmented based on product, end-user, and region. In terms of product, the global fabricated metal market can be segregated into cutlery and hand tools, architectural & structural metals products, boilers, tanks & shipping containers, coating and heat treating, screws, nuts, and bolts, and others. Architectural & structural metals is a major segment of the global fabricated metal market. The segment is anticipated to expand at a significant pace during the forecast period. Growth of the construction industry, especially the infrastructure sector, is likely to drive the demand for structural metal products. Industrial and manufacturing activities are increasing rapidly in Asia Pacific, especially in China and Japan, due to favorable government policies and rise in FDI inflow. Hence, coating and heat treating, and boilers, tanks & shipping containers segments are estimated to expand at a considerable pace during the forecast period.
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Based on end-user, the global fabricated metal market can be divided into construction, automotive, machinery, equipment, and others. Automotive is a major end-user of the market. According to the International Organization of Motor Vehicle Manufacturers (OICA), the sale of new vehicles increased from 87.5 million in 2013 to 94.9 million in 2016. Increase in sale of vehicles is expected to boost the demand for global fabricated metal market.
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Global Fabricated Metal Market: Regional Outlook
In terms of region, the global fabricated metal market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the global fabricated metal market. The global fabricated metal market in the region is anticipated to expand at a substantial pace during the forecast period due to low cost of labor and availability of raw materials. Therefore, several global companies have established their manufacturing facilities in Asia Pacific. However, such manufacturing companies largely depend on the fabricated metal products which further boost the growth of the global fabricated metal market. China, India, Japan, and Indonesia contribute significantly to the global fabricated metal market in the region.
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Europe is another key region of the global fabricated metal market. Presence of automotive manufacturers such as BMW, Volkswagen, Mercedes-Benz, and Audi in Europe is boosting the global fabricated metal market in the region. Germany, the U.K., Spain, and France are key contributors to the global fabricated metal market in Europe. Moreover, rise in investment by the U.S. Government in the aerospace & defense sector is creating opportunities in the global fabricated metal market. In 2017, the aerospace industry contributed US$ 143 Bn in export sales to the U.S. economy.
Global Fabricated Metal Market: Key Players
Key companies operating in the global fabricated metal market include Ball Corporation, Rivers Metal Products Inc., Mueller Industries, Inc., Illinois Tool Works Inc., Flowserve Corporation, The Timken Company, Valmont Industries Inc., Schaeffler Technologies AG & Co. KG, Smith International Inc., and Toyo Seikan Kaisha, Ltd.
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