Store - Fabricated Metal Products

The global market for fabricated metal products is expected to grow in the coming years, reaching a value of $3 trillion by 2030. This growth will be driven by a number of factors, including the increasing demand for infrastructure development and the continued expansion of the automotive industry. As the world economy continues to grow, so too will the demand for fabricated metal products. In this blog post, we will take a look at the current state of the industry and provide an overview of what we can expect in the coming years. We will also touch on some of the challenges that manufacturers will face as they strive to meet this growing demand.

The global market for fabricated metal products

The global market for fabricated metal products is driven by the increasing demand from the construction and automotive industries.

Construction is the largest end-use industry for fabricated metal products, accounting for over 30% of the total demand in 2021. The demand from the construction industry is driven by the increasing infrastructure spending in developing economies such as China and India.

The automotive industry is the second-largest end-use industry for fabricated metal products, accounting for over 25% of the total demand. The demand from the automotive industry is driven by the increasing vehicle production in emerging markets such as China, India, and Brazil.

The Asia-Pacific region is the largest market for fabricated metal products, accounting for over 45% of the total demand. The region is also expected to be the fastest-growing market, at a CAGR of 3.5% from 2022 to 2025. The demand in Asia-Pacific is driven by the strong growth of the construction and automotive industries in China and India.

North America and Europe are mature markets for fabricated metal products, with a combined share of over 35% of the global demand. However, these regions are expected to grow at a slower pace than Asia-Pacific, due to slower economic growth and saturation in some end-use industries such as construction.

The global market for fabricated metal products is expected to be challenging in the coming years, due to the Covid-19 pandemic. The pandemic has caused a slowdown in the demand from the construction and automotive industries, which are the major end-use industries for fabricated metal products. However, the market is expected to recover from 2022 onwards, as the global economy is projected to return to pre-pandemic levels.

The different types of fabricated metal products

There are many different types of fabricated metal products, each with its own unique manufacturing process. The most common types of fabricated metal products are:

  1. Structural steel: This is the most widely used type of steel in construction and is typically made into beams, columns, trusses, and other structural components.
  2. Plate steel: This type of steel is often used in the construction of bridges, ships, and vehicles.
  3. Tubular steel: This type of steel is often used in the construction of pipelines and storage tanks.
  4. Stainless steel: This type of steel is resistant to corrosion and is often used in the food processing and pharmaceutical industries.
  5. Aluminum: This lightweight metal is often used in the transportation industry due to its low weight and high strength.

The major end-use industries for fabricated metal products

The fabricated metal products manufacturing industry comprises establishments primarily engaged in (1) cutting, shaping, and assembling ferrous and nonferrous metals into intermediate or final products, (2) foundry activities, (3)powder metallurgy, and (4) forging, stamping, bending, forming, and otherwise assembling metal parts by riveting, welding, soldering or otherwise.

In 2021, the top five end-use markets for fabricated metal products were machinery (30.1 percent), transportation equipment (15.9 percent), construction (11.5 percent), electrical equipment and electronics (9.8 percent), and primary metals manufacturing (7.7 percent). Together these markets accounted for more than 75 percent of total demand in the United States. The remainder of demand was split between several other markets, including commercial and industrial equipment (5.2 percent), consumer durables (3.8 percent), aerospace (3.1 percent), and military (1.7 percent).

The top five end-use markets for fabricated metal products are expected to remain the same through 2030. Together they are projected to account for more than 75 percent of total demand. The machinery market is forecast to grow the fastest, followed by transportation equipment, construction, and electrical equipment and electronics.

The major players in the global fabricated metal products market

The major players in the global fabricated metal products market are ArcelorMittal (Luxembourg), Nucor Corporation (US), Baosteel Group (China), POSCO (South Korea), JFE Holdings (Japan), ThyssenKrupp AG (Germany), Steel Dynamics, Inc. (US), Ansteel Group (China), United States Steel Corporation (US), and AK Steel Holding Corporation (US). These players have a strong presence in the global fabricated metal products market with their large-scale operations and advanced technology facilities.

Market challenges in the global fabricated metal products market

The market faces some challenges that need to be addressed in order to sustain its growth momentum.

One of the key challenges faced by the fabricated metal products market is the high degree of fragmentation. The market is highly competitive with a large number of small and medium-sized manufacturers. This fragmented landscape makes it difficult for companies to achieve scale and gain a competitive edge.

Another challenge faced by the industry is the volatile raw material prices. The prices of metals such as steel and aluminum have been fluctuating sharply in recent years, impacting the margins of manufacturers.

The industry also faces some regulatory challenges. In many countries, there are strict regulations regarding environmental protection and workplace safety. These regulations impose additional costs on manufacturers which make it difficult for them to compete against foreign players who may not be subject to such stringent norms.

Some of the other challenges faced by the market include the declining demand from the automotive sector, the slowdown in economic growth in developed markets, and the ongoing trade tensions between the US and China.

Conclusion

The global market for fabricated metal products is forecast to reach $3 trillion by 2030, driven by the need for energy efficiency and the growing demand for lighter-weight materials in a variety of industries. The automotive industry is expected to be the largest user of fabricated metal products, followed by the construction and electrical/electronics industries. Asia-Pacific is expected to be the largest market for fabricated metal products, followed by North America and Europe.

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