Metal Fabrication Equipment Market Size Worth USD 92.84 Billion By 2025
The global metal fabrication equipment market size is projected to reach USD 92.84 billion by 2025, expanding at CAGR of 3.90%, according to a new report by Grand View Research, Inc. The market is fueled by rapid industrialization in developing economies from Asia Pacific amid increasing population and the need for advanced infrastructure.
The demand for metal fabrication equipment is dominated by applications such as job shops, automotive, and ancillary industries among others. The automotive industry, under continuous evolution in terms of technology and materials used, is a major application segment for the advanced state-of-the-art equipment. Changing technological and raw material requirements are a result of increased stringency of emission and safety norms imposed by governments across the globe.
Asia Pacific leads the metal fabrication equipment market with the majority of machines consumed in China followed by Japan and South Korea. The Chinese fabrication equipment manufacturing base is huge and still imports most of the advanced machinery from the European manufacturers based in countries such as Germany and Switzerland. Other emerging economies such as India, Indonesia, and Vietnam are expected to further drive the regional demand for fabrication equipment.
The metal fabrication equipment market has experienced stagnation in demand over the last few years owing to the global economic slowdown. Europe and North America experienced excessive downfall in terms of sales from 2009 to 2015, due to recession. However, the European automotive industry has regained momentum and the market is expected to continue surging over the forecast period. North America is anticipated to be driven by the exponential growth in automotive manufacturing in Mexico coupled with the growth of Electric Vehicle (EV) segment in U.S. Surge in electric vehicle manufacturing has compelled the use of advanced fabrication equipment capable of operating across a variety of metals and composites.
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Further key findings from the study suggest:
- Mechanical component is expected to be the fastest growing application segment with an estimated CAGR of 4.26% from 2018 to 2025
- Aerospace and defense manufacturing industry is one of the most significant emerging application segments
- U.S. metal fabrication equipment market is estimated to be the fastest growing in North American region, registering a CAGR of 3.81% over the forecast period
- The South Korea job shops segment is expected to reach USD 1.56 billion, registering a CAGR of 4.31% from 2018 to 2025
- Key market players are Amada Corporation, TRUMPF, and Bystronic Laser AG.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.