The global metal fabrication market was valued at around US$ 16,824.1 million in 2016 and is anticipated to expand at a CAGR of over 3.4% from 2017 to 2025, according to a new report published by Transparency Market Research (TMR) titled “Metal Fabrication – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.” Expansion of the market is likely to be driven by rising demand from construction and automotive companies.
The metal fabrication market in North America is expected to expand at a CAGR of over 4.8% during the forecast period. An increase in automation and technological upgrades are likely to propel the metal fabrication market in the region.
Other key takeaways include:
- Automation in metal fabrication is expected to drive the market expansion
- Increased demand from construction industry is boosting the need for experienced welders
- Developing economies’ rapid urbanization is expected to fuel the expansion of the construction industry and therefore its fabrication needs
- Growing customer bases in the Asia Pacific region will create additional opportunities in metal fabrication
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