Transparency Market Research delivers key insights on the metal fabrication market in the U.S. The metal fabrication market in the U.S. is estimated to expand at a CAGR of ~2% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the metal fabrication market in the U.S.
The metal fabrication market in the U.S. is broadly affected by several factors, including expansion of the construction sector and ongoing investments in the energy & power industry in the country. Furthermore, the metal fabrication in the U.S. is gaining momentum due to technological innovation in the metal fabrication process in the country.
U.S. Metal Fabrication Market: Dynamics
Over the past few years, the manufacturing industry has been expanding significantly in the U.S. In terms of manufacturing output, the U.S. ranks second across the globe, after China. Its manufacturing output is 2.5 times higher than that of Japan and Germany combined. Manufacturers use a majority of industrial fabrication products in the manufacturing industry. Fabrication products are produced by adopting the metal fabrication process. Thus, the expansion of the manufacturing industry is likely to boost the demand for metal fabrication in the U.S. during the forecast period.
In terms of end-use, the metal fabrication market in the U.S. can be segmented into construction, automotive, manufacturing, energy & power, electronics, and others. The construction segment dominated the metal fabrication market in the U.S. in 2020. The construction segment is estimated to expand at a CAGR of 2.28% during the forecast period. Rise in investment in residential and non-residential buildings is estimated to drive the metal fabrication market in the U.S. during the forecast period. Furthermore, automobile is the second largest consumer of metal fabrication in the U.S. Growth of the segment in the market can be ascribed to the rise in the production of motor vehicles in the U.S.
Read more: U.S. METAL FABRICATION MARKET TO SURPASS VALUATION OF US$ 473.7 BN BY 2031