Global Metal Fabrication Market Attractiveness Analysis, by End-use Industry 7. Running large deficits is not a recipe for economic growth. The success or failure of this industry often directs the success or failure of individual economies. Our research also identifies that the metal fabrication industry is highly dynamic and cyclical with its growth depending on end-use industries such as aerospace, automotive, energy, and construction. It creates blockbuster profits for manufacturers, while encouraging higher costs at the purchasing point. An official website of the United States government (p) Preliminary (IBIS World), #4. The most common type of employment found within the industry is production work, responsible for 61% of the active positions. In 2018, Reliance Steel and Aluminum experienced record sales because there was an 18% spike in product pricing. Fabricated structural metals are responsible for $27.5 billion in shipments. These same states are also responsible for 47% of total U.S. manufacturing each year. Texas is the U.S. leader in metal fabrication, responsible for 9% of total industry shipments, valued at $33 billion. (IBIS World), #5. The site is secure. Thanks to technology, it's now possible to balance supply and demand by simultaneously increasing exports and production rates. This provides employment opportunities for about 95,000 people. This section presents data for the industry on the number of workplace fatalities and the rates of workplace injuries and illnesses per 100 full-time workers in fabricated metal product manufacturing. Europe 7.2.3. This process is referred to as a value-added service, as it completely deforms the raw material and develops a completely new structure by using several procedures such as metal welding, metal machining, metal forming, and metal cutting. When included with overall metal manufacturing, it is one of the largest industries in the world. (U.S. Economics and Statistics Administration), #11. Industry Insights. Ohio came in second, providing $28.8 billion in shipments. and projections of occupational employment change. Metal valves, hardware, and miscellaneous fabricated products experienced a deficit of more than $4 billion each. The global metal fabrication market was valued at USD $16.35 billion in 2015. More than 12 million people are employed in this area within the United States. (U.S. Economics and Statistics Administration), #6. Steel fabrication is an important component of most modern economies. (U.S. Economics and Statistics Administration), #9. Shops employ many different experts, including welders, ironworkers, blacksmiths, boilermakers, and similar professionals that work with these raw materials and convert them into their fina… Both surpluses were less than $1 billion. make sure you're on a federal government site. data for occupations common to the industry, An injury or illness is considered to be work-related if an event or exposure in the work environment either caused or contributed to the resulting condition or significantly aggravated a pre-existing condition. The following tables present an overview of the industry including They are followed by sheet metal works ($20.3 billion), precision turned products ($18.3 billion), and all other miscellaneous fabricated metal products ($14.8 billion). Automating critical processes like production and assembly is helping businesses to optimize their operations and reduce costs. (r) Revised, (Source: Producer Price Indexes, International Price Program). North America Metal Fabrication Market, By End-Use, 2014 – 2024 (USD Million) Increasing automotive sales in emerging economies have resulted in the growth of metal fabrication industry globally. There are endless applications of metal fabrication in the oil and gas industry. Important fabricated metal processes are forging, stamping, bending, forming, and machining, used to shape individual pieces of metal; and other processes, such as welding and assembling, used to join separate parts together. Metal fabrication is the process of forming metal structures and assemblies from raw metalwork pieces. North America 7.2.2. At the same time, companies like General Electric, 3M, and Harley-Davidson all saw reduced profits in 2018 because of the higher price of steel, thanks to a Trump Administration 25% steel tariff. These data are obtained from employer or establishment surveys. Businesses purchase 43% of the fabricated products which are available. Techanvio's latest metal fabrication industry analysis highlights that numerous technological advancements coupled with supply chain practices have brought drastic changes to the industry. Rate of injury and illness cases per 100 full-time workers, Cases involving days away from work, job restriction, or transfer, Cases involving days of job transfer or restriction, (Source: Injuries, Illnesses, and Fatalities).