New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metal Working Global Market Report 2023" - https://www.reportlinker.com/p06479946/?utm_source=GNW
, Sandvik AB, Trumpf SE + Co KG, Matcor Matsu Group, AMADA Group, Qatar National Aluminum Panel Co., Gulf Steel & Engineering, CLIC Qatar Trading Company WLL, and Qatar Technical International Co.
The global metal working market is expected to grow from $10.50 billion in 2022 to $11.03 billion in 2023 at a compound annual growth rate (CAGR) of 5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The metal working market is expected to reach $12.85 billion in 2027 at a CAGR of 3.9%
The metal working market includes revenues earned by entities involved in the forming structure from bare metal servers, laser cutting, welding works, bending works.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Metalworking refers to the technique of forming objects from metal to produce useful tools, items, equipment parts, and structures skillfully. It combines art of shaping metal and modifying its shape to match the necessary application.
Asia-Pacific was the largest region in the metal working market in 2022. The regions covered in metal working report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main metal working types are cutting, forming, welding, stamping, punching, rolling, and others.Cutting refers to a method used to form a product by eliminating extra material with various instruments.
The various segments are structural steel fabrication, architectural aluminum fabrication, architectural steel fabrication, pre-fabricated buildings, pre-engineered buildings, and others, that are applied in oil and gas, mining, energy and utilities, water, industrial and logistics, building construction, and others.
The growth of manufacturing industries is expected to propel the growth of the metalworking market going forward.Manufacturing industries are any industries that produce goods using manual labor or machinery.
It manages industrial equipment installation and repair, in addition to contracting work out to third parties.The importance of the metalworking industry stems from the fact that it provides the machinery and materials required shape and size for economical operations, where countless uses are there under construction and automobile-related metalworking.
For Instance, in April 2023, according to the US Bureau of Labor Statistics, a US-based federal bureau, the number of establishments in fabricated metal product manufacturing in private industry increased from 59265 establishments in the 4th quarter of 2021 to 60032 establishments in the 3rd quarter of 2022. Therefore, the growth of manufacturing industries is driving the growth of metalworking.
Expansion of advance manufacturing facility is a key trend gaining popularity in the metalworking market.Major market players are concentrating their efforts on establishing manufacturing facilities that is utilized extensively in the metal and steel industry, automotive industry, and aerospace business.
For Instance, in November 2022, Kennametal Limited, a US-based manufacturer and distributor of tools and solutions to metalworking, mining, and oil industries, launched new Metal Cutting inserts manufacturing facility.The new state-of-the-art facility consolidates inserts manufacturing operations with intelligent manufacturing systems for improved quality and consistency.
The facility helps to support growing demand from the Asia-Pacific market.
In June 2022, Aussafer Due s.r.l., an Italian-based supplier of services of precision laser cutting, sheet metal processing, and metal fabrication, acquired Ramo for an undisclosed amount. With this acquisition, Aussafer is expected to expand its services and international presence with cold forming and sheet metal aggregation. Ramo is an Italy-based specializing in sheet metal cold forming and metal working related productions.
The countries covered in the metal working market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The metal working market research report is one of a series of new reports that provides metal working market statistics, including metal working industry global market size, regional shares, competitors with a metal working market share, detailed metal working market segments, market trends and opportunities, and any further data you may need to thrive in the metal working industry. This metal working market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479946/?utm_source=GNW
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