Metal Fabrication Industry Trend in Year 2020
Metal fabrication industry is perhaps centuries old; however, it is ever evolving, and hence will never become obsolete. This industry has witnessed several trends, some of which have lasted till date. Technology has contributed a lot in bringing new and revolutionary trends such as automation of CNC machining processes. When a new year begins, there are speculations and estimations done by analysts and enthusiasts to come up with an agenda for growth of a particular industry, and metal fabrication is no exception to the rule. Already half way through 2020, let’s take a look at the current trends over the last six months and the industry outlook estimated in the remaining half of the year.
Metal Fabrication Industry Market Trends Observed Within 2020
The growth or decline of any industry depends on a number of factors such as demand for that product, number of players in that industry, relevant government policies, economic factors, and more. Usually, the trends are captured by analysts on a global level, regional and then national. Here we consider the overall global metal fabrication industry outlook in 2020 so far and the patterns observed in the US. Here are some of the global trends observed so far:
- Even when we talk about an economic slowdown and tackle issues like inflation, the overall metal fabrication industry outlook is positive.
- The market for metal fabrication is estimated to grow at an average growth rate over the next two to three years, and the growth rate seems to have shown over the last six months.
- There has been an increasing demand for skilled workers who specialize in metal forming and shaping techniques.
- Geopolitics also plays a major role in shaping market growth. This includes differences between China and the US. China is a global leader when it comes to mining and industrial metal fabrication.
- Automation is seen to play a role in this market as more number of organizations look to automate fabrication processes. This helps improve productivity.
- Perhaps due to the previous setbacks such as recession and inflation, manufacturers are cautious, but the market is largely stable. This is also one of the reasons for a modest compound annual growth rate (CAGR in %).
Estimated Trends in Year 2020 within Metal Fabrication Industry
Overall, a similar trend in terms of growth rate is likely to continue through the year ahead. However, the outlook seems positive. Here are some of the pointers:
- Irrespective of the skills gap, and trade wars, and the increased tariffs on metals by the US government, the metal fabrication market seems poised to grow.
- Training and development of workers is also likely to be an important trend. This is primarily because as some of the repetitive tasks done by workers are automated or carried out by robots, the workers need to upgrade themselves to take up jobs that require problem-solving skills.
- Overall, the future of the metal fabrication industry looks bright, and this market is likely to thrive over the next two to three years.
Technological Trends in the Metal Fabrication Industry in 2020
Automation has been already playing its role in the metal fabrication industry. Technological innovation has enabled advancements in CNC machines, as well as welding processes. These have helped improve precision and quality, as well as production volumes. Here are some of the technological trends in the metal fabrication industry in 2020:
- Robotics: Collaborative robots, also called “cobots”, are slowly picking pace in the metal fabrication industry. They are called so as they work along with humans. More research and documentation is required in this area, especially in terms of the safety of workers and increasing the work potential of these robots. Collaborative robots are defined by the Robotics Industries Association. This is still in a very initial stage of growth as far as metal fabrication is concerned.
- Cybersecurity: Securing your systems is crucial in the metal fabrication industry. CNC machines can be hacked and hence need to be safeguarded against potential cyber threats. Cybersecurity standards in the US are set by the Department of Defense (DoD), and they apply to all OEMs.
Are you new to this industry and need to know the trends here? Or are you an existing player looking to upgrade your machining systems for metal fabrication? In either of the cases, a thorough study of the market and the overall competition is essential. However, if you are looking for high-quality metal storage units and material handling solutions for your industry, ensure you approach a reliable supplier. SPS Ideal Solutions is one of the leading providers of high-quality metal-based storage units, shipping, and material handling solutions. Additionally, they have specialized manufacturing centers where custom metal fabrications are done. They use technologically advanced methods and have the ability to handle complicated requirements.