The Canada metal fabrication equipment market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 6% during the forecast period, 2023–2031. The growth of the market is attributed to the growth in the key factors that influence the market such as rising demand for aluminum, rise in population, and increasing demand for machining and metal processing.
Metal fabrication plays a vital role in majority of the manufacturing industries. Its major characteristics are utilized in industries where building metal components for various application is involved. In order to obtain ideal productivity of these industries, metal fabrication equipment to work at its best is very essential.
As a result of major technological advancements such as automation and the implementation of IoT the metal fabrication equipment can now deliver better results than conventional equipment. Moreover, having several end-users application such as welding, stamping, milling, and finishing is providing lucrative opportunities for the growth of metal fabrication equipment market.
The Covid-19 pandemic had an unpleasant impact on the metal fabrication equipment market. The production has been on halt and both the demand and supply ware affected. The market suffered significant loss; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Market Trends, Drivers, Restraints, and Opportunities
Increasing demand for the fabricated metal products in the market is leading to the substantial demand for metal forming equipment. Furthermore, due to these demands of metal works, the metal fabrication equipment market is expected to propel during the forecast period.
Technological advancements such as automation and 3D printing and rising demand to maintain the quality of end-use products are the key factors expanding the metal fabrication equipment market of Canada
Expansion of the automobile industry and increasing demand for metal works in the automobile manufacturing sectors is projected the growth of the global metal fabrication equipment market.
R&D investment and technological advancement in metal fabrication equipment market are expected to offer lucrative opportunities for the market players.
Scope of Canada Metal Fabrication Equipment Market Report
The report on the Canada metal fabrication equipment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Metal Fabrication Equipment Market - Canada Industry Analysis, Growth, Share, Size, Trends, and Forecast
Equipment Type (Machining, Cutting, Forming, Welding, and Other Equipment Type) Product Type (Automatic, Semi-automatic, and Manual), and End User (Oil and Gas, Automotive and Aviation, Power plants, Chemicals and Mining, Construction, and Other End Users)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
BTD Manufacturing, Colfax, Komaspec, Matcor Matsu Group Inc. and Sandvik Mining & Construction Canada Inc.
Canada Metal Fabrication Equipment Market Segment insights
The cutting segment is projected to constitute a large market share
Based on equipment type, the Canada metal fabrication equipment market is segregated into machining, cutting, forming, welding, and other equipment type. The cutting segment is expected to account for a key share of the market during the forecast period owing to rising demand from end-use industries such as automotive industry.
The ever-growing industrial sector in the developing countries is also expected to spur the metal fabrication equipment market. However, machining segment is anticipated to expand at a rapid pace during the forecast period due to rising number of small and medium scale industries and metal workshops in the region.
Automatic segment is expected to register a substantial CAGR
Based on product type, the Canada metal fabrication equipment market is divided into automatic, semi-automatic, and manual. The automatic segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to technological advancement and its significant applications in end user industry.
Automotive and aviation segment is anticipated to grow at a robust pace
Based on end-user, the Canada metal fabrication equipment market is divided into oil and gas, automotive and aviation, power plants, chemicals and mining, construction, and others. The automotive and aviation is anticipated to expand at a robust CAGR during the forecast period due to consistent evolving designs and material combinations in the automobile manufacturing. The advancements in technologies has upsurge the demand for these equipment across various industries.
The Canada metal fabrication equipment market has been segmented on the basis of:-
- Other Equipment Type
- Oil and Gas
- Automotive and Aviation
- Power plants
- Chemicals and Mining
- Other End Users
- BTD Manufacturing
- Matcor Matsu Group Inc.
- Sandvik Mining and Construction Canada Inc.
Key players competing in the Canada metal fabrication equipment market include BTD Manufacturing, Colfax, Komaspec, Matcor Matsu Group Inc. and Sandvik Mining & Construction Canada Inc.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.