It’s the time of year where predictions about the new year abound. And while the fabrication and manufacturing industry may not be subject to the rapid change or massive ups and downs of other sectors, there are still trends set to influence these industries over the coming year. What follows is the first of two articles regarding what fabricators can expect to see in 2019.
Growth prediction vs LY
According to a report from Transparency Market Research, the global metal fabrication market is expected to rise to around $23B by 2026. This will likely be due to several factors, including increased usage of ERP tools (the result of greater capacity and therefore, productivity, due to gains in efficiency), additional demand from construction and automotive companies, increased urbanization in developing countries, continuing advances in automation. For North America, specifically, the metal fabrication market is predicted to expand at a CAGR of 4% for the same time period.
Need for skilled workers/labor shortage
While steady growth for the metal fabrication industry is expected over the next decade, there are various influences that may hinder that growth if not addressed in a timely manner. One of the major factors will be training and recruiting the skilled labor force necessary to keep fabricators on a growth trajectory. In fact, a recent report from FABTECH stated that there will be approximately 90,000 open welding jobs alone that will need to be filled around the U.S. by 2024. This doesn’t take into consideration the other positions in fabrication that require skilled workers, such as machinists and other operators. While there are community colleges and technical training programs that are starting to address this issue, the reality is that many more training opportunities will be needed in the near future in order to ensure a healthy metal fabrication and manufacturing workforce that is able to grow with the industry’s needs.
What other factors are set to influence the metal fabrication industry in 2019? Come back next week to find out more.
EVS Metal is an American precision metal fabricator headquartered in Riverdale, NJ. We utilize the latest technology to cut, bend, weld and finish stand-alone items as well as parts for integration or assembly into more complex products. Our four ISO 9001:2015-certified locations comprise over 250,000 square feet of vertically-integrated manufacturing space and feature the most modern equipment available, from welding robots and laser cutting solutions to automated powder coating lines.
We serve a diverse customer base across North America, providing a range of services from ITAR-compliant, quick-turn prototypes to high-volume production runs. Request a personalized metal fabrication quote online, or call (973) 839-4432 to speak with a specialist today.