CLEVELAND, Feb. 2, 2021 /PRNewswire/ — US demand for fabricated metal products is forecast to rise 1.3% per year in nominal terms from 2019 levels through 2024, according to Fabricated Metal Products: United States, a report recently released by Freedonia Focus Reports. Suppliers will benefit from rising domestic durable goods shipments and continued growth in the US construction sector. However, further gains will be limited by competition from metal castings and alternative materials such as plastics.
In 2020, demand fell 8.0% as many manufacturing firms and construction projects experienced delays and interruptions due to the COVID-19 pandemic. Over the same period, fabricated metal shipments dropped 9.0%. Efforts to delay community transmission of the virus caused a sharp contraction in economic activity in 2020, leading to significant changes or reductions in shipments of fabricated metal products and other manufactured goods. Motor vehicle sales remained below 2019 levels due to tight consumer income and job losses, restraining demand for forged and stamped vehicle parts. However, many previously delayed construction projects are expected go forward as planned, particularly in the lodging and infrastructure sectors.
These and other key insights are featured in Fabricated Metal Products: United States. This report forecasts to 2024 US fabricated metal product demand and shipments in nominal US dollars at the manufacturer level. Total demand is segmented by product in terms of:
- structural metals
- forging and stamping
- machine shops
- metal containers
- fasteners and hardware
- coating and treating
- cutlery and handtools
- springs and wires
- other products such as ammunition, ball and roller bearings, and enameled iron and metal sanitary ware
To illustrate historical trends, total demand, total shipments, the various segments, and trade are provided in annual series from 2009 to 2019.
Products classified as primary metals (such as iron and steel mill, refined nonferrous metal, and metal foundry products) are excluded from the scope of this report. Re-exports of fabricated metal products are excluded from demand and trade figures.
Key macroeconomic indicators are also provided with quantified trends. Other various topics, including profiles of pertinent leading companies, are covered in this report. A full outline of report items by page is available in the Table of Contents.
More information about the report is available at:
https://www.freedoniafocusreports.com/Fabricated-Metal-Products-United-States-FF70027/?progid=91541
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Industrials reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
Press Contact:
Corinne Gangloff
+1 440.842.2400
[email protected]
SOURCE The Freedonia Group
