A 2018 Metal Fabrication Outlook
In result to high demand, revenue for the Metal Fabrication manufacturing industry is forecasted to grow 1.5% between 2018-2023. Due to an enormous end-user market, the Metal Fabrication industry remains a strong hold for most manufacturing markets. Many discrete manufacturing industries rely on the Metal Fabrication industry. Industries that are dependent on this industry consist of Aerospace and Defense, Cabinetry, Furniture, Industrial, Medical Devices among many more. Since these industries are continuously growing it results in higher demand for Metal Fabricating manufacturers. The outlook for the Metal Fabrication industry is lucrative and is worth observing while it flourishes.
Trends
By observing and adjusting to trends, Metal Fabricators can strategically place themselves in the industry. Trends in this industry include…
Lack of Skilled Labor
Although the industry outlook for Metal Manufacturing is positive they are experiencing a lack of skilled labor. To help combat this issue they are putting automation, such as the Internet of Things (IoT), in place. Although this is only a partial solution it is trending throughout the industry, Metal Manufacturers must innovate with evolving technology to create highly skilled technicians and data interpreters positions within the industry.
3D Printing & Additive Manufacturing
It’s arguable to say that 3D printing is the future of manufacturing, however, it is playing an emerging role in the Metal Fabrication industry. By reducing waste and balancing customization and personalization, 3D printing is gaining a competitive edge in the industry.
Reshoring
Another factor that is driving the upward slope of the Metal Fabricating industry is reshoring. Due to higher overseas costs, industries are returning their industry manufacturing back to the United States resulting in significant growth. Although the Metal Fabrication industry has pertinent issues to face in the foreseeable future, the industry’s overall outlook is very promising due to inclining growth of manufacturers returning to the states.
ERP & Metal Fabrication
An ERP solution can assist Metal Fabricators by giving them a competitive edge with challenges like automation, CAD/CNC, quoting, scheduling, offshoring, assisting labor force and much more. A ERP solution allows a manufacturing company to essentially run their entire business on one application. ERP systems cover everything from finances, human resources, manufacturing, supply chain and much more. The beauty of a ERP system for a Fabricated Metal manufacturing company is that it allows the organization to gather data from all aspects of their business and house it in one data base whether it be on-premise or cloud-based. By streamlining a manufacturers business ERP plays a very significant and important role in the everyday operations. ERP allows a manufacturing organization to simultaneously share and house information that can be accessed by a multitude of users. From warehouses, shop floors to corporate offices ERP solutions optimize and create efficiencies across the board. ERP systems render actionable items by using data-driven information to interpret business insights. These are just a few examples of how ERP systems benefit and streamline Metal Fabricating manufacturing companies.