Metal Manufacturing Industry Trends
As we near the close of Q1 for 2024, we are reflecting on some of the trends that impacted the metal manufacturing sector in 2023 and looking at some of the trends predicted for 2024.
Metal Manufacturing Industry Growth and Employee Retention
The welding industry proved its power in the marketplace this year. According to Yahoo Finance, the global welding market is anticipated to grow past 24.7 billion dollars by 2033 with an estimated CAGR of 4.9% between 202
3 to 2033. In addition, according to Transparency Market Research, the metal manufacturing market size is expected to reach a value of $473.7 billion by the end of 2031. It seems nothing can slow the growth, influence, and prominence of metal fabrication. Welding makes the world go round- all industries are impacted by welding in some way, shape, or form. Without welding we risk production coming to a stop. While the market is experiencing increased demand from end users, there is a lack of skilled laborers that can execute increasingly difficult work. Employee retention has been, and will continue to be, a huge focus for metal fabrication companies. In 2023, Astro Metal Craft retained 27 new hires, many who are younger laborers coming out of high school and vocational training. At Astro, we pride ourselves in offering a competitive salary and benefit perks, as well as providing additional training and mentorship opportunities to welders to continue to develop their skills. We look forward to continuing these practices in 2024.
Digital Transformation and Metal Manufacturing Industry 4.0 Integrations
Welding is a skill that takes years to master. With the rising demand for skilled fabricators, time is of the essence. This demand has created a compelling reason for manufacturing companies to invest in automation solutions such as robotic welding. Welding Cobots, or collaborative robots, offer increased productivity and welding labor savings, as well as attracting new talent to the workforce with exciting tools. Astro Metal Craft has two Cobot Welding Robots, and we strive to continue to add to our inventory.
In addition to automation, the emergence of Augmented and Virtual Reality has helped grow this industry. These groundbreaking technologies provide an immersive, interactive, and safe experience to aspiring welders as they enhance their skills. Real-time data analytics enhances efficiency, productivity, and predictive maintenance of welds.
The reality of this virtual world is astounding. AR/VR training fosters a realistic fabrication environment through audio, physical feedback, material friction, weight, movement, and pressure. Visuals including accurate size, texture, and color aid in the immersion of this experience.
A recent article in The Fabricator argues that Augmented and Virtual Reality provides a well-rounded solution to many inconveniences in the metal fabrication learning process. Training can be costly and time-consuming. With each trial and mistake, large amounts of gas and welding material are discarded. However, with the onset of AR/VR technology, no physical materials go to waste.
These learning processes allow students to track their progress over time. System sensors detect each movement of the student and produce a weld accordingly. Users see the arc, filler metal, and weld being created before their eyes. When finished the final weld can be seen- with every flaw and every perfection. This tool allows students to practice a weld repeatedly until they master it. While Astro does not have AR/VR technology currently, we do partner with several local trade schools where these technologies are either part of their program or are soon to come.
The metal manufacturing industry is constantly changing and evolving. Despite the challenges posed by global megatrends, we see a lot of opportunities within the manufacturing sector. Technical advances and skilled labor training are allowing us here at Astro to innovate our manufacturing processes and increase production capacity. We look forward to what the rest of 2024 and beyond brings.
