IBISWorld has updated its data on the state of the fabricated metal market in Australia, which has faced increased competition from imported products, particularly from China and the United States.
The firm’s Fabricated Metal Product Manufacturing in Australia report puts the total value of the industry at $10.5 billion in 2021-22, up 1.6 per cent, with import penetration increasing on average by 2.5 per cent each year over the last five years. Imported products are estimated to be worth 63.4 per cent of total demand.
Metal fabricators are defined as primarily involved in “metal hand tools, general hardware and other fabricated metal products” by the research company, with products including “door handles, bathroom fittings, cutlery, razors, knives, firearms, ammunition, locks and safes.”
Australian companies represented $5 billion in revenue, 3,970 and 17,160 employees, according to IBISWorld. The four biggest players locally are Assa Abloy, Thales Australia, Flowserve Australia and Radcoflex Australia.
A slight increase in the market’s size is expected over the next five years, though local businesses would “continue to face fierce competition from foreign manufacturers and product substitution. The effects of the pandemic in 2021-22 on construction are expected to see “decrease[d] industry revenue by 2.0% to $4.9 billion”.
Picture: Australian Steel Institute
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