Strong metal: Industry revenue is expected to rise in 2023-24 due to increased activity in the manufacturing sector
Revenue is forecast to climb at a compound annual rate of 2.1% over the five years through 2023-24 to £886.1 million. Poor demand conditions in UK manufacturing industries have impeded demand for maintenance services, as industrial firms used their equipment less frequently, necessitating longer service intervals. Moreover, a temporary increase in the Annual Investment Allowance since January 2019 has promoted the purchase of new equipment, lowering demand for industry services. Uncertain economic conditions have reduced consumer confidence, lowering demand from residential customers. However, weak growth in the UK's defence budget combined with ageing military equipment has driven demand for repair and maintenance services.
Firms in this industry repair a diverse range of fabricated metal products, including metal tanks, reservoirs, containers, steel shipping drums, steam or vapour generators, nuclear reactors and parts for marine or power boilers. The repair and maintenance of pipes, firearms, ordnance and shopping trolleys are also covered by this industry, as is mobile welding repair.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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