Global Sheet Metal Fabrication Services Market Report
Dublin, November 17, 2021 (GLOBE NEWSWIRE) – The “Sheet Metal Fabrication Services – Global Market Trajectory and Analysis” the report was added to ResearchAndMarkets.com offer.
Global sheet metal fabrication services market to reach $ 17.2 billion by 2026
Amid the COVID-19 crisis, the global sheet metal fabrication services market, estimated at US $ 14.8 billion in 2020, is expected to reach a revised size of US $ 17.2 billion by 2026, with a CAGR of 2.6% over the analysis period. .
The growth of the global market is driven by rapid urbanization in many developing regions and a robust trend of R&D investments in several service sectors. Growing demand for sheet metal fabrication from a wide range of major end users such as military and defense, aerospace, automotive, oil and gas, industrial machinery, medical devices, construction, agriculture, consumer products and electronics are expected to drive growth.
Additionally, the current focus on improving operational efficiency and lean manufacturing is contributing to increased demand for the sheet metal forming process among OEMs. Innovative prefabrication techniques adopted by sheet metal fabrication service providers to meet growing demand are expected to further drive growth. The growing labor shortage could be solved by adopting cobots in metal fabrication processes.
Therefore, an increasing number of metal fabrication facilities are adopting cobots to improve operational efficiency and product quality. The sheet metal fabrication industry is also experiencing an increase in the use of CNC machine tools as one of the essential tools in several applications including molding and forming.
Steel, one of the segments analyzed in the report, is expected to grow at a CAGR of 3% to reach $ 7.7 billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the aluminum segment is readjusted to a revised CAGR of 2.5% for the next 7 year period.
This segment currently accounts for a 38.9% share of the global sheet metal fabrication services market. Steel and aluminum are the most widely used metals for sheet metal fabrication due to their durability, high strength, and corrosion resistant properties. Steel is poised to continue to make significant gains in the market, given its importance as the preferred building material in large-scale construction projects.
The US market is estimated at $ 2.7 billion in 2021, while China is expected to reach $ 6 billion by 2026
The sheet metal fabrication services market in the United States is estimated at US $ 2.7 billion in 2021. The country currently accounts for 17.78% of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 6 billion in 2026, with a CAGR of 3.4% throughout the analysis period.
Other noteworthy geographic markets include Japan and Canada, each forecasting growth of 1.5% and 2% respectively over the period of analysis. In Europe, Germany is expected to grow by around 1.8% CAGR while the rest of the European market (as defined in the study) will reach $ 6.2 billion by 2027.
North America represents a significant share of the sheet metal fabrication market due to growth in construction projects, as well as the region’s strong aviation and defense industries. The rapid growth of the manufacturing sector in the Asia-Pacific region is attributed to the easy availability of raw materials and a relatively cheap labor force.
Due to the growing demand in Asia-Pacific countries, a number of companies are shifting their manufacturing base to this region which in turn is driving the growth of the sheet metal fabrication services market in the region.
Main topics covered:
1. MARKET OVERVIEW
- The dynamics of manufacturing activities will impact the growth of the market
- A pandemic dramatically disrupts the metal industry
- Significant impact on the metal fabrication supply chain
- Focus on automation and increasing additive manufacturing in the metal fabrication industry
- Manufacturers Scale Up Operations and Increase Investments to Harness Post-Covid Opportunities
- An introduction to sheet metal fabrication services
- Standard sheet sizes
- Cold rolled or hot rolled sheet
- Sheet Metal Manufacturing Process – An Overview
- Global Market Outlook and Outlook
- Bend Sheet: the leading segment by form
- Steel is the most widely used material for sheet metal fabrication
- Automotive and industrial machinery: the main end-use segments
- Regional analysis
- Recent market activity
2. FOCUS ON CERTAIN PLAYERS (Total 153 featured)
- Stock Manufacturing, Inc.
- BTD manufacturing
- Classic Sheet Metal, Inc.
- Aerospace and dynamic defense group (Hydram Engineering Hydram Engineering Ltd.)
- Ironwork company
- Kapco metal stamping
- Marlin steel wire products
- Mayville Engineering Company, Inc.
- Metcam, Inc.
- Moreng Metal Products Inc.
- Noble Industries, Inc.
- O’Neal Manufacturing Services
- Ryerson Holding Company
- Standard Iron & Wire Works, Inc.
- The metallurgical group
3. MARKET TRENDS AND FACTORS
- Demand for fabricated metal parts from various end-use industries sets the growth trend of the sheet metal fabrication services market
- Automation of sheet metal fabrication services transforms industry operations
- Industry 4.0: the future of sheet metal fabrication services
- Smart factory solutions to help sheet metal fabrication companies overcome challenges triggered by a pandemic
- Auto demand and increase in auto manufacturing operations to drive market gains
- Transition to electric vehicles: huge growth in stores
- Role of sheet metal fabrication in the refurbishment of old automobiles
- Industrial machinery and equipment industry to boost market outlook
- COVID-19 outbreak induces weakness in machinery manufacturing and end-use industry
- Construction industry dynamics to influence market outlook
- Increasing demand for electronic devices and components from residential and industrial sectors to fuel market growth
- Sheet metal manufacturing in the telecommunications sector
- Aerospace and Defense industry presents long term opportunities for sheet metal fabrication services
- Trends impacting aerospace sheet metal fabrication
- COVID-19 Outbreaks Shake Prospects in Aviation Industry
- As an essential aspect of medical device innovation, sheet metal fabrication to transform the medical industry
- Trends set to spearhead growth in sheet metal fabrication services industry
- Growing Importance of Additive Manufacturing to Manufacturing Industry Boosts Growth Opportunities
- Advanced technologies are transforming sheet metal fabrication services
- 3D CAD improves design quality: it becomes vital for the metal fabrication industry
- Laser technology helps automate trends in sheet metal fabrication
- Growing use of laser machines and communication systems
- Nearshoring is emerging as a notable trend in the sheet metal fabrication market
- Growing adoption of cobots in metal fabrication process to benefit market growth
- Problems with manufacturing custom sheets
4. WORLD MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information on this report, visit https://www.researchandmarkets.com/r/2exf2p