Dublin, Nov. 17, 2021 (GLOBE NEWSWIRE) -- The "Sheet Metal Fabrication Services - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Sheet Metal Fabrication Services Market to Reach $17.2 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Sheet Metal Fabrication Services estimated at US$14.8 Billion in the year 2020, is projected to reach a revised size of US$17.2 Billion by 2026, growing at a CAGR of 2.6% over the analysis period.
Growth in the global market is being driven by rapid urbanization in many developing regions, and a robust trend of R&D investments in several services sectors. Increasing demand for sheet metal fabrication from a wide range of major end users such as military & defense, aerospace, automotive, oil and gas, industrial machinery, medical devices, construction, agriculture, consumer products, and electronics is expected to drive growth.
Moreover, the current focus on enhancing operational efficiency and lean manufacturing is contributing to increased demand for the process of sheet metal forming among OEMs. Innovative prefabrication techniques adopted by sheet metal fabrication service providers to meet the growing demand are expected to further drive the growth. The increasing shortage of labor could be addressed by adopting cobots in metal fabrication processes.
Therefore, increasing number of metal fabrication facilities are adopting cobots to enhance operational efficiency and improve product quality. The sheet metal fabrication industry is also witnessing increase in the use of CNC machine tools as one of the essential tools in several applications including molding and shaping.
Steel, one of the segments analyzed in the report, is projected to grow at a 3% CAGR to reach US$7.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Aluminum segment is readjusted to a revised 2.5% CAGR 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 constitutes the most widely used metals for sheet metal fabrication on account of their durability, high strength, and corrosion resistant properties. Steel is poised to continue making strong gains in the market, given its important as a preferred building material in large-scale construction projects.
The U.S. Market is Estimated at $2.7 Billion in 2021, While China is Forecast to Reach $6 Billion by 2026
The Sheet Metal Fabrication Services market in the U.S. is estimated at US$2.7 Billion in the year 2021. The country currently accounts for a 17.78% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$6 Billion in the year 2026 trailing a CAGR of 3.4% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.5% and 2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.8% CAGR while Rest of European market (as defined in the study) will reach US$6.2 Billion by the year 2027.
North America accounts for a significant share of the sheet metal fabrication market due to growing construction projects, as well as the region`s strong aviation and defense industries. The rapid growth of Asia-Pacific region`s manufacturing sector is attributed to easy availability of raw materials and comparatively cheap labor.
Due to growing demand in the countries of Asia-Pacific, a number of companies are shifting their manufacturing base to this region, and this is in turn boosting the region`s sheet metal fabrication services market growth.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Manufacturing Activity Dynamics to Impact Market Growth
- Pandemic Significantly Disrupts the Metalworking Industry
- Significant Impact on the Metal Fabrication Supply Chain
- Focus on Automation and Additive Manufacturing Increases in Metal Fabrication Industry
- Fabricators Scale up Operations and Increase Investments to Tap Post-Covid Opportunities
- An Introduction to Sheet Metal Fabrication Services
- Standard Sizes of Sheet Metal
- Cold-Rolled vs Hot-Rolled Sheet metal
- Sheet Metal Fabrication Processes-An Overview
- Global Market Prospects & Outlook
- Bend Sheet: The Leading Segment by Form
- Steel Represents the Most Widely Used Material for Sheet Metal Fabrication
- Automotive and Industrial Machinery: The Major End-Use Segments
- Regional Analysis
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 153 Featured)
- Action Fabricating, Inc.
- BTD Manufacturing
- Classic Sheet Metal, Inc.
- Dynamic Aerospace and Defense Group (Hydram Engineering Hydram Engineering Ltd.)
- Ironform Corporation
- 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 Corporation
- Standard Iron & Wire Works, Inc.
- The Metalworking Group
3. MARKET TRENDS & DRIVERS
- Demand for Fabricated Metal Parts from Varied End-Use Sectors Sets the Growth Trend in 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 Pandemic-Triggered Challenges
- Demand for Automobiles & Increase in Automaking Operations to Drive Market Gains
- Shift towards Electric Vehicles: Tremendous Growth in Store
- Role of Sheet Metal Fabrication in Refurbishing Old Automobiles
- Industrial Machinery & Equipment Industry to Boost Market Outlook
- COVID-19 Outbreak Induces Weakness into Manufacturing & Machinery End-Use Industry
- Construction Industry Dynamics to Influence Market Prospects
- Rise in Demand for Electronics Devices & Components from Residential & Industrial Sectors to Fuel Market Growth
- Sheet Metal Fabrication in Telecommunication Sector
- Aerospace & Defense Industry Presents Long-term Opportunities for Sheet Metal Fabrication Services
- Trends Impacting the Aerospace Sheet Metal Fabrication
- COVID-19 Outbreaks Dents Prospects in Aviation Industry
- As an Essential Aspect of Medical Device Innovation, Sheet Metal Fabrication to Transform Medical Sector
- Trends Poised to Spearhead Growth in the Sheet Metal Fabrication Services Industry
- Rising Significance of Additive Manufacturing for Manufacturing Industry Spurs Growth Opportunities
- Advanced Technologies Transform Sheet Metal Fabrication Services
- 3D CAD Improves Design Quality: Becomes Vital for Metal Fabrication Industry
- Laser Technology Aids Automation Trend in Sheet Metal Fabrication
- Use of Laser Machines and Communications Systems on the Rise
- Nearshoring Emerges as a Notable Trend in Sheet Metal Fabrication Market
- Increasing Adoption of Cobots in Metal Fabrication Process to Benefit Market Growth
- Issues Confronting Custom Sheet Metal Fabrication
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/2exf2p
