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Sheet Metal Fabrication Services - Global Market Trajectory & Analytics

  • ID: 5141380
  • Report
  • August 2021
  • Region: Global
  • 444 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Action Fabricating, Inc.
  • BTD Manufacturing
  • Classic Sheet Metal, Inc.
  • Ironform Corporation
  • Kapco Metal Stamping
  • Metcam, Inc.

Global Sheet Metal Fabrication Services Market to Reach $17.2 Billion by the Year 2026


Sheet metal fabrication refers to the subtractive processing method to cut sheet metal into parts. 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.

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. 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.

Bend Sheet (Form) Segment to Reach $5.7 Billion by 2026


Growth in the Bend sheet segment is on account of its widespread use in manufacturing, automotive, construction, electronics and telecommunication sectors. The segment is poised to benefit from the rapid urbanization trend worldwide and the consequent rise in construction activities. The increasing adoption of automation in sheet metal fabrication industry is increasingly simplifying and improving the process involved in bend and cut sheet metal fabrication. In the global Bend Sheet (Form) segment, USA, Canada, Japan, China and Europe will drive the 2.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.9 Billion in the year 2020 will reach a projected size of US$4.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$570.5 Million by the year 2026, while Latin America will expand at a 3.2% CAGR through the analysis period.

Select Competitors (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
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Action Fabricating, Inc.
  • BTD Manufacturing
  • Classic Sheet Metal, Inc.
  • Ironform Corporation
  • Kapco Metal Stamping
  • Metcam, Inc.
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Impact of COVID-19 Pandemic and Looming Global Recession
  • 2020 Marked as a Year of Disruption & Transformation
  • Exhibit 1: World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Manufacturing Activity Dynamics to Impact Market Growth
  • Exhibit 2: Global PMI Index Points for the Years 2018, 2019 & 2020
  • 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

3. MARKET TRENDS & DRIVERS
  • Demand for Fabricated Metal Parts from Varied End-Use Sectors Sets the Growth Trend in Sheet Metal Fabrication Services Market
  • Exhibit 3: Global Fabricated Metals Market Size (in US$ Billion) for the Years 2019, 2022 and 2025
  • Automation of Sheet Metal Fabrication Services Transforms Industry Operations
  • Industry 4.0: The Future of Sheet Metal Fabrication Services
  • Exhibit 4: Major Industry 4.0 Technologies: Global Market Size (US$ Billion) for Internet of Things (IoT), Big Data, Smart factory, Advanced Analytics, Service Robotics, and Smart Machines for 2020
  • Smart Factory Solutions to Help Sheet Metal Fabrication Companies Overcome Pandemic-Triggered Challenges
  • Demand for Automobiles & Increase in Automaking Operations to Drive Market Gains
  • Exhibit 5: World Automobile Production in Million Units: 2008-2022
  • Exhibit 6: Car Production YoY % Growth in 2020 Across Major Regional Markets
  • Shift towards Electric Vehicles: Tremendous Growth in Store
  • Exhibit 7: Global EV Sales (In Million Units) by Region for the Years 2019, 2025 & 2030
  • 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
  • Exhibit 8: Global Machine Tools Market Growth Outlook (In %) For Years 2019 Through 2025
  • Construction Industry Dynamics to Influence Market Prospects
  • Exhibit 9: Global Construction Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • Rise in Demand for Electronics Devices & Components from Residential & Industrial Sectors to Fuel Market Growth
  • Exhibit 10: Global Opportunity for Consumer Electronics (In US$ Million) for Years 2020, 2022, 2024, 2026 and 2028
  • 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
  • Exhibit 11: COVID-19 Pandemic Dents Airline Revenues: Commercial Airline Revenue Growth (in %) for 2010-2020E
  • Exhibit 12: Increased Aerospace Manufacturing Will Spur Parallel Increase in Demand for Metal Fabrication Services Chemicals: Global Fleet of Commercial Aircraft in 2036 by Region (in Units)
  • 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. MARKET ANALYSIS

UNITED STATES

CANADA

JAPAN

CHINA

EUROPE

FRANCE

GERMANY

ITALY

UNITED KINGDOM

SPAIN

RUSSIA

REST OF EUROPE

ASIA-PACIFIC

AUSTRALIA

INDIA

SOUTH KOREA

REST OF ASIA-PACIFIC

LATIN AMERICA

ARGENTINA

BRAZIL

MEXICO

REST OF LATIN AMERICA

REST OF WORLD

IV. COMPETITION
  • Total Companies Profiled: 153
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • 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
Note: Product cover images may vary from those shown