ALBANY, New York, August 8, 2017 /PRNewswire/ --
The fragmented global sheet metal fabrication services market features players such as Standard Iron & Wire Works Inc., Hydram Sheet Metalwork, Classic Sheet Metal, Inc., Noble Industries, Inc., The Metalworking Group, Metcam Inc., Moreng Meta, All Metals Fabricating, Inc., Mayville Engineering Company Inc., Marlin Steel Wire Products LLC, Kapco Metal Stamping, BTD Manufacturing Inc., and Ironform Corporation. The high degree of fragmentation of the sheet metal fabrication services market is likely to remain unchallenged in the coming years due to the widespread application spectrum of the market and the resultant proliferation of lucrative opportunities for market players in various fields.
According to Transparency Market Research (TMR), the global sheet metal fabrication services market is expected to exhibit a slow 1.4% CAGR from 2017 to 2025.
Steel Likely to Lead Demand from Global Sheet Metal Fabrication Services Market
The global sheet metal fabrication services market is divided by metal type into steel, aluminum, and others. Of these, steel is likely to retain its overwhelming dominance in the sheet metal fabrication market in the coming years thanks to the proliferation of opportunities for sheet metal fabrication services market players in the construction industry. The construction industry has benefited immensely from the rapid urbanization in developing regions, dragging along with it several ancillary industries such as the sheet metal fabrications services market.
Aluminum is also likely to contribute significantly to the global sheet metal fabrication services market in the coming years due to its rising demand in the aerospace and automotive sectors. Aluminum is likely to account for close to 40% of the global sheet metal fabrication services market by the end of the 2017-2025 forecast period. The light weight of aluminum in comparison to steel has made it a material of choice in the automotive sector, where lightweight design has become vital due to the increasing stringency of environmental regulations. Aluminum is also a regular in the aerospace industry, as it provides an excellent strength-to-weight ratio and is thus ideal for use in modern lightweight aircraft.
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Regionally, North America and Europe are likely to collectively account for the bulk of the global sheet metal fabrication services market in the coming years. The strong presence of global aviation giants in these regions is a key reason for the dominance of these regions, as the aviation sector is likely to be vital for the global sheet metal fabrication services market in the coming years. Nevertheless, Asia Pacific and the Middle East are likely to become increasingly important to the global sheet metal fabrication services market in the coming years due to the rapid economic growth displayed by a number of countries in these regions.
Growth of Aviation Sector, Automotive Industry Crucial for Sheet Metal Fabrication Services Market
The rapid growth of the aerospace and aviation sector in recent years has been a prime driver for the global sheet metal fabrication services market. The aerospace sector has been driven by the growth of the commercial as well as military aircraft markets, in which the sheet metal fabrications services market plays a vital role. The growing demand for technological sophistication in military aircraft is likely to lead to steady demand from the sheet metal fabrication services market in the coming years.
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The automotive industry is also a vital customer for the global sheet metal fabrication services market. Growing disposable income of consumers in developing regions has led to a steady rise in the demand from the automotive sector from the sheet metal fabrication services market. The rising demand for cheap entry-level vehicles in developing countries is likely to enable steady growth of the sheet metal fabrication services market in the coming years.
The information in this preview comes from a TMR report titled 'Sheet Metal Fabrication Services Market (Material Type Steel (Grade 301 Stainless, Grade 304 Stainless, Grade 316 Stainless, and Grade 410 Stainless) and Aluminum; Form - Bend/Angular Sheet, Punch Sheet, and Cut Sheet; End-use Industry - Manufacturing, Construction, Aerospace, Automotive, Architecture, Electronics, Food Processing, and Telecommunication) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025.'
The global sheet metal fabrication services market is segmented as follows:
Global Sheet Metal Fabrication Services Market
By Material Type
- Grade 301 Stainless
- Grade 304 Stainless
- Grade 316 Stainless
- Grade 410 Stainless
- Bend Sheet
- Punch Sheet
- Cut Sheet
By End-use Industry
- Food Processing
- Others (Medical, Energy and Power, etc.)
- North America
- Asia Pacific
- Middle East and Africa
- South America
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