ALBANY, New York, March 6, 2020 /PRNewswire/ -- A recent market research report published by Transparency Market Research, gives detailed insights about numerous factors that are influencing the overall development of the global sheet metal fabrication services market. The research report covers all the key market segments, regional outlook, vendor landscape, and emerging trends that define the path of development of the global market. According to the research report, the sheet metal fabrication services market will showcase a modest CAGR of ~1.7% for the given forecast period ranging from 2018 to 2026. With the given rate of growth, the valuation of the market is projected to reach to ~US$4.4 Bn by the fall of 2026.
Key Findings in the Research Report
The global sheet metal fabrication market is mainly segmented in terms of form, material, industry verticals, and region.
Based on form, the global market is segmented into cut sheet, punch sheet, bend sheet, and other forms. Of these, the segment of bend sheets accounted for a larger share in the global market. The segment is projected to exhibit a CAGR of 1.9% during the given period of forecast. The growth of the bend sheets segment is primarily attributed to its widespread applications in manufacturing industries, electronics, telecom, and construction. Furthermore, rapidly growing urbanization and rising construction activities across the globe are also contributing towards growth of bend sheets segment.
In terms of material, the global sheet metal fabrication services market is divided into aluminum, steel, and others. The steel segment is further classified into grade 410 stainless, grade 316 stainless, grade 304 stainless, and grade 301 stainless. The overall steel segment is projected to grow at a 1.9% CAGR over the provided period of forecast. Increasing adoption in several industries, easy availability, and improved performance are some of the key factors that are driving the growth of the segment.
Based on industry verticals, the global market is divided into telecommunications, electronics, automotive, aerospace & defense, construction, industrial machinery, and others (power, energy, and medical). Of these, the construction segment is projected to witness a highly promising rate of growth in the near future. The segment is projected to exhibit a CAGR of 1.6% for the given forecast period of 2018 to 2026.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Sheet Metal Fabrication Services Market by Form - Bend Sheet, Punch Sheet, Cut Sheet, Other Forms; Material - Steel, Aluminum; Industry Verticals - Industrial Machinery, Construction, Aerospace and Defense, Automotive, Electronics, Telecommunication, Others (Medical, Energy and Power)- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026 at https://www.transparencymarketresearch.com/sheet-metal-fabrication-services-market.html
Global Sheet Metal Fabrication Services Market – Key Driving Factors
One of the important driving factors for the development of the global sheet metal fabrication services market is the rising demand from aviation and aerospace industry. Developments and growth in the defense aircrafts and commercial aviation sectors will have a highly positive impact on the development of the global market in the near future. Additionally, the demand for more advanced technologies in the defense sector will also provide lucrative growth opportunities for the development of the market.
Another important driving factor for the growth of the global market is the increasing requirement for ready to install fabrication components and products in multiple end-use sectors such as construction automotive, and industrial machinery among others.
Service providers in the global market are now deploying prefabrication techniques so as to meet rising demands. This too is expected to help in pushing up the market growth.
Developments in the automotive industry is projected to play a huge part in the overall development of the sheet metal fabrication services market. Low fuel prices and low interest rates are driving the automotive sector. This has encouraged the leading manufacturers in the domain to use sheet metal fabrication for production of vehicles. Thus, the growth of the market is projected to move in the right direction in coming years.
Global Sheet Metal Fabrication Services Market – Geographical Outlook
North America, Latin America, Europe, Middle East and Africa, and Asia Pacific are the five main regional segments of the global sheet metal fabrication services market.
Among these, the regional segment of North America accounted for the largest share in the global market. The region accounted for around 32.1% of the overall market and is expected to continue its dominance in coming years of the forecast period.
On the other hand, the regional segment of Asia Pacific is projected to experience a considerable rate of growth in coming years of the forecast period. The region is expected to clock a CAGR of 2.6% during this period of forecast because of increasing applications in manufacturing and electronic sectors.
Analyze Sheet Metal Fabrication Services market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Sheet Metal Fabrication Services Market – Key Market Players
Some of the most prominent brands in the global sheet metal fabrication services market are All Metals Fabricating, Inc., BTD Manufacturing, Inc., Classic Sheet Metal, Inc., Dynamic Aerospace and Defense Group (Hydram Engineering), Ironform Corporation, Kapco Metal Stamping, Marlin Steel Wire Products LLC, 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., and The Metalworking Group.
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