New Study from StrategyR Highlights a $17.2 Billion Global Market for Sheet Metal Fabrication Services by 2026

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Mar 01, 2022, 11:35 ET

SAN FRANCISCO, March 1, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Sheet Metal Fabrication Services - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
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Sheet Metal Fabrication Services - FEB 2022 Report

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Edition: 9; Released: February 2022
Executive Pool: 682
Companies: 153 - Players covered include 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 and Others.
Coverage: All major geographies and key segments
Segments: By Material (Steel; Aluminum; Other Materials); By Form (Bend Sheet; Punch Sheet; Cut Sheet; Other Forms); By End-Use (Automotive; Industrial Machinery; Construction; Aerospace & Defense; Electronics; Telecommunications; Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

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. Advancements in many functions such as jerk control, smooth and high-speed tool center point, AI contour, and motion control software reduced the cycle time considerably. In addition, augmented ergonomics enabled reduction in the cost per part, thus driving the demand for sheet metal fabricated products.

Amid the COVID-19 crisis, the global market for Sheet Metal Fabrication Services estimated at US$15.3 Billion in the year 2022, 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 2022, 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 2022. 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 end of the analysis period. 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 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. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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