The Sheet Metal Fabrication Services Market is projected to grow at a CAGR of 2.85% during the forecast period to reach US$18.464 billion by 2027, from US$15.164 billion in 2019.
Sheet metal fabrication is the method of converting flat sheets of steel or aluminum into metal structures or products, through punching, folding, cutting, and assembling. Sheet metal can be formed into almost any shape, and it is usually done by burning and cutting the metal. Some of the major factors responsible for the growth of the sheet metal fabrication services market are increasing demand by end-users, rapid urbanization in many developing countries, a strong trend of investments related to research and development in multiple services sectors, enhancing operational efficiency, and lean manufacturing.
The important factors driving the market growth are the booming demand for fabricated metal components from major end-user industries, rising focus on operational efficiency, cost-cutting, and lean manufacturing.
The growing requirement for sheet metal fabrication from a broad range of important end-users such as automotive, military & defense, oil and gas, medical devices, construction, industrial machinery, agriculture, consumer products, electronics, and aerospace is predicted to propel the market growth. Furthermore, the prevailing priority on improving operational performance and lean manufacturing are adding to enhanced demand for the process of sheet metal fabrication among original equipment manufacturers (OEMs). In addition, innovative prefabrication methods embraced by sheet metal fabrication service providers to satisfy the increasing demand are assumed to stimulate the growth of this market. The rising labor deficit could be approached by utilizing cobots in metal fabrication processes. Hence, an expanding amount of metal fabrication facilities are using cobots to improve operational effectiveness and advance the quality of the product. The sheet metal fabrication market is further observing a growth in the employment of CNC machine tools as one of the fundamental tools in various applications, including shaping and molding. The integration of different software and ERP technologies for easy data accessibility is also a driving factor for the growth of the global sheet metal fabrication services market. For example, CAD software is used to execute design specifications and optimize the product for the manufacturing process. Another significant determinant that has aided in propelling the growth of the global sheet metal fabrication services market is the contemporary progressions in the field of automation and robotic tools that have been adopted for the fabrication of metals. This helped in increasing productivity and in lowering the labor cost.
However, some factors are anticipated to hinder the market growth in the sheet metal fabrication services market, such as finding skilled workers is challenging as the market for metal fabrication services is becoming technologically advanced. Another factor that can act as a restraint for this market is the issues related to the health and safety of fabricators.
By region, North America and the Asia Pacific are expected to drive the growth of the sheet metal fabrication services market during the forecast period.
Manufacturing in North America is supposed to grow and therefore continues to be a pivotal force in the global metal sheet fabrication services market. The growth can be attributed to increased construction projects and the strong defense and aviation industry. Sheet metals like aluminum and steel are reliable, enduring, and corrosion repellent and are frequently employed in the construction industry for various applications such as cladding used to cover buildings. Manufacturers in the United States adopt technology to develop new machinery products, which heightens the need for sheet metal fabrication. The market in the Asia Pacific is also predicted to grow due to improved manufacturing and construction activities, owing to the increased urbanization. Several industries such as construction, industrial machinery, electronics, and automotive are developing their abilities in this region. The development of the manufacturing industry is because of the easy availability of cheap labor and raw materials.
COVID-19 has hindered the growth of the sheet metal fabrication machine market considerably. Massive demand for the sheet metal fabrication machine market was noticed from large manufacturing countries, which are severely influenced by the spread of coronavirus. The sudden change in the working environment prompted manufacturers in the sheet metal market to re-consider their business arrangements and plan. Material shortages generated by the pandemic have made it challenging to predict metal prices, and manufacturers are often confronted with very short validity for prices from their suppliers. Gathering up from the disruption caused by the two waves of the pandemic, the market has collected itself to reap not only assertive government attention towards its long-standing distress but also proved fast response in adopting new technologies and growing its perspectives on things to do. On its way to recovering from the pandemic onslaught, the industry is poised for the adaptation of innovative technologies and also profit from the alleviation of its long-festering hardships.
|Market size value in 2020||US$15.164 billion|
|Market size value in 2027||US$18.464 billion|
|Growth Rate||CAGR of 2.85% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Form, Material, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Action Fabricating, Inc., BTD Manufacturing, Classic Sheet Metal, Inc., 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, The Metalworking Group|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What will be the sheet metal fabrication services market size by 2027?
A1. The sheet metal fabrication services market is projected to reach a market size of US$18.464 billion by 2027.
Q2. What is the size of the global sheet metal fabrication services market?
A2. Sheet Metal Fabrication Services Market was valued at US$15.164 billion in 2020.
Q3. What are the growth prospects for the sheet metal fabrication services market?
A3. The global sheet metal fabrication services market is projected to grow at a CAGR of 2.85% over the forecast period.
Q4. Which region holds the largest share in the sheet metal fabrication services market?
A4. North America and the Asia Pacific are expected to hold the largest share of the sheet metal fabrication services market.
Q5. What factors are anticipated to drive the sheet metal fabrication services market growth?
A5. The important factors driving the sheet metal fabrication services market growth are the booming demand for fabricated metal components from major end-user industries, rising focus on operational efficiency, cost-cutting, and lean manufacturing.
Action Fabricating, Inc.
Classic Sheet Metal, Inc.
Kapco Metal Stamping
Marlin Steel Wire Products
Mayville Engineering Company, Inc.
Moreng Metal Products Inc.
Noble Industries, Inc.
O'Neal Manufacturing Services
Ryerson Holding Corporation
The Metalworking Group
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