Global Sheet Metal Fabrication Services Market: Snapshot
The sheet metal fabrication services market has acquired a vital position in the global metalworking sector and is likely to exhibit rapid growth in demand in the coming years. The sheet metal fabrication services market has been driven by the urbanization observed in several developing regions across the world, as well as steady growth of key end use industries such as aerospace and automotive. Ready to install fabrication products have become vital for these and other end users in the sheet metal fabrication services market, which is likely to aid steady progress of the sheet metal fabrication services market in the coming years. The global sheet metal fabrication services market is projected to exhibit a CAGR of 1.4% between 2017 and 2025.
Steel, Aluminum to Lead Global Sheet Metal Fabrication Services Market
By metal type, the global sheet metal fabrication services market is segmented into steel, aluminum, and others such as copper and tungsten. Steel is the predominant leader in the global sheet metal fabrication services market due to its widespread use in the construction industry. Aluminum could also exhibit rapid progress in the coming years due to its growing demand in the automotive industry and the booming aerospace sector. Aluminum is likely to account for close to 40% of the global sheet metal fabrication services market by the end of the forecast period. Moreover, the demand for copper, tungsten, and other sheet metal fabrications is likely to be aided by the rapid urbanization across the world, as these two metals have several applications in urban infrastructure.
The steel market is segmented into grade 301 stainless, grade 304 stainless, grade 316 stainless, grade 410 stainless, and others. The grade 301 stainless and grade 304 stainless segments dominated the market in 2016.
Based on form, the sheet metal fabrication services market is segmented into bend/angular sheet, punch sheet, cut sheet and other forms. Bend/angular form contributed maximum market share towards the total sheet metal fabrication services market in 2016 and is expected to grow at healthy CAGR during the forecast period of 2017-2025. Nevertheless, the punch sheet and cut sheet forms collectively accounted for 52% of the global sheet metal fabrication services market in 2016 and are also likely to remain dominant contributors to the market in the coming years.
Asia Pacific Sheet Market Fabrication Services Market to Exhibit Highest CAGR
Geographically, North America is the leading contributor to the global sheet metal fabrication services market and is likely to remain a significant regional player in the market in the coming years. Asia Pacific is also likely to emerge as a major regional player in the global sheet metal fabrication services market due to the rapid industrialization in the region. The North America market for sheet metal fabrication services totaled US$635.7 mn in 2016 and is likely to rise to US$711.1 mn by 2025. However, the 1.3% CAGR projected for the North America market is likely to be bested by Asia Pacific, where the sheet metal fabrication services market is expected to exhibit a CAGR of 1.8% in the 2017-2025 forecast period.
Some of the key players engaged in the sheet metal fabrication services market are 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.