Global Sheet Metal Fabrication Services Market: About this marketSheet metal fabrication is an engineering process used in the construction of machines components and structures from various sheet metals made through material deformation. This sheet metal fabrication services market analysis considers sales from automotive industry, industrial machinery industry, electrical and electronics industry, aerospace and defense industry, and others. Our analysis also considers the sales of sheet metal fabrication services in APAC, Europe, North America, South America, and MEA. In 2018, the automotive industry segment had a significant market share. However, the industrial machinery segment is expected to be the largest end-user to the market in 2023. Factors such as rising demand for products from the oil and gas, construction, mining, and chemical and petrochemical will play a significant role in the industrial machinery segment to maintain its market position. Also, our global sheet metal fabrication services market report also looks at factors such as increasing demand for fabricated metal parts in major end-user industries, increasing adoption of automation to leverage profitability, shift to contract manufacturing. However, lack of skilled workforce, increasing price competition due to volatile input cost, increasing consolidation activities in the market may hamper the growth of the sheet metal fabrication services industry over the forecast period.
Global Sheet Metal Fabrication Services Market: OverviewIncreasing demand for fabricated metal parts from major end-user industriesDespite the emergence of carbon fiber, sheet metal forming plays a crucial role in the automotive and aerospace and defense industries. Metals are the major raw materials used in these industries as they can easily be transformed and made into shapes as per application requirement. With the current focus on lean manufacturing and increasing operational efficiency, including cost-cutting, sheet metal forming process will be a valuable service for OEMs. Since automotive and aerospace and defense industries are the major end-users in the global sheet metal fabrication services market, the increasing investments in these industries will drive the global sheet metal fabrication services market at a CAGR of over 3% during the forecast period.Increasing adoption of cobots in the metal fabrication processA cobot works alongside humans without physical separation or any caging requirement. These cobots use specialized sensors and robot controllers for operation thereby increasing the operational efficiency and safety in the process line. They are used to ease programming and reduce safety costs. They are built using sensors, such as torque sensors and built-in safety sensors, to identify the presence of humans near them. Thus, such advances in sheet metal fabrication services are expected to boost market growth during the forecast period.Competitive LandscapeWith the presence of several major players, the global sheet metal fabrication services is highly fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading sheet metal fabrication services manufacturers, that include Da Ming International Holdings Ltd., Mayville Engineering Co. Inc., O’Neal Industries Inc., Otter Tail Corp., and Ryerson Holding Corp.Also, the sheet metal fabrication services market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Post time: Jul-30-2019