NEW
YORK, July 26, 2024 /PRNewswire/ -- The
global sheet metal fabrication services market size is
estimated to grow by USD 3.31 billion
from 2024-2028, according to Technavio. The market is estimated to
grow at a CAGR of 3.27% during the forecast period. Increasing
demand for fabricated metal parts in major end-user
industries is driving market growth, with a trend
towards advent of additive manufacturing. However, lack
of skilled workforce poses a challenge. Key market players include
All Metals Fabricating Inc., BTD Manufacturing, Classic Sheet Metal
Inc., Cupples J and J Co. Inc., Diehl Stiftung and Co. KG, Dynamic
Aerospace and Defense Ltd., Ironform Corp., Kapco Metal Stamping,
Marlin Steel Wire Products LLC, Mayville Engineering Co. Inc.,
Metal Fab Services Inc., Metal Working Group, Metcam Inc., Moreng
Metal Products Inc., Noble Industries Inc., ONeal Manufacturing
Services, Otter Tail Corp., Quality Sheet Metal Inc., Ryerson
Holding Corp., and Standard Iron and Wire Works Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
End-user (Automotive,
Industrial machinery, Electrical and electronics, Aerospace and
defense, and Others) and Geography (APAC, North America, Europe,
South America, and Middle East and Africa)
|
Region
Covered
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Key companies
profiled
|
All Metals Fabricating
Inc., BTD Manufacturing, Classic Sheet Metal Inc., Cupples J and J
Co. Inc., Diehl Stiftung and Co. KG, Dynamic Aerospace and Defense
Ltd., Ironform Corp., Kapco Metal Stamping, Marlin Steel Wire
Products LLC, Mayville Engineering Co. Inc., Metal Fab Services
Inc., Metal Working Group, Metcam Inc., Moreng Metal Products Inc.,
Noble Industries Inc., ONeal Manufacturing Services, Otter Tail
Corp., Quality Sheet Metal Inc., Ryerson Holding Corp., and
Standard Iron and Wire Works Inc.
|
Key Market Trends Fueling Growth
The sheet metal fabrication services market is experiencing
significant transformation due to the adoption of 3D printing
technology, also known as additive manufacturing. This innovative
technology constructs 3D objects using digital files and builds the
product in thin layers. Traditional manufacturing techniques are
subtractive in nature, resulting in high material wastage and added
costs for reclaiming scrap. In contrast, 3D printing optimizes
material usage and reduces raw material and capital costs.
Moreover, 3D printing enables the production of complex geometries
that are challenging to manufacture through traditional methods. In
the context of sheet metal fabrication, this technology is
particularly beneficial for creating dies used in machine tools for
punching processes. Dies, such as V-shaped, U-shaped, and 90-degree
angle production, are expensive and have long lead times, delaying
the metal processing process. With the advent of 3D printers, dies
and tools can be produced quickly and cost-effectively using
fiber-reinforced polymer. Furthermore, 3D printing allows for the
manufacture of cost-effective parts that are significantly cheaper
than traditionally manufactured parts, offsetting the high initial
cost of the 3D printer. The advancements in 3D printing technology
and its increasing adoption are expected to lead to a complete
shift in the manufacturing process, ultimately driving the growth
of the global sheet metal fabrication services market during the
forecast period.
Sheet metal fabrication is a thriving industry, focusing on
creating metal products from flat metal sheets. Key trends include
assembly networks for improved operational efficiency, novel
materials like aluminum, brass, silver, stainless steel, carbon
steel, and high strength alloys. Infrastructure investments in
bending technology, such as plasma and 3D printing, and machining
processes like cutting, welding, and robots, drive affordability
and durability. Prominent players leverage machine learning for
defect reduction. Lightweight components, essential in the defense
and space industries, are in high demand. Metal cutting and bending
technology advancements, including plasma and 3D printing,
revolutionize production. The construction sector and
infrastructure sectors rely on sheet metal fabrication for metal
reinforcements in skyscrapers, railway bridges, residential units,
and industrial shades. Ductwork, rain gutters, and other
applications further expand the market. The defense sector
continues to invest in sheet metal fabrication for defense
equipment, satellites, and rockets.
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Market Challenges
- The sheet metal fabrication industry is experiencing a
resurgence due to increased demand for commodities, leading to the
modernization of manufacturing units. CNC machines are
replacing traditional fabrication shop floor machines, enhancing
efficiency, product quality, and customer satisfaction. However, a
significant challenge arises from the lack of a skilled workforce,
particularly in welding. This process accounts for approximately
80% of the cost in the field. The shortage of welders is a pressing
issue, with the US, India, and
China facing this problem acutely.
The American Welding Society predicts a deficit of 400,000 welders
in the US alone by 2024. The manufacturing sector's lack of
qualified labor results in increased labor costs due to overtime
and longer production cycles, leading to inferior quality products
and extended lead times, negatively impacting fabricators'
revenue.
- The Sheet Metal Fabrication Services Market faces several
challenges in various industry verticals, including defense,
aerospace, energy, and aviation. Key products include panels,
brackets, enclosures, and components made from metals like steel,
aluminum, silver, foil, plate, and casting. Pitfalls and Challenges
include intense competition, sustainability, and recyclable metals.
Smart manufacturing, industrial automation, and digitization
through technologies like artificial intelligence, robotics,
building information modeling, on-demand manufacturing,
collaborative robots, e-commerce platforms, and cutting, punching,
stamping, forming, bending, welding, and finishing are essential
for overcoming these challenges. The market serves clients in
academia, defense, aerospace, energy, and aviation industries, with
data sources including industry reports and business metrics.
Sustainable practices are crucial, focusing on reducing waste and
ensuring eco-friendly processes.
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challenges - Download a Sample Report
Segment Overview
This sheet metal fabrication services market report extensively
covers market segmentation by
- End-user
- 1.1 Automotive
- 1.2 Industrial machinery
- 1.3 Electrical and electronics
- 1.4 Aerospace and defense
- 1.5 Others
- Geography
- 2.1 APAC
- 2.2 North America
- 2.3 Europe
- 2.4 South America
- 2.5 Middle East and
Africa
1.1 Automotive- The sheet metal fabrication services
market experiences significant demand from the automotive industry
due to the extensive usage of fabricated metal parts in various
vehicle components. These parts include bus bars, terminals,
electrical contacts, brackets, lead frames, shields, clips, and
press-fit pins, which are essential for fuel delivery systems,
chassis, batteries, motors, lights, engines, seating, alternators,
steering wheels, security systems, brake systems, and fuel systems.
However, the automotive industry's decreased capital expenditure
(CAPEX) investments from Q1 2020 by global automotive OEMs may
negatively impact sheet metal fabricators' revenue during the
forecast period. To maintain historical growth, Technavio predicts
that changes in production processes and increasing investments,
particularly in APAC countries like India, Indonesia, and Japan, will be crucial. Moreover,
collaborations and R&D investments by key players such as BYD
Auto Co. Ltd. (BYD) and Toyota Motor Corporation in the electric
vehicle market will create opportunities for sheet metal
fabricators in APAC during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Sheet Metal Fabrication Services Market is experiencing
significant growth due to increasing demand from various industries
such as aerospace, energy, and construction. However, this market
is not without its pitfalls and challenges. Intense competition and
the need for sustainable practices are major hurdles for
businesses. Sustainable practices, including the use of
eco-friendly materials and energy-efficient manufacturing
processes, are becoming increasingly important. Building
information modeling (BIM) and on-demand manufacturing are
transforming the industry by enabling faster and more accurate
production. Industrial automation, artificial intelligence,
robotics, digitization, assembly networks, and metalworking are key
trends driving innovation in the market. Defects in sheet metal
fabrication can lead to significant losses, making quality control
a top priority. Novel materials, such as foil and plate, are being
explored to improve product performance and reduce costs. Key
industry products include CNC machines, lasers, press brakes, and
shears. Data sources include industry reports, market research, and
company financial statements. Business metrics such as revenue
growth, market share, and profitability are closely monitored.
Industry verticals include automotive, construction, HVAC, and
appliances.
Market Research Overview
Sheet metal fabrication services involve the creation of metal
products from flat metal sheets using various processes such as
cutting, punching, stamping, forming, bending, welding, and
finishing. This market faces several pitfalls and challenges,
including intense competition, the need for sustainable practices,
and maintaining operational efficiency. The industry is undergoing
digitization with the adoption of building information modeling,
on-demand manufacturing, collaborative robots, e-commerce
platforms, and industrial automation. Novel materials like
aluminum, brass, silver, stainless steel, carbon steel, high
strength, and electrical conductivity are in demand for their
durability and affordability. Sectors such as defense, space,
construction, infrastructure, and aviation are major consumers of
sheet metal fabrication services. Defects in the manufacturing
process can be a significant challenge, requiring constant quality
control measures. Emerging technologies like plasma cutting, 3D
printing, robotics, machine learning, and 3D bending technology are
transforming the industry. Business metrics and data sources are
essential for tracking industry trends and making informed
decisions.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Automotive
- Industrial Machinery
- Electrical And Electronics
- Aerospace And Defense
- Others
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio