Albany, NY -- (SBWIRE) -- 07/16/2018 -- The global sheet metal fabrication services market is rendered fragmented due to the presence of several companies. In a recent study Transparency Market Research (TMR) finds some of the leading companies operating in the market. These include Hydram Sheet Metalwork, Standard Iron & Wire Works Inc., The Metalworking Group, Classic Sheet Metal, Inc., All Metals Fabricating, Inc., and others. Through the course of the study's forecast period, starting from 2017 to 2025, the global sheet metal fabrication services market is likely to witness a high degree of competition. As per TMR, the widespread application of sheet metal fabrication services has led to the proliferation of lucrative opportunities. This will in turn stir competition witnessed in the market.
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Despite gaining from urbanization, TMR predicts the sheet metal fabrication market to report sluggish growth over the course of the forecast period. The global market is forecast to report a CAGR of 1.4% between 2017 and 2025. Based on metal type, the market is likely to witness increasing demand for steel. In addition to this, the demand for aluminum is expected to catch up in the coming years. TMR forecasts, the aluminum segment to hold nearly 40% of the global sheet metal fabrication services market among key metal types by the end of the aforementioned forecast period. Regionally, North America emerged as the leading contributor in the global sheet metal fabrication market. In the coming years, Asia Pacific is also predicted to emerge as a lucrative market for sheet metal fabrication services.
Demand for Aviation and Aerospace Sectors to Drive Growth
The global sheet metal fabrication services market will remain steady despite exhibiting a sluggish CAGR on account of the continuing demand from aviation and aerospace sectors. Given the scenario, growth in commercial airlines and expansion of the military aircrafts market will give impetus to the market in the coming years. The demand for sophisticating existing technologies in the military sector will also create a conducive environment for the market's growth in the coming years. These factors will play a crucial role in enabling the global sheet metal fabrication services market maintain its trajectory in the near future.
Emerging Nations to Offer Lucrative Growth Opportunities
As per TMR, the automotive industry is expected to offer attractive opportunities for growth to the market. Therefore, booming automotive sectors in developed countries as well as a few emerging nations will enable the market to stay afloat during the forecast period. This is driven by the rising disposable income of people, which in turn has fuelled the demand for cheap entry-level vehicles. This scenario is true especially in case of developing nations, which will enable growth in the sheet metal fabrication services market.
TMR also expects the demand for steel sheet metals to increase in the coming years. Their use will be further bolstered due to their increasing use in the construction sector. Additionally, the demand for aluminum variant of sheet metal fabrication is expected to rise in automotive and aerospace industries. Spurred by this, the global sheet metal fabrication market will be able to maintain growth rate in the coming years. Besides this, the market is also expected to witness increasing demand for tungsten, copper, and other sheet metal fabrications. Against this backdrop, TMR expects the market to gain significantly from rapid urbanization. Furthermore, the increasing investment in infrastructural development is expected to fuel demand thus boosting the global sheet metal fabrication services market.
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This review is based on a TMR report, titled "Sheet Metal Fabrication Services Market (Material Type Steel (Grade 301 Stainless, Grade 304 Stainless, Grade 316 Stainless, and Grade 410 Stainless) and Aluminum; Form - Bend/Angular Sheet, Punch Sheet, and Cut Sheet; End-use Industry - Manufacturing, Construction, Aerospace, Automotive, Architecture, Electronics, Food Processing, and Telecommunication) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.