Views: 9 Author: Site Editor Publish Time: 2023-05-10 Origin: Site
The sheet metal fabrication market has significantly expanded, with demand for metal fabrication products and services surging recently. The increase in demand has been inspired by the resurgent need for fabricated metal sheets across various sectors, not to mention the many technological advancements.
The market is expected to increase between 2022-2028, mainly due to cobot (collaborative robots) deployment in multiple metal manufacturing facilities. The expected growth rate is a solid CAGR of 2%.
In this report, through rigorous research methodology into the global sheet fabrication market, the information is based on research on the global trends in the industry, highlighting both micro and macro aspects. Here is a detailed report on the sheet metal fabrication industry and services.
Sheet metal fabrication defines the unique subtractive processing method to cut sheet metal into usable parts. The global sheet metal fabrication market has witnessed tremendous growth, with various factors contributing to its exponential growth among them:
Rapid urbanization within multiple developing regions
The massive trend of R&D investments within multiple service sectors
What's more, there is a massive demand for typical sheet metal fabrication across a vast array of significant end users like aerospace, military & defense, automotive, industrial machinery, construction, agriculture, medical devices, consumer products, oil and gas, and electronics all sectors that drive the growth.
The sheet metal fabrication industry based on product form can be divided into several components mainly:
Bend sheet
Punch sheet
Cut sheet
Regarding Materials, the sheet metal fabrication industry is also divided into aluminum and silver.
Finally, based on End Use, the sheet metal fabrication industry is divided into several segments: aerospace, defense, construction, industrial machinery, electronics, automotive, telecommunications, and others.
The global sheet metal fabrication sector is dictated by several major regional markets whose impact has led to massive demand, including The Asia Pacific, North America, Europe, Asia Pacific, and the Middle East, as well as Africa are the largest consumers.
The Covid-19 pandemic significantly contributed to significant market trends in Sheet metal fabrication and other industries. Although for most, it seriously hampered operations due to the weakened economies of most major economies globally.
During this period, the sheet fabrication industry was estimated to be around US$15.3 Billion in 2022. However, because of the resurgence in most major consumer economies globally, the market is expected to get to a massive figure of US$17.2 Billion by 2026, a growth projected at 2.6% CAGR across the analysis period.
The Chinese market is currently the largest supplier of Sheet Metal Fabrication services, with the market expected to reach a whopping $6 Billion by 2026, while the U.S market, a close China competitor, is estimated at $2.7 Billion in 2022 and expected to witness significant growth from this period to 2026. the nation currently covers a substantial share of 17.78% worldwide.
China, the second largest global economy, has been projected to reach an estimated size (sheet metal fabrication) of around US$6 Billion between 2022-2026, which is a substantial 3.4% CAGR through this analysis period.
What's more, other notable geographic markets like Canada and Japan are forecast to increase substantially to around 2% and 1.5%, respectively, over the trajectory period. Within European nations, Germany is among the notable countries expected to experience an exponential growth of around 1.8% CAGR, with the rest of the Europe market expected to steadily grow to approximately $6.2 Billion in the global market between 2022-2026 over this analysis period.
As aforementioned, several factors drive the demand for sheet metal fabrication services. One of the most notable, besides the typical common reasons, is that the global market is focused on promoting lean manufacturing and operational efficiency.
With this trend, the demand for sheet metal forming with OEMs, the industry has not only realigned to produce more products to meet the market, but it has also adopted inventive prefabrication techniques to satisfy the unique needs of global customers and subsequently lead to exponential industry growth.
The sheet metal fabrication industry has experienced significant growth over the past decade. This growth can be attributed to the rise of new technologies that have revolutionized this industry. One of these technologies is 3D printing, which allows for the creation of complex shapes by using digital data models instead of physical forms.
With 3D printers, designers can create products in any shape without worrying about how much material they will need or how long it will take them to complete the project. Some of the expected trends, according to the 2022 analysis reports, include:
CNC Technology: This superb technology is expected to impact the sheet fabrication industry over the coming years, starting in 2022. CNC machinery enables faster production compared to traditional techniques like drilling and milling. CNC technology features machines equipped with CNC tech (computer numerical control) software to help with automated programs incorporating automated motions and cutting fluids to cut different shapes at conveniently high speeds.
Micro-welding technology: The industry has benefited significantly from using high-speed photography and laser beams to build relatively thinner micro-welds than traditional methods. With this process, sheet fabrication firms can make robust welds that work superbly in reinforcing or repairing any metal surfaces.
3D printing: This innovation is growing in popularity as a reliable means to create plastic components from standard CAD files and has found use in this industry. With this technology set to get more advancements from the already operational software in 2022, manufacturers will ably create more sophisticated shapes; hence we can expect more progress in the industry.
The sheet metal fabrication industry is undeniably undergoing intense competition and change. New technologies, materials, and processes continually enter the sector while traditional methods remain popular.
These unique industry trends are expected to be steady. However, the most notable one we can expect is an increase in demand for new products and services, a trend expected to continue as more users and companies realize the many benefits of using these advanced Sheet fabrication products and services.