According to a new report by Transparency Market Research (TMR), the global sheet metal fabrication services market is expected to remain fragmented over the coming years due to the widespread application spectrum of the market and the number of lucrative opportunities in specific fabrication areas. Sheet metal fabrication demand trends highlighted include:
- Steel is likely to retain its overwhelming dominance in the fabrication market due to the number of opportunities for sheet metal fabrication services in the construction industry.
- Aluminum is also likely to contribute significantly to global sheet metal fabrication trends in the coming years due to rising demand in the aerospace and automotive sectors.
- Aluminum is likely to account for close to 40% of the global sheet metal fabrication services market by the end of the 2017-2025 forecast period.
- Regionally, North America and Europe are likely to collectively account for the bulk of the metal fabrication services market in the coming years.
- Asia Pacific and the Middle East are likely to become increasingly important to the global sheet metal fabrication market in the coming years due to many of these countries’ rapid economic growth.
- The rapid growth of the aerospace and aviation sector — both commercial and military — in recent years has been a major driver for the global sheet metal fabrication services market.
- Growing disposable income of consumers in developing regions has led to a steady rise in the demand from the automotive sector from the sheet metal fabrication services market.
- Overall, the survey’s researchers expect the global sheet metal fabrication demand to exhibit a slow 1.4% CAGR from 2017 to 2025.
Read more on Transparency Market Research Trends’ Website.