Global sheet-metal fabrication services
According to a new report on ResearchandMarkets, the global market for sheet-metal fabrication services, estimated at US$ 14.8 billion in the year 2020, is projected to reach a revised size of US$17.7 billion by 2027, growing at a CAGR of 2.6% from 2020-2027.
Steel, one of the segments analysed in the report, is projected to record a 3% CAGR and reach US$7.7 billion by the end of the analysis period. Taking into account ongoing post-pandemic recovery, growth in the aluminium segment has been readjusted to a revised 2.5% CAGR for the next seven-year period.
“The sheet-metal fabrication services market in the U.S. is estimated at US$ 2.6 billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$ 6.2 billion by the year 2027, trailing a CAGR of 3.4% over the period 2020 to 2027,” said the report.
“Among other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.5% and 2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.8% CAGR. Led by countries such as Australia, India and South Korea, the market in Asia-Pacific is forecast to reach US$1.8 billion by the year 2027,” it added.
In the global ‘Other Materials’ segment, the USA; Canada; Japan; China and Europe are expected to drive the 1.9% CAGR estimated for this segment. According to the report, these regional markets accounting for a combined market size of US$ 2.3 billion in the year 2020 will reach a projected size of US$ 2.6 billion by the end of the analysis period.
“China will remain among the fastest growing in this cluster of regional markets. Latin America will expand at a 2% CAGR throughout the analysis period,” continued the report.
For further details, see https://www.researchandmarkets.com/reports/5141380/sheet-metal-fabrication-services-global-market