Sheet metal processing equipment are used to perform various operations on sheet metal like cutting, forming, and welding. Sheet metal is the metal that is turned into thin and flat pieces by an industrial process. The thickness of the sheet metal can vary with the application; for example, ultrathin sheet metals are referred to as foils, and sheet metals with thickness greater than 6mm are referred to as plate steel. The metals that can be shaped into sheet metals are copper, aluminum, brass, steel, tin, nickel, and titanium. Sheet metal processing equipment are majorly used in aerospace and automotive industries. Majority of the cars that are produced in large scale are made using sheet metals. Sheet metals have a wide range of applications in manufacturing aircraft parts due to their high strength with light weight factor.
COVID-19 Scenario analysis:
- COVID-19 pandemic has shut-down the production of various products in the sheet metal processing equipment industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of sheet metal processing equipment market significantly from last few months, as is likely to continue during 2020.
- COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
- The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
- Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.
Drivers, restraints, and opportunities
The growing demand for sheet metal from industries like aerospace and automotive resulted in the development of the global sheet metal fabrication industry. This in turn, can potentially drive the sheet metal processing market in the upcoming years. Moreover, growth in commercial aviation and defense aircraft is expected to steer the sheet metal processing equipment market in the near future. Also, the rising need for sheet metal fabrication in end-use industries like aerospace, automotive, manufacturing, and more can propel the market growth. However, the shortage of skilled labor and expensive labor are the restraining factors that can hamper the growth of the sheet metal processing equipment market. Furthermore, emerging new advanced technologies can provide lucrative growth opportunities for the sheet metal processing equipment market during the forecast period.
Trends in sheet metal processing equipment market
Emerging new technologies to flourish the market
The emerging technological advancements in the field of automation have enhanced the efficiency and effectiveness of sheet metal processing equipment. For instance, a new technology that is trending in the sheet metal industry lately is the Tube Laser technology. This technology is growing at a fast pace, reasons being it provides various advantages over the traditional sheet metal process. For example, tube laser equipment can produce intricate and sharp cuts, which improves the fabrication speed and quality. Further, this technology effectively helps in reducing assembly costs and material wastage. Such new advanced technologies can boost the demand for sheet metal fabrication equipment from various end-use industries that can eventually result in the positive growth of the sheet metal processing equipment market.
Rising demand from the automotive industry
The sheet metal processing equipment has a wide range of applications in the automotive industry. The sheet metal processing equipment can be used to manufacture parts like body frame, chassis, and others for automobiles. According to statistics provided by the International Organization of Motor Vehicles Manufacturers, countries like China and Japan were the largest producers of automobiles in 2018. Exact figures show that China, the largest producer of automobiles in the world manufactured 23,529,423 vehicles, whereas Japan, being the second-largest producer of automobiles in the world manufactured 8,358,220 vehicles. Large vehicle production in the countries of Asia can ensure a promising positive growth in the upcoming years also, thus providing lucrative growth opportunities for the sheet metal processing equipment market during the forecast period.
Key benefits of the report:
- This study represents the analytical representation of the global sheet metal processing equipment market combined with the ongoing trends and future predictions to determine investment opportunities.
- The present market is thoroughly analyzed to enlighten the sheet metal processing equipment market growth.
- The report gives information regarding the important drivers, restraints, and opportunities provided with an in-depth analysis of the global sheet metal processing equipment market.
- Segmentation details of the global sheet metal processing equipment market.
- The report gives a comprehensive global sheet metal processing equipment market analysis based on competitiveness and how the performance of the competitors will take shape in the coming years.
Sheet Metal Processing Equipment Market Report Highlights
Key Market Players
U.S. industrial machinery, Allied machine and Engineering, TRUMPF, Doosan Infracore, Fanuc, Amada Holdings, DMG Mori, GF Machining Solutions, Fair Friend Group, DMTG