Sheet Metal Market Size, Historical Growth, Analysis, Opportunities and Forecast
Market Overview
According to MRFR analysis, Global Sheet Metal Market is likely to register a CAGR of 4.6% to reach USD 398.52 Billion by the end of 2027.
Market Dynamics
The global sheet metal market is being driven by an increase in vehicle production, the expansion of the building and construction industry, and increased demand for sheet metals in the aerospace and defense industries. Furthermore, rising demand for sheet metal in the energy and consumer electronics industries in applications such as wind turbines, pipelines, washing machines, and microwaves is likely to drive market expansion throughout the forecast period. Due to rising demand for these products from the construction industry, the sheet metal market is likely to rise rapidly.
The demand for sheet metals is being fueled by ongoing infrastructure construction operations in emerging countries. The widespread usage of metal sheets for roofing in the construction industry is propelling the worldwide sheet metal market. Furthermore, due to the growing trend of employing sheet metals in construction and interior decorating, demand for sheet metals is expected to continue to rise. Furthermore, rising 3D printing techniques capable of creating holograms, medical equipment, and prescriptions for sheet metal fabrications, as well as regulatory policies prioritizing growth and opportunity within the HVACR industry, are expected to contribute to market growth during the forecast period.
The availability of carbon fiber composites, on the other hand, is likely to stifle the worldwide sheet metal market’s growth.
Market Segmentation
The market is divided into steel, aluminum, and other material types. Steel, with its high tensile strength and low cost, is likely to be the largest segment of the worldwide sheet metal market. Steel sheet metal is the most common form utilized in a variety of industries. Over the projected period, the market is expected to be driven by the increased importance of steel in the construction industry, as well as infrastructural advancements in developing and developed nations. Steel sheet goods are also predicted to grow in popularity over the next seven years due to its high quality, durability, economic benefits, sustainability, strength, long life, and minimal maintenance costs.
The market is divided into rolling, forging, bending, and other processes.
The market is divided into Building & Construction, Automotive & Transportation, Consumer Appliances, Energy, and Others by End-Use Industry. Building and construction is the largest segment, accounting for nearly 52 percent of market share in 2018. The increased usage of stainless steel sheets in curtain walls and roofing has had a favorable impact on the sheet metals market. Stainless steel’s functional properties and aesthetic appeal are largely responsible for this. The use of various stainless steel alloys in building and construction has increased in recent years. Commercial, educational, and hospital structures, as well as sports stadiums, are just a few instances of where sheet metal is used extensively.
Regional Overview
During the projected period, Asia-Pacific is expected to be the largest and fastest-growing regional market. The growth is linked to the region’s fast industrialization and urbanization. Furthermore, during the projection period, the ever-increasing population is expected to boost sheet metal production and consumption.
During the projection period, Europe held the second-largest share of the global sheet metal market. Due to the presence of major automakers in the region, sheet metal is consumed at a high pace. Furthermore, the region’s growing awareness about energy conservation has resulted in the implementation of an efficient energy transportation system.
North America accounted for a significant portion of global sheet metal in 2018 and is predicted to increase at a respectable rate throughout the projection period. The region’s success can be ascribed to its well-established energy sector as well as its aerospace and defense industry. According to the Aerospace Industrial Association (AIA), the US aerospace and defense industry achieved monetary returns of USD 929 billion.
The burgeoning automobile industry and rising energy sector in Latin America are likely to drive regional market expansion. Furthermore, increased infrastructure investments are a prominent driver driving market expansion in the Middle East and North Africa.
Competitive Dynamics
The market’s prominent players include NIPPON STEEL CORPORATION (Japan) – VIEWKOTE, POSCO (South Korea), JFE Steel Corporation (Japan) – JATT, Baosteel Group (China), Norsk Hydro ASA (Norway), Aronic (US), Alcoa Corporation (US), Aditya Birla Management Corporation Pvt. Ltd (India), United States Steel (US), Aleris Corporation (US), Constellium (South Africa).
These market participants are also tightly linked across the value chain. Hindalco’s operations include bauxite mining, coal mining, alumina refining, aluminium smelting, power plants, and downstream product manufacturing such as extrusions, sheets, and foils, for example. Steel producers, too, are involved in processes ranging from mining through downstream product manufacturing.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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