Sheet Metal Industry Overview

The global sheet metal market size was valued at USD 188.31 billion in 2023 and is projected to grow at a CAGR of 7.0% from 2024 to 2030. Sheet metal is one of the common building materials used across the construction sector for various applications. Continuous expansion of the building and construction sector is one of the key drivers for market growth.

Gather more insights about the market drivers, restrains and growth of the Sheet Metal Market

Sheet metal products have high strength and are deployed in sturdy structures. Moreover, these products are thin and lightweight, which makes them easy to transport. They are ideal for use in various weather conditions and provide moisture and corrosion resistance. Other advantages of using sheet metal include durability, recyclability, and widespread availability, thus making it a suitable choice for use in construction applications.

The increasing number of single-family construction projects in the U.S. contributes to economic growth and job creation in the construction industry and also caters to the evolving housing needs of individuals and families across the country. This has resulted in a growing population that prefers renting over homeownership, thereby increasing the demand for well-maintained single-family rental properties. This overall trend is expected to positively impact the market in the U.S.

The use of lightweight materials and alloys with titanium and aluminum is likely to contribute to the growth of the sector. Titanium is a stronger and lighter metal than steel. It is alloyed with iron, aluminum, manganese, and other metals to improve physical and chemical properties. Demand for titanium metal is anticipated to grow on account of its extensive use in the aerospace industry for applications, including aircraft skin, structural parts, engine components, hydraulic systems, missiles, and rockets.

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• The global steel market size was estimated at USD 1,469.04 billion in 2023 and is projected to grow at a CAGR of 5.3% from 2024 to 2030.
• The global washing machine market size was estimated at USD 57.01 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 10.2% from 2023 to 2030.

Sheet Metal Market Segmentation

Grand View Research has segmented the global sheet metal market based on product, end use, and region:

Sheet Metal Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Steel
• Aluminum

Sheet Metal End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Building & Construction
• Automotive & Transportation
• Machinery & Equipment
• Others

Sheet Metal Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

North America

• US.
• Canada
• Mexico

Europe

• Germany
• France
• Italy

Asia Pacific

• China
• Japan
• India

Central & South America

• Brazil
• Middle East & Africa

Key Companies profiled:

• JSW Steel Ltd
• Tata BlueScope Steel Private Limited
• Nippon Steel Corporation
• POSCO
• United States Steel Corporation
• JFE Steel
• Baosteel Group
• Howmet Aerospace, Inc.
• Ma’aden
• Hindalco Industries Limited
• Kaiser Aluminum Corporation
• Constellium SE
• Aleris Corporation
• Hulamin Limited
• Norsk Hydro ASA (Speira)

Key Sheet Metal Company Insights

Some of the key players operating in the market include Nippon Steel Corporation, Baosteel Group, and United States Steel Corporation.

• Nippon Steel Corporation is Japan’s largest steelmaker. It operates through business segments, namely Steelmaking & Steel Fabrication, Engineering, Chemicals, New Materials, and System Solutions. Its core segment is Steelmaking and Steel Fabrication, which includes Engineering & Construction, Chemicals & Materials, and System Solutions. It delivers diverse products and caters to all key end-user industries of steel.
• Baosteel Group, an integrated steel producer founded by the Shanghai Baosteel Group Corporation, produces various steel products such as HR steel, CR sheets, heavy plates, pipes and tubes, bars and wire rods, and rail and section steel. It has a total manufacturing capacity of 50.95 Mtpa across four plants in China.
• United States Steel Corporation is an integrated steel producer operating in the U.S. and Central Europe. It produces various types of steel products that cater to diverse industries such as automotive, building & construction, consumer durables, electrical appliances, industrial equipment, and energy.

Recent Developments

• In June 2024, Malaysia-based BWYS Group Bhd announced that it would build a new sheet metal plant to expand its sheet metal business. The transaction value is undisclosed. The new plant is currently under construction adjoining the existing facility in Sungai Bakap.
• In May 2024, India-based Jindal Stainless announced major expansion and acquisition plans of nearly INR 5,400 crores (~USD 64.7 million) to boost its melting and downstream capacities. This investment is in line with its strategic expansion plans to become the largest stainless steel manufacturer in the world. Its product portfolio includes stainless steel slabs, hot rolled coils, plates and sheets, cold rolled coils and sheets, and ferroalloys.
• In January 2024, UK-based Lantek, a sheet metal machinery manufacturer, partnered with TECHNOLOGY Italiana, a punching machinery manufacturer, to synergize and collaborate to provide new technology to market.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.