Sheet Metal Market Size Expected to Grow at a CAGR over 4.60% from 2023 - 2030

Pune, India, July 2023, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Sheet Metal Market.

Steel is transformed into flat, thin bits to create sheet metal. It can be shaped by cutting, stamping, punching, and bending. The primary ingredients used in the sheet metal industry are tin, copper, steel, and titanium. One of the most adaptable and environmentally benign materials, sheet metal even requires little upkeep while being produced. The thickness of this metal varies depending on its intended application; for instance, extremely thin sheets can be used as aluminum foil, while thicker sheets can be identified as structural and plate steel. The market expands more quickly as a result of increased demand in the industrial, telecommunications, aerospace, and construction sectors. The largest consumer of sheet metal might be China.

Almost all of the popular engineering metals are also utilized as sheets. Carbon steel, stainless steel, copper, and aluminum are a few of them. The mechanical properties of metal sheets are identical to those of the base metal. Steel sheets are therefore durable and have a high tensile strength, making them ideal for use in equipment and construction. Copper sheets are also frequently used as a decorative overlay on contemporary structures.

Market Research Future anticipates that the sheet metal market could soar from USD 308.04 Billion in 2023 to USD 403.46 billion by 2030, capturing a CAGR of 4.60% from 2023 to 2030. MRFR also highlights the impact of the COVID-19 outbreak on the market. From a financial as well as a production and manufacturing point of view, the pandemic brought about many shifts in market conditions. The decline in people’s disposable income as a result of the economic lockout in all sectors of the economy is what is behind the current decline in demand for nearly every commodity.

But the thriving manufacturing sector will be a bright spot for the sheet metal industry. Sheet metal is used for fabrication in numerous manufacturing industries, including automotive, aerospace, shipbuilding, aviation, and semiconductor. It is also turned into the body parts of vehicles, aircraft, and ships. The demand for sheet metal items, such as components and parts, is strongly associated with the expansion of the manufacturing industry. As the industrial sector continues to expand and develop, it is projected that demand for sheet metal goods will rise.

The automobile sector is the primary end-user of large amounts of sheet metal required to make the body components of vehicles. As a result, the automotive industry will develop and the popularity of electric vehicles will play a significant role in the growth of the global market. The demand for sheet metal products has also increased due to the ability to produce high-quality products more efficiently as a result of technological advancements in the sheet metal production industry, including automation and robotics. The increased manufacturing of aerospace and defense equipment, as well as passenger aircraft, will also contribute to the target market's expansion. These factors will therefore support market development during the anticipated timeframe.

Segmental Analysis 

Steel and aluminum are part of the material-based market segmentation for sheet metal. In 2022, the sheet metal market's revenue was dominated by the steel segment.

Rolling, forging, and bending are the process-based market segments. In 2022, the rolling segment dominated the market, and it is anticipated that throughout the forecast period of 2022–2030, this segment will develop more quickly.

Depending on end users, the market is divided into four categories: building & construction, automotive & transportation, consumer appliances, and energy.

Detailed Regional Analysis 

The Asia-Pacific market hit a massive valuation of USD 134.9 billion in 2022 and will continue to thrive over the study period. It is anticipated that the sheet metal market in the region will be stimulated by the rise of the automobile industry. Another significant element elevating the market attractiveness in this area is the rate at which sheet metal is being utilized in various production processes as a result of quick industrialization and urbanization.

Competitive Analysis

Through ongoing development over the past few years, businesses in the market with significant regional presence and bigger turnovers have acquired economies of scale. Most market participants have a high level of value chain integration. For instance, Hindalco's operations encompass bauxite mining, coal mining, alumina refining, aluminum smelting, power plants, and the production of downstream goods including extrusions, sheets, and foils. In a similar vein, steel industry producers are involved in activities ranging from mining to the production of downstream goods.

The top manufacturers of sheet metal are POSCO, JFE Steel Corporation, Baosteel Group of China, Norsk Hydro ASA, Aaronic, Alcoa Corporation, United States Steel, Aleris Corporation, Constellium, Kaiser Aluminium, and Hulamin.

Browse Full Report Details @ Sheet Metal Market