According to MRFR analysis, Global Sheet Metal Market is projected to register a CAGR of 4.6% to reach USD 398.52 Billion by the end of 2027.
Sheet metal is formed by the fabrication of different metal ingots, billets, and blooms into thin, flat pieces by various industrial processes. Sheet metals offer properties such as high specific strength, durability, recyclability, and corrosion resistance, owing to which they are one of the most important fundamental forms used in metalworking applications. Sheets metal can be cut and bent into a variety of shapes to attain a required profile for further applications. Some of the major applications of sheet metals are in the manufacturing of automobile components, metal chassis, electrical cabinets, HVAC ducts, and architectural cladding.
The key factors driving the growth of the global sheet metal market are an increase in automobile production across the globe, expanding the building and construction industry, and rising demand for sheet metals in the aerospace & defense industry.
Moreover, the growing demand for sheet metal in energy and consumer electronics industry in applications such as wind turbines, pipelines, washing machines, and microwaves, is also expected to boost the market growth during the forecast period.
Furthermore, the regulatory policies prioritizing the growth and opportunity within the HVACR industry, and rising 3D printing techniques capable of creating holograms, medical equipment, prescriptions for sheet metal fabrications are likely to add to the market growth during the forecast period.
However, the availability of carbon fiber composites is expected to hamper the growth of the global sheet metal market.
The guidelines set by various regulatory bodies for the use of sheet metals in the production are as follows:
The American Society for Testing and Materials (ASTM), ASTM A27/A27M-19 for ‘Steel Castings, Carbon, for General Application’; ASTM A254 / A254M - 12 for ‘Copper-Brazed Steel Tubing’; ASTM A135 / A135M - 19 for ‘Electric-Resistance-Welded Steel Pipe’; ASTM A947M for ‘Textured Stainless Steel Sheet’; ASTM A895 for ‘Free-Machining Stainless Steel Plate, Sheet, and Strip’
- Increasing automobile production and surging demand for sheet metals in automobile structural framework applications
- Expanding the building and construction industry coupled with new regulatory policies for commercial ductwork
- Growing adoption of efficient transportation systems in the energy sector
- Widespread use of sheet metal in multiple end-use industries
- Rising demand for carbon fiber composites
By Material Type
- Steel: It is expected to be the largest segment of the global sheet metal market, owing to its high tensile strength and low cost. Steel sheet metal is the major type used in multiple end-use industries.
- Aluminum: Aluminum is the second most widely used metal in the world and is used in sheet metal applications owing to its properties such as lightweight, high weight-to-strength ratio, and excellent corrosion resistance.
- Rolling: It is the process of turning metal ingots, billets, and blooms into sheet by passing them through a series of roll stations.
- Forging: The workpiece is compressed between multiple dies containing shaped contours. The die shapes are imparted into the final component.
- Bending: The process of applying force on the metal sheet to bend it and form the desired shape.
By End-Use Industry
- Building & Construction: The largest segment accounting for over 52% market share in 2018. Commercial, education and hospital buildings, and sports stadiums are some of the examples where sheet metal is consumed at a significant rate.
- Automotive & Transportation: Trailed by building & construction, the automotive & transportation segment held the second-largest share of the global sheet metal market. The increasing production of automobiles is expected to fuel the growth of the segment during the forecast period.
- Consumer Appliances: Held a significant share of the global sheet metal market owing to their major applications in household appliances.
- Energy: Sheet metal finds applications in the manufacturing of wind turbines, pipelines, and solar panel frames in the end-use industry.
- North America
- Latin America
- Middle East & Africa
- Asia-Pacific: It is expected to be the largest and fastest-growing regional market during the forecast period. The growth is attributed to rapid industrialization and urbanization in the region. Moreover, the continuously growing population is further expected to boost the production and consumption of sheet metal during the forecast period.
- Europe: Held the second-largest share of the global sheet metal market during the forecast period. The region being the home of major automakers leads to consumption of sheet metal at a significant rate. Moreover, the growing concern regarding energy conservation has led to the adoption of effective energy transportation system in the region.
- North America: It held a prominent share of the global sheet metal in 2018 and is expected to witness healthy growth during the forecast period. The growth in the region is attributed to its well-established energy sector and aerospace & defense industry. According to the Aerospace Industrial Association (AIA), the Aerospace & Defense industry in the US generated USD 929 billion monetary returns.
- Latin America: The expanding automotive industry and rising energy sector are expected to fuel the regional market growth.
- Middle East & Africa: The major factor driving the growth of the market is increasing investments in the infrastructure sector.
- 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 (US)
- Kaiser Aluminum (US)
- Hulamin (South Africa)
Frequently Asked Questions (FAQ) :
sheet metal market is projected to grow at a 46% CAGR between 2020-2027.
The APAC region is projected to dominate the sheet metal market.
Building and construction industry will lead the sheet metal market growth.
Increasing automobile production and increasing use in various end use industries are the key factors driving the sheet metal market growth.
Demand for carbon fiber composites may limit the sheet metal market growth.