ID: MRFR/CnM/7112-HCR | February 2021 | Region: Global | 111 pages
According to MRFR analysis, 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 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 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’
By Material Type
By End-Use Industry
|Market Size||2027: USD 398.52 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material Type, Process, End-Use and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||Demand for carbon fiber composites may limit the sheet metal market growth.|
|Key Market Drivers||
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.