Sheet Metal Market Size was valued at USD 304.3 billion in 2023. The Sheet Metal industry is projected to grow from USD 317.5 Billion in 2024 to USD 435.6 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.00% during the forecast period (2024 - 2032). Innovative prefabrication techniques and growing demand for sheet metal fabrication in end-use industries are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
One of the most rapidly expanding industries in the world is sheet metal fabrication. In spite of the fact that it is still viewed as traditional in its approach, the use of new technologies is currently experiencing an increased surge. In the past, manual tools were primarily used for production tasks involving sheet metal, such as cutting, machining, welding, and final product assembly. Numerous of these tools have been replaced by more advanced yet straightforward ones in the modern era. The development of technology as well as improved supply chain practices, are what are propelling the sector of sheet metal fabrication.
Metal fabrication companies are attempting to do their part to lessen their carbon footprint, just like many other businesses in the manufacturing sector. By designing machines that use less energy and consequently have less of an impact on the environment, manufacturers are attempting to be more environmentally friendly. Press breakers like the EVO III can do the same number of jobs with 50% less energy. Supervisors should think about purchasing one of these tools because everyone should do their part to keep the planet clean. Automation is arguably the most important technological development in the metalworking sector. Workers had to put themselves in risky situations to make adjustments before systems were computerized. Yes, working with metal is still incredibly hazardous. However, Fabricators can adjust the computer, so they don't put themselves in danger on the floor thanks to CNC controls.
Along with digitization's role in developing hard automation methods, new digital technologies and advancements have enabled the emergence of what is known as "soft" automation processes. Manufacturers and employees will be able to track and quantify almost all relevant metrics thanks to tools and other equipment that is fitted with cutting-edge sensors. Making decisions based on data is yet another significant benefit of digitization. Manufacturing companies can assess every aspect of their operations and effectiveness using enterprise resource planning (ERP) systems and related technologies. This information can support initiatives for data exchange and streamline both within specific businesses and across the industry. Such growing advances are anticipated to positively impact the Sheet Metal market CAGR during the forecast period.
Although 3D printing may have begun as a tool for enthusiasts, it is now quickly becoming one of the most adaptable tools in almost every industry. In the field of metal fabrication, additive manufacturing adds a new level of customization to an already diverse sector. This is also expected to drive the Sheet Metal market revenue growth in the coming years.
The Sheet Metal market segmentation, based on material type, includes steel and aluminum. The steel segment held the majority share of the Sheet Metal market revenue in 2022. This is primarily owing to the demand for steel sheet products is high across a range of end-use sectors, including the automotive, construction, and heavy industries like oil & gas, food processing, and chemicals. They are also widely used in washing machines, refrigerators, countertops, and dishwashers. The increasing adoption of steel in the construction sector and the expansion of infrastructure in both developed and developing nations are also propelling market growth.
September 2022: Desktop Metal debuted the brand-new Figur G15 digital sheet metal forming technology at IMTS 2022. The Figur G15 employs patent-pending Digital Sheet Forming (DSF) technology, in which a software-controlled ceramic toolhead mounted on a gantry uses up to 2,000 lbs of force to form standard sheet metal into parts. The Figur G15 produces parts with a draw depth of up to 400 mm (16 in) in Z without the use of special forming tools, molds, dies, or presses and with a maximum sheet size of 1600 x 1200 mm (63.0 x 47.2 in).
The Sheet Metal market segmentation, based on process, includes rolling, forging, and bending. The rolling segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Metal is formed into thin, flat pieces known as sheet metal during manufacturing. The metal stock is run through one or more pairs of rolls during the sheet metal rolling process to reduce thickness and ensure uniformity. Rolling is one of the common methods used for manufacturing. Such factors are boosting the sheet metal market growth.
The Sheet Metal market data has been bifurcated by end users into building & construction, automotive & transportation, consumer appliances, and energy. The building & construction segment dominated the market in 2022. rising usage of stainless-steel sheets in curtain walls and roofing has positively impacted the sheet metal market. Aluminum roofing sheets have become more and more popular in recent years. Aluminum metal sheets have many benefits, including rust resistance, excellent insulation, durability, good resale value, longer lifespan, and lightweight. The automotive segment is projected to be the faster-growing segment during the forecast period, 2022-2030, owing to growing applications in manufacturing various parts of vehicles.
March 2019: ArcelorMittal launched its new initiative ArcelorMittal Solutions - Think steel first, to realize the true potential of steel sheet piling solutions for the construction industry.
April 2022: JFE Steel Corporation and ThyssenKrupp Steel Europe jointly introduced new high-strength steel sheets with cold-forming capabilities in the 980- and 1180MPa classes for manufacturing automobile frame components. This launch is a further anticipated growth opportunity for the Sheet Metal industry.
Figure 1: Sheet Metal Market, by End User, 2023 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific Sheet Metal Market accounted for USD 134.9 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. A significant amount of sheet metal is needed for the manufacture of vehicles. Additionally, the benefits offered by the sheet are the main factor anticipated to fuel sheet metal sales in the automotive sector. Therefore, it is expected that the automotive industry's growth will fuel the sheet metal market. Another important factor boosting the market in this region is the rate at which sheet metal is being adopted in various manufacturing processes as a result of the rapid industrialization and urbanization of the area.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SHEET METAL MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Sheet Metal market accounts for the second-largest market share due to launches of new, environmentally friendly sheet metal products, and the expanding use of sheet metal across a range of end-use industries is predicted to offer a wealth of growth prospects for the sheet metal market. Further, the Germany Sheet Metal market held the largest market share, and the UK Sheet Metal market was the fastest-growing market in the European region.
The North America Sheet Metal market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to demand and supply by end-user in automotive, building and construction, industrial machinery, transportation, and others. The U.S. Sheet Metal market is anticipated to hold the largest market share and grow with the fastest CAGR during the forecast period.
Major market players are investing a lot of money in R&D to broaden their product offerings, which will spur further expansion of the sheet metal market. With significant market developments like new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking a variety of strategic initiatives to expand their footprint. Competitors in the Sheet Metal industry are also increasing their production capacities.
One of the primary business strategies manufacturers adopts in the Sheet Metal industry for conducting research to assess the processing technology. The Sheet Metal industry has recently provided some new products in the market. The Sheet Metal market major players such as POSCO, JFE Steel Corporation, Baosteel Group of China, Norsk Hydro ASA, Aaronic, Alcoa Corporation, United States Steel, Aleris Corporation, Constellium, Kaiser Aluminium, Hulamin, and others are working on expanding the market demand by investing in research and development activities.
JFE Steel Corporation is a company that is committed to manufacturing sheets, shapes, pipes and tubes, plates, stainless and specialty steels, electrical steels, bars and wire rods, and iron powders. In February 2023, JFE Steel Corporation is expanding the electrical steel sheet capacity of its West Japan Works (Kurashiki Area) for startup targeted for the first half of the fiscal year starting in April 2024. They also plan on an additional expansion with a startup targeted for the fiscal year beginning April 2026.
Also, Novelis, the largest recycler of aluminum in the world, is essential in facilitating the shift to a more circular economy and sustainable future. In April 2020, Novelis Inc. announced that it had successfully acquired Aleris Corporation, a major supplier of rolled aluminum goods on a scale. By enhancing its innovative product portfolio, building a more skilled and diverse workforce, and strengthening its commitment to safety, sustainability, quality, and partnerships, Novelis is now even better positioned to meet rising customer demand for aluminum.
POSCO
Baosteel Group of China
Norsk Hydro ASA
Aaronic
Alcoa Corporation
Aleris Corporation
Constellium
Kaiser Aluminium
Hulamin, among others
December 2021:Â Jindal Stainless introduced the first hot-rolled stainless steel chequered sheet in India under the name Jindal Infinity at the International Railway Equipment Exhibition 2021, which was planned by CII.
August 2019: Novelis Inc. introduced AdvanzTM 6HS-s650, a precisely engineered aluminum automotive body sheet product. Its performance, formability, strength, and structural integrity all exceed industry standards. It has the highest in-service strength compared to current high strength aluminum alloys, making it the strongest product in the 6xxx series. It also has excellent crash properties and corrosion resistance.
June 2023: the demand for sheet metal increased in the automotive sector. This was due to the launch of new models that required sheet metal components.
Steel
Aluminum
Rolling
Forging
Bending
Building & Construction
Automotive & Transportation
Consumer Appliances
Energy
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 304.3 billion |
| Market Size 2024 | USD 317.5 billion |
| Market Size 2032 | USD 435.6 billion |
| Compound Annual Growth Rate (CAGR) | 4.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material Type, Process, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | POSCO, JFE Steel Corporation, Baosteel Group of China, Norsk Hydro ASA, Aaronic, Alcoa Corporation, United States Steel, Aleris Corporation, Constellium, Kaiser Aluminium, and Hulamin |
| Key Market Opportunities | Expansion of the construction industry |
| Key Market Dynamics | Increasing adoption of 3D printing techniques Growing investments in renewable power projects |
Sheet Metal Market Highlights:
Frequently Asked Questions (FAQ) :
The Sheet Metal market size was valued at USD 304.3 Billion in 2023.
The market is projected to grow at a CAGR of 4.00% during the forecast period, 2024-2032.
Asia Pacific had the largest share of the market
The key players in the market 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.
The steel category dominated the market in 2023.
The building & construction had the largest share of the market.
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Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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