Authored By: Sarah
11 Jul 2024

 Sheet Metal Market Size to grow by USD 92.3 billion between 2024-2028

According to a research report “ Sheet Metal Market” by End-user (Building and construction, Automotive, Machinery, Others) Material (Steel, Aluminum, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 92.3 billion, at a CAGR of  4.59% during the forecast period. The machine tools sector serves as a primary catalyst for the expansion of the global sheet metal market. Machine tools play a crucial role in the manufacturing process of sheet metal, encompassing tasks such as cutting, shaping, and forming. Given the escalating demand for sheet metal products in industries including automotive, aerospace, construction, and others, the requirement for proficient machine tools to process sheet metal efficiently becomes increasingly significant. Innovations in machine tool technology have enabled enhanced precision and productivity in sheet metal processing. Consequently, the industry has witnessed the emergence of advanced sheet metal products catering to the evolving consumer needs.

Browse market data tables, figures, and in-depth TOC on “Sheet Metal Market” by End-user (Building and construction, Automotive, Machinery, Others) Material (Steel, Aluminum, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By End-user, the Building and construction segment is projected to dominate the market size in 2024

The global sheet metal market encompasses various materials, with steel being a prominent choice due to its versatility and widespread usage. This market segment can be further dissecting based on steel type, thickness, application, and end-use industry. Steel sheet metal categories include carbon steel, alloy steel, stainless steel, galvanized steel. The steel sheet metal market segmentation by application comprises automotive, construction, aerospace, industrial machinery, and electrical and electronics industries.

By Material, Steel  segment is expected to hold the largest market size for the year 2024

The global sheet metal market encompasses various end-user industries, with building and construction being a major segment. In this sector, sheet metal is indispensable for roofing, wall cladding, and structural reinforcement. Its applications extend to the manufacturing of HVAC systems, ductwork, and pipes. The material's inherent strengths - strength, durability, and versatility - make it a preferred choice. It withstands harsh weather conditions, resists corrosion and fire, and can be shaped effortlessly into diverse forms and dimensions. Furthermore, sheet metal's aesthetic appeal is augmented through finishing techniques like painting, powder coating, and anodizing, safeguarding it from environmental degradation.

APAC is forecasted to hold the largest market size by region in 2024

The sheet metal market represents a significant business sector, characterized by continuous growth and innovation. Key players in this industry focus on enhancing productivity through advanced manufacturing processes and technology integration. Market expansion is driven by increasing demand from end-use industries such as automotive, construction, and HVAC. Strategic collaborations and mergers and acquisitions are common growth strategies in this competitive landscape.

The Sheet Metal Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • ABC Sheet Metal
  • Acosta Sheet Metal Manufacturing Inc.
  • Aditya Birla Management Corp. Pvt. Ltd.
  • Alcoa Corp.
  • Arconic Corp.
  • Baosteel Group Corp.
  • Bud Industries Inc.
  • Cadrex
  • Constellium SE
  • General Sheet Metal Works Inc.
  • Hulamin Ltd.
  • JFE Holdings Inc.
  • Kaiser Aluminum Corp.
  • Nippon Steel Corp.
  • POSCO holdings Inc.
  • Prototek Holdings LLC
  • Shanghai Metal Corp.
  • Tata BlueScope Steel Pvt. Ltd.
  • Tata Sons Pvt. Ltd.
  • United States Steel Corp.
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The sheet metal market is a dynamic and diverse industry that encompasses various metals such as brass, aluminum, steel, copper, nickel, tin, and their leaf or foil forms. This market caters to numerous applications, including automotive body panels, pipes for infrastructure development, and large equipment components. Key players in this market include metal manufactures focusing on presses, dies, molds, and stamping tools. Brass, copper, and their alloys hold significant market shares in the automotive industry due to their high-quality components and premium market appeal. Aluminum and steel, on the other hand, dominate the infrastructure sector due to their strength and durability. Nickel and tin, often used in specialized applications, contribute to niche markets. New grades of lightweight materials, such as aluminum alloys and high-strength steels, are driving innovation and growth in the market. Entrepreneurs are exploring business models centered around research and development, competition, product portfolios, and sustainable construction materials. The analysis market for sheet metal reveals key strategies, including infrastructure development, new grades, and the use of high-quality components. The market is expected to grow, with a focus on lightweight materials and sustainable construction materials becoming increasingly important. Competition remains fierce, with manufacturers continually improving their processes and product offerings to stay ahead.

Market Research Overview

The global Sheet Metal Market is witnessing significant growth due to the increasing demand for AI contour control in CNC machine tools and the adoption of advanced 3D printing techniques in various industries. The HVACR industry, in particular, is driving the market's growth, with applications ranging from fuel tanks to hoods, mufflers, doors, and vehicle frames. Hot-dipped galvanized sheets, electro-galvanized sheets, and surface-treated steel sheets are popular choices due to their durability, insulation, rust resistance, and impact on resale value. The construction sector is another significant consumer of sheet metal, with applications in curtain walls, cladding, walling, roofing, forging, casting, and tooling & equipment. The use of stainless steel, steel products, and composite materials like carbon fiber in infrastructure development and automotive production is increasing. The market is also witnessing the emergence of new players like Figur G15 and Desktop Metal, Inc., who are investing heavily in research and development. The global construction outlook is positive, with increasing spending on building materials and commercial buildings. The automotive industry's shift towards fuel-efficient aircraft and commercial aircraft is also driving the demand for lightweight materials like titanium and aluminum roofing sheets. The market's competitive landscape is fragmented, with key strategies and business models varying among market players. Entrepreneurs are exploring opportunities in niche applications like interior decoration, architecture, and civic infrastructure. The market study also highlights the importance of understanding the cost implications of tooling & equipment and labor. Key market players are investing in innovation, product portfolios, and sustainable construction materials to stay competitive.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio