Enjoy complimentary customisation on priority with our Enterprise License!
The Global Sheet Metal Market size is forecast to increase by USD 73.29 billion at a CAGR of 3.84% between 2022 and 2027. The market is experiencing steady growth, buoyed by several key factors. The expanding machine tools market, coupled with growth in the manufacturing sector, drives demand for sheet metal products. Additionally, increasing construction activities, particularly in developing regions, further contribute to market expansion. These trends underscore the market's resilience and potential for sustained growth in the foreseeable future. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges.
To learn more about this report, Request Free Sample
The market encompasses a broad spectrum of metal manufacturing, focusing on the production of thin or flat metal products. Key strategies and market analysis play pivotal roles in understanding market dynamics and shaping industry trends. It finds extensive applications across various sectors, including automotive body manufacturing, piping systems, and the production of leaf or foil materials. With a diverse range of metals such as tin, nickel, copper, and brass, the market offers versatile solutions to meet the demands of different industries, driving significant market shares and fostering continued growth.
This market report extensively covers market segmentation by end-user (building and construction, automotive, machinery, and others), material (steel, aluminum, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The end-user segment of the market encompasses various industries and applications, driven by the demand for lightweight and sustainable construction materials. In the oil and gas industry, sheet metal finds utility in pipelines and large equipment, where its durability and resistance to corrosion are paramount. Similarly, in infrastructure development, it plays a vital role in constructing durable structures such as bridges and buildings. Industrialization has further spurred the demand for sheet metal, with entrepreneurs and businesses leveraging its versatility to create innovative products. Government initiatives promoting sustainable construction materials have also contributed to market growth, encouraging research and development in new product portfolios. Competition within the market is intense, with manufacturers constantly innovating stamping tools, molds, dies, and presses to meet evolving industry standards. Analysis of market trends and consumer preferences guides businesses in adapting their strategies and optimizing their metal manufacturing processes. Sheet metal's versatility extends to various applications, including automotive bodies, pipes, and leaf or foil production. Its composition, ranging from tin and nickel to copper and brass, ensures suitability for diverse industrial needs, making it a cornerstone of modern manufacturing processes.
The market share growth by the building and construction segment will be significant during the forecast period. In the building and construction industry, it is commonly used for roofing, wall cladding, and structural support. It is also utilized in the production of HVAC systems, ductwork, and pipes.
Get a glance at the market contribution of various segments View the PDF Sample
The building and construction sector attained a value of USD 139.44 billion in 2017 and sustained growth up to 2021. It holds high importance due to its durability, flexibility, and strength in this industry. It can be shaped into diverse forms, resisting harsh weather, corrosion, and fire. Various finishes like painting, powder coating, or anodizing enhance both appearance and protection. It finds versatile use in construction—fabrication, roofing, and room division for homes and commercial spaces. Notably, nations like China and India invest in infrastructure, including smart cities, attracting global investment. Growing global construction, renovation, and infrastructure projects foresee increased sheet metal demand, propelling segment growth in the forecast period.
APAC is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
Asia-Pacific (APAC) holds a significant position in the global industry, driven by its substantial market share. The region's population surge, rapid urbanization, and industrial advancement fuel the need for sheet metal goods. APAC comprises emerging economies like China, India, and Southeast Asian nations, propelling the local market. These countries boast extensive manufacturing sectors, demanding sheet metal products across construction, automotive, and aerospace sectors. China leads, driven by robust infrastructure ventures, while India showcases potential via growing manufacturing and infrastructure initiatives.
Rising automotive and construction industries in countries like China, Japan, and India will fuel future market growth. Notably, 98 cities were nominated for the national smart cities challenge, leading to substantial construction and a heightened demand for curtain walls. This upsurge in curtain wall demand will consequently drive the demand throughout the forecast period.
The market is witnessing a shift towards sustainable construction materials and lightweight options, driven by the demand for high-quality components across premium markets. With infrastructure development and industrialization on the rise, new grades and innovative products are emerging, supported by government initiatives. Entrepreneurs are leveraging Digital Sheet Forming (DSF) technology to enhance efficiency, alongside advancements in stamping tools, molds, and dies. Thin or flat metal products find applications in various sectors, including automotive bodies and industrial equipment. Key strategies and market analysis play pivotal roles in determining market shares, while research and development continue to drive innovation in metal manufacture.
The market is propelled by manufacturing sector growth. Sheet metal finds application in sectors like automotive, aerospace, shipbuilding, and semiconductors, forming vehicle and aircraft components. As manufacturing expands, so does the demand for sheet metal parts. Particularly the automotive industry is a major consumer, especially with the rise of electric vehicles. Technological advancements like automation boost sheet metal demand across applications. Passenger planes, aerospace, and defense gear production further contribute. Consequently, these factors will drive market growth in the forecast period.
Emerging in market growth, advancements in the aluminum sector wield influence. As aluminum is a vital sheet metal raw material, progress in the aluminum market directly impacts the global sheet metal domain. Aluminum finds application in diverse products like cans, planes, cars, laptops, and phones.
Yet, aluminum production emits considerable carbon, harming the environment. Technological innovations must address this, reducing CO2 emissions and production costs. By shifting from carbon-rich to inert anodes, oxygen instead of CO2 is produced. Wider adoption of these methods will enhance global aluminum production, subsequently driving sheet metal manufacturing. Hence, these elements propel market growth in the forecast period.
A key hindrance to market growth is the volatile raw material costs. The expenses are directly influenced by fluctuations in materials like aluminum, iron, stainless steel, silver, and copper. Once agreements are in place, price changes can't be negotiated, impacting vendors significantly and causing manufacturers to incur losses.
Even a slight price shift can elevate overall costs due to large-scale purchases, given sheet metal's broad industry applications. The unexpected expense spike, coupled with high inventory costs, can curtail demand and lead to substantial losses. Additionally, rising raw material costs provide buyers with alternative options. Consequently, these factors collectively impede the global market's growth throughout the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Tata BlueScope Steel Pvt. Ltd.- The company offers sheet metal such as Special Alloy, Stainless Steel Coil, Aluminum Sheet, and Galvanized Steel Wire.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 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., 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., and Hulamin Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing a significant transformation driven by the demand for sustainable construction materials and lightweight solutions. Industries like oil and gas are increasingly adopting high-quality components, leveraging new grades to meet evolving standards. Premium markets are witnessing a surge in infrastructure development fueled by industrialization and government initiatives. Amidst competition, companies are expanding their product portfolios through continuous research and development. Technologies like Digital Sheet Forming (DSF) are revolutionizing production processes alongside traditional methods like stamping tools and molds. With a focus on sustainability and innovation, the market is poised for growth, catering to diverse industries and applications worldwide.
The market is driven by demands from industries like the oil and gas industry. Innovations such as Digital Sheet Forming (DSF) technology are revolutionizing metal manufacture, offering enhanced efficiency and precision. Dies and presses play a crucial role in shaping thin or flat metal into various forms, from the automotive body to the pipe. Entrepreneurs are exploring new business models and key strategies to capture market shares in this dynamic industry. With applications ranging from large equipment to leaf or foil production, sheet metal encompasses materials like tin, nickel, and brass, contributing to a wide array of products across diverse sectors worldwide.
The market is experiencing a surge in demand for high-quality components and new grades of sheet metal, particularly in premium markets. Companies like Desktop Metal, Inc. and Figur G15 are leading innovators in this space, driving market study and analysis. Thin or flat metal sheets and plates find applications in various industries, including automotive production, commercial aircraft, and fuel-efficient aircraft manufacturing. Additionally, sheet metal plays a crucial role in commercial buildings, civic infrastructure, and oil & gas pipeline projects. With advancements in technology like 3D printing and the use of carbon fiber and composite materials, sheet metal continues to evolve as a key building material, shaping the global construction outlook and impacting industries worldwide, including the U.S. sheet metal market, as reported by the U.S. Census Bureau.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.84% |
Market growth 2023-2027 |
USD 73.29 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.55 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 51% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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., 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., and Hulamin Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.