NEW
YORK, July 4, 2024 /PRNewswire/ -- The
global sheet metal market size is estimated to grow by
USD 92.3 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 4.59% during the forecast period. Growth in machine tools market
is driving market growth, with a trend towards adoption of 3D (3
dimensional) technologies for sheet metal production. However,
fluctuating cost of raw materials poses a challenge. Key market
players include 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., and United
States Steel Corp..
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segments, customer landscape, and companies- View the
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Sheet Metal Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.59%
|
Market growth
2024-2028
|
USD 92.3
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.17
|
Regional
analysis
|
APAC, Europe, North
America, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 56%
|
Key
countries
|
China, US, Germany,
Japan, and UK
|
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., 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., and United States Steel Corp.
|
Market Driver
The sheet metal market is witnessing a significant trend with
the increasing adoption of 3D technologies for production.
Technologies like Computer-Aided Design (CAD), Computer-Aided
Manufacturing (CAM), and 3D printing enable manufacturers to create
intricate designs with improved accuracy and efficiency. These
tools allow for virtual production simulations, identifying
potential issues, and making necessary adjustments before actual
manufacturing. The medical equipment industry is one of the early
adopters of 3D printing technology for sheet metal production. Many
sheet metal manufacturers and fabrication units are exploring the
use of 3D technologies to enhance production speed and reduce
costs. The automotive and aerospace industries are expected to see
increased adoption of 3D printing, with the aerospace industry's 3D
printing market projected to reach nearly USD3 billion during the forecast period.
Companies are investing heavily in these technologies to gain a
competitive edge in the market. The use of 3D printing is
particularly beneficial for industries with complex designs and
high production costs, such as automotive and aerospace.
The Sheet Metal Market is experiencing significant growth due to
increasing trends in rust resistance, insulation, and durability.
Urban population expansion drives demand for rust-resistant
materials in various industries, including automotive and HVACR.
Surface-treated steel sheets, such as electro-galvanized and
hot-dipped galvanized, are popular choices. Vehicle frames, doors,
mufflers, hoods, and fuel tanks are common applications. Market
players like Desktop Metal, Inc., Figur G15, and competitors invest
in research and development, utilizing advanced technologies like
3D printing techniques, CNC machine tools, and AI contour control.
Sustainable construction materials and lightweight materials are
also gaining traction in infrastructure development. Entrepreneurs
expand their product portfolios to cater to these trends, enhancing
competition in the market.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The global sheet metal market faces significant challenges due
to the volatility in raw material costs. Fluctuations in the prices
of aluminum, iron, stainless steel, silver, and copper directly
impact the cost of sheet metal production. Industrial production in
China, the world's largest
consumer of raw materials, has rebounded, leading to increased
demand and a demand-supply imbalance. This imbalance has caused a
steep rise in raw material prices, posing a major threat to sheet
metal market growth. Vendors are particularly affected, as they
cannot negotiate prices once agreements are made, and any losses
are borne by manufacturers. Given the wide range of industries that
use sheet metals, even small price fluctuations can lead to
substantial increases in total costs. This, in turn, can result in
decreased demand and significant losses due to increased inventory
costs. Furthermore, buyers may opt for substitutes when faced with
increased raw material costs, further impeding market growth during
the forecast period.
- The sheet metal market encompasses various business models,
from metal manufacture for large equipment and automotive bodies to
leaf or foil production for industries like construction and
interior decoration. Key market players include automakers,
commercial aircraft manufacturers, and construction companies.
Market studies indicate that steel, tin, nickel, copper, aluminum,
brass, and plate are popular metals, with steel products and
stainless steel holding significant market shares. Challenges
include labor and tooling & equipment costs, casting, forging,
and fabrication methods. In construction, roofing, walling,
cladding, and curtain wall applications are common, with aesthetic
appeal being a significant factor. Emerging trends include the use
of carbon fiber, composite materials, 3D printing, and titanium in
various industries. The global construction outlook, construction
spending, and automotive production are crucial factors influencing
market growth. Aluminum roofing sheets are a popular choice due to
their durability and energy efficiency.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This sheet metal market report extensively covers market
segmentation by
- End-user
- 1.1 Building and construction
- 1.2 Automotive
- 1.3 Machinery
- 1.4 Others
- Material
- 2.1 Steel
- 2.2 Aluminum
- 2.3 Others
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Building and construction- The global sheet metal
market is divided into several sectors based on end-user
applications. One notable segment is building and construction,
where sheet metal plays a crucial role. In this industry, sheet
metal is frequently employed for roofing, wall cladding, and
structural reinforcement. Moreover, it is essential for
manufacturing HVAC systems, ductwork, and pipes. Sheet metal's
strength, durability, and adaptability make it an indispensable
asset in construction. It can endure harsh weather conditions,
resist corrosion and fire, and be shaped into various forms.
Finishes like painting, powder coating, or anodizing further
enhance its appeal and shield it from external elements. In the
construction sector, sheet metals are utilized for various
applications, including fabrication, roofing, and room dividers in
residential and commercial projects. Governments of major
economies, such as China and
India, are investing substantially
in infrastructure development, including the creation of smart
cities and official and residential complexes, fueling demand for
sheet metals. Initiatives like Make in India and New Open Door Policy are attracting
foreign investment, driving infrastructure growth, and
consequently, the demand for sheet metals is projected to escalate
during the forecast period. The expansion of the building and
construction industry, fueled by increasing construction
activities, infrastructure development, and renovation projects
worldwide, is anticipated to boost the growth of the sheet metal
market in this sector during the forecast period.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The sheet metal market is experiencing significant growth due to
the increasing demand for sustainable construction materials and
lightweight components in various industries. New grades of
high-quality sheet metals are being developed to cater to premium
markets, particularly in infrastructure development. Competition in
the market is fierce, with entrepreneurs constantly innovating
business models and key strategies to increase market shares.
Research and development are crucial in this industry, with ongoing
investment in stamping tools, molds, dies, and presses to produce
advanced components. The market encompasses a wide range of
applications, from large equipment manufacturing to pipe
production, automotive body parts, and leaf or foil for various
industries such as food, packaging, and construction. Metals used
include tin, nickel, copper, steel, aluminum, and brass, among
others, making the market diverse and dynamic.
Market Research Overview
The Sheet Metal Market is witnessing significant growth due to
the increasing demand for sustainable construction materials and
lightweight materials in infrastructure development. Product
portfolios of key players include stamping tools, molds, dies,
presses, and large equipment for various applications. The market
is highly competitive, with entrepreneurs continuously innovating
to gain market share through research and development. Desktop
Metal Inc. And Figur G15 are leading players in the 3D printing
segment, while traditional manufacturing techniques such as casting
and forging continue to dominate. The market spans various
industries, including automotive production, commercial aircraft,
construction, and commercial buildings. Key materials include tin,
nickel, copper, steel, aluminum, brass, and plate. Automakers and
the HVACR industry are major consumers of sheet metal, while urban
population growth fuels demand for roofing, walling, cladding, and
curtain wall. Sustainability, aesthetic appeal, rust resistance,
insulation, durability, and resale value are key considerations for
consumers. Advancements in technology, such as carbon fiber
composites and 3D printing techniques, are disrupting traditional
business models. Market shares are influenced by key strategies,
including cost competitiveness, labor cost, tooling & equipment
cost, and product quality. The global construction outlook, steel
products, stainless steel, titanium, and aluminum roofing sheets
are major trends in the market. CNC machine tools, AI contour
control, and 3D printing are driving innovation in sheet metal
manufacture.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Building And Construction
- Automotive
- Machinery
- Others
- Material
-
- Geography
-
- APAC
- Europe
- North America
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
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/
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