Austin, July 15, 2024 (GLOBE NEWSWIRE) -- The Sheet Metal Market Size is projected to reach USD 510.92 billion by 2032 and grow at a CAGR of 5.51% over the forecast period of 2024-2032.
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The rising demand for building & construction sector drives the Market growth.
Global construction and building activity are the primary driver of the sheet metal industry. The building and construction industry is the main application for steel sheets in structural applications. Therefore, it is anticipated that a favourable global building outlook will boost sheet metal demand in the upcoming years. Moreover, because of their remarkable strength, sheet metal products are utilized in infrastructure and construction projects. They can also be utilized in a range of conditions because they are corrosion- and moisture-resistant. They also offer several other benefits, such as ease of use, worldwide durability, availability, and recyclable nature.
Moreover, the government has more focused on the expenditure in Research & Development sector and World bank released its was around 3% of the total GDP in 2020. The investment in research & development provides the new things and advance technology which may help the market to grow.
Furthermore, the needs of sectors like the oil and gas industry drive the market. Metal manufacturing is undergoing a transformation because to innovations like Digital Sheet Forming (DSF) technology, which offers increased accuracy and efficiency. Tin, nickel, and brass are among the components that go into making sheet metal, which is used in everything from heavy machinery to the creation of foil or leaves. Hence, the increase usage of sheet metal drives the market growth globally.
Sheet Metal Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 334.86 billion |
| Market Size by 2032 | USD 510.92 billion |
| CAGR | CAGR of 5.51% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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“Expansion of manufacturing industry and usage in various application drives the Sheet Metal market growth.
The rapid urbanization and industrialization have increased the usage rate of sheet metal in varied manufacturing process. The sheet metal has easy usability, high durability, and others quality which have made the sheet metal a preferred option over other components in the manufacturing industry. Therefore, an increase in umber of manufacturing business to bring in lucrative opportunity in upcoming times. For instance, in 2022, the number of manufacturing business in U.S. is counted around 7,20 lakh an increase of almost 4% from 2021.
Segmentation Analysis
By Material Type
Based on material segment aluminium type held the largest market share around 73.22% in 2023. The automobile, construction, and heavy industries (oil and gas, food processing, chemicals) are among the end-use sectors with the highest demand for steel sheet products. Cookware and kitchenware, sinks, grills, and pans, are made using stainless steel sheets. They are also extensively utilized in washing machines, including pots, countertops, refrigerators, and dishwashers.
By Application
Based on the application the building and construction segment held the highest revenue share around 57.54% in 2023. Walling, cladding, and roofing are the three main uses in the construction sector. The market for sheet metals has benefited from the growing use of stainless steel sheets in roofing and curtain walls. This is mostly due to the practical qualities and attractive appearance that stainless steel offers.
Regional Landscape:
Asia Pacific led the sheet metal market with the highest revenue share of around 62.12% in 2023. Factors such as the availability of skilled and low-cost labour, integration across the industry from raw material to end-product stages, and government policies towards encouraging the manufacturing sector in developing nations such as India, and China are propelling the regional growth. China held the largest share in the Asia Pacific region with a large concentration of mining operations, metal producers, and makers of metal products, the nation is a centre for manufacturing.
Recent Developments
- In 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. With this launch, the sheet metal industry is expected to see even more development potential.
- In September 2022, Desktop Metal launched a computerized system to shape standard sheet metal directly from a digital design file. It provides Figur15 which may help the company to increase its segment.
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Key Takeaways:
- The Sheet Metal Market growth will increase due to the growing usage in various application in automotive & transportation, building & construction, industrial machinery, oil & gas, others.
- Asia Pacific held the largest market share and has a significant growth in the upcoming time.
- The key players focused to increase their production plant investments will have a significant effect on the growth of the market as a whole.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Sheet Metal Market Segmentation, By Material Type
8. Sheet Metal Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. Use Case and Best Practices
13. Conclusion
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