Sheet Metal Industry To Rise Because It Is Backbone Of Manufacturing
Posted by Jyoti on November 7th, 2023
Global sheet metal sector database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a sheet metal statistics e-book.
The automotive segment is anticipated to remain a key consumer of steel and aluminum sheets. Sheet metal components are used to manufacture numerous automotive parts such as body panels and tops, chassis, vehicle bumpers, fenders, hubcaps, moldings, trim pieces, engine and transmission components, brake components, windshield wiper arms, and system components.
Access the Global Sheet Metal Industry Data Book, 2023 to 2030, Compiled Report By Grand View Research
Steel Sheet Market Report Highlights
The global steel sheet market size was valued at USD 177.02 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 2.6% from 2023 to 2030.
• Steel sheet products offer benefits such as high strength & quality, economic benefits, recycling ability, and low maintenance cost.
• Increasing demand for galvanized sheets in construction applications, such as awnings, balconies, ductwork, fences, industrial walkways, ladders, building frames, and handrails, is likely to fuel the growth of the market.
• In the automotive industry, steel sheets are used in the production of hoods, fenders, roofing, spring housing, and seating applications.
• Sheet metal products have a high requirement in electric vehicles owing to the ability to produce a high volume of complex and precise parts. A significant rise in the production of EVs is expected to provide a lucrative opportunity for the sheet metal market. The global sales of EVs are surging rapidly. The recorded sales in 2020, 2021, and 2022 are 3.2 million, 6.7 million, and 10.5 million, respectively. China accounted for over 58.0% of global EV sales in 2022, with more than 6 million units sold in the country.
Aluminum Sheet Market Report Highlights
The global aluminum sheet market size was valued at USD 38.70 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 3.5% from 2023 to 2030.
• Sheet metal parts are used in aircraft engines, missile and defense components, aircraft panels, and various other high-precision equipment in these industries.
• Aluminum is the preferred material for application in the aerospace industry owing to its lightweight, effective cost, and high-strength characteristics.
• This is because the reduction in aircraft weight allows aviation companies to accommodate a large number of air passengers in their planes.
• In terms of revenue, North America is projected to grow at a CAGR of 3.1% from 2023 to 2030. Investments in construction & infrastructure along with high volume production of vehicles are projected to act as growth factors for the region.
• Growing focus on the reduction of carbon dioxide emissions and sustainability is projected to provide a boost to the demand for aluminum over the coming years.
Order your copy of Free Sample of “Sheet Metal Industry Data Book –Market Size, Share, Trends Analysis And Segment Forecasts, 2023 - 2030” published by Grand View Research
Competitive Landscape
Some of the market players are highly integrated in the supply chain to reduce dependency on raw materials. For instance, the operations of Tata Steel include iron ore & coal mining, energy production, crude steel production, and manufacturing of downstream products such as sheets, platers, bars, wires, and coils. Similarly, producers in the aluminum industry are also engaged in the production of raw materials and finished products.
Key players operating in the Sheet Metal Industry are –
• JSW
• Tata Bluescope Steel
• Nippon Steel Corporation
• POSCO
• United States Steel
• JFE Steel Corporation
• Baosteel Group
• Arconic
• Alcoa Corporation
• Hindalco Industries Limited
• Kaiser Aluminum
• Constellium
• Aleris Corporation
• Hulamin
• Norsk Hydro
