SAN FRANCISCO, Oct. 15, 2019 /PRNewswire/ -- The global sheet metal market size is expected to reach USD 371.8 billion by 2025, progressing at a CAGR of 5.0% over the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for sheet metal from automotive sector is likely to contribute to the industry growth.
Increasing production of vehicles is likely to trigger the demand for various auto parts. Hydroforming is used in manufacturing complex shapes using steel sheets and extrusion parts. It helps achieve reduction in weight and process complexity in addition to decreasing the investment in tooling. Automotive parts, such as radiator supports, roof headers, cross-car beam headers, roll bars, frames, and engine cradles, can be manufactured using this process.
Key suggestions from the report:
- In terms of revenue, steel held the highest market share of 69.3% in 2018. The growth in this segment is attributed to wide penetration of steel products in automotive and other end-use sectors
- In terms of volume, aluminum segment is projected to grow at CAGR of 5.8% over the forecast period. Increasing focus on improvement of fuel efficiency in vehicles is likely to play major role in the demand for aluminum sheets
- In terms of volume, building & construction accounted for 54.9% of share in 2018. Increasing commercial and industrial construction in China and India is projected to contribute to the growth of the sheet metal market
- Asia Pacific emerged as the largest regional market in terms of both volume and revenue. It is expected to maintain its dominant position over the forecast period owing to higher demand from end-use industries
- In terms of volume, Europe is likely to grow at a CAGR of 3.2% over the forecast period. Stringent government regulations for auto industry regarding fuel emissions are anticipated to remain a key factor in the regional market
- Nippon Steel Corporation, POSCO, JFE Steel Corporation, Baosteel Group, Arconic, Alcoa Corporation, Hindalco Industries Limited, and Norsk Hydro ASA are some of the key participants in sheet metal industry. Most of the players are focusing on increasing their production capacities through various inorganic growth strategies.
Read 110 page research report with ToC on "Sheet Metal Market Size, Share & Trends Analysis Report By Material (Steel, Aluminum), By End-Use (Automotive & Transportation, Building & Construction), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/sheet-metal-market
Sheet metal is one of the most versatile and eco-friendly materials. In the recent years, sheet metal manufacturing has witnessed technological advancements, thereby leading to less consumption of energy. The products manufactured using sheet metal require less maintenance, which is another factor contributing to the sheet metal market growth. Roofs and sidings in construction sector made from sheet metal require less maintenance and can last for 40 to 60 years without any need for replacement.
Aluminum is likely to remain a key material in sheet metal industry. Aluminum is lighter in weight as compared to steel and helps improve the fuel efficiency of vehicles. Various governments around the world have established stringent regulations for automakers to reduce the impact on the environment owing to greenhouse gas emissions. Regulations regarding emission reduction and improvement in fuel efficiency are likely to contribute to the rising demand for aluminum sheets over the forecast period.
Volatility in primary raw material prices, especially in the case of aluminum and steel, is expected to continue over the forecast period. In addition, protectionist trade policy adopted by the U.S. is likely to further affect the price dynamics over the predicted timeline.
Variation in prices of primary steel and aluminum is largely owing to changes in China's environmental policy. Since China is the largest producer and consumer of steel and aluminum products, any deviation in the consumption trends of China affects the global industry. The Chinese Ministry of Ecology and Environment, in June 2018, launched a three year action plan (2020 action plan) to curb pollution in the country.
Other materials, such as tin, copper, and titanium, are also projected to remain key materials in sheet metal industry. Tin sheets, which are manufactured using tin and other alloying materials such as copper, nickel, lead, and zinc, are also projected to witness a rise in demand. Expansion of construction, aerospace, electronics, telecommunications, and manufacturing industries is projected to favorably impact the demand for tin sheets.
Grand View Research has segmented the global sheet metal market based on material, end use, and region:
- Sheet Metal Material Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Sheet Metal End-Use Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Automotive & Transportation
- Building & Construction
- Industrial Machinery
- Sheet Metal Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Central and South America
- Middle East & Africa
Find more research reports on Advanced Interior Materials, by Grand View Research:
- High Performance Alloys Market – The global high performance alloys market size was estimated at USD 7.85 billion in 2016, growing at a CAGR of 4.7% over the forecast period.
- Thermal Paper Market – The global thermal paper market size was valued at USD 3.20 billion in 2018 and is projected to expand at a CAGR of 7.7% over the forecast period.
- Coated Paper Market – The global coated paper market size was estimated at USD 27.3 billion in 2018. Rising demand for advertising and packaging in different industries will boost product demand over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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