The global sheet metal market size is slated to expand at ~4% CAGR between 2023 and 2033, according to a new report by Research Nester. The market is poised to garner a revenue of USD 450 billion by the end of 2033, up from a revenue of ~USD 400 billion in the year 2022.The growth can be attributed to the growing construction industry across the globe driven by a surge in government spending on infrastructure, growing populations, the growing emphasis on sustainability and energy efficiency, and rapid urbanization.
It is anticipated that the global construction market will expand to reach around USD 15 trillion by 2030, an increase of over USD 4 trillion. Moreover, the construction industry's growing need for energy-efficient building materials is fueling the growth of sheet metal, which is a flexible, durable material that is perfect for building since it offers outstanding weather protection, is easy to maintain, and has a wonderful appearance for most projects.
Growing Demand for Air Transport to Boost Market Growth
Since 2000, the demand for air travel has more than doubled due to several factors, including rising GDP, a growing proportion of middle-class households with access to and affordability of air travel, intense competition among economical, efficient carriers, and supportive government policies. According to recent projections, during the next 20 years, there will be an average annual rise in demand for air travel of more than 4%. Particularly, by 2040, the demand for air travel is predicted to have doubled and grown at an average annual rate of around 3%. These factors have to an increase in demand for sheet metals which are used in many parts of flying aircraft, from plates to frames because they can endure high mechanical pressures, moisture, and extreme temperatures.
Sheet Metal Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Production of Vehicles to Drive Growth in the North America Region
The sheet metal market in North America region is estimated to garner the largest revenue by the end of 2033. A strong auto manufacturing industry is essential to the health of the American economy which is impacted by advancements in vehicle technology and design. For instance, in 2022, the auto industry in the United States produced over 10 million motor vehicles, and by 2025 more than 11 million motor vehicles will be produced. Moreover, vehicles in the region are still mostly composed of sheet metal because of their low cost and simplicity of pressing into the necessary shape. Additionally, the aviation industry in the US is expanding quickly which is expected to drive market growth. According to estimates, with over USD 11 billion in exports in 2021, the US leads the globe in the sale of aviation equipment.
Growing Industrial Production to Drive the Growth in the Europe Region
The Europe sheet metal market is estimated to garner the largest revenue by the end of 2033. The production of automobiles, food, drink, and manufactured metals, are amongst the largest industries in Europe which increasingly, rely on sheet metals. For instance, the industrial production of the European Union increased by more than 4% in 2022 compared to 2021. Moreover, in April 2023, EU industrial production increased around 0.5% YoY after declining the month before. Additionally, the EU's economy greatly depends on the construction sector which is expected to fuel market demand for sheet metal. The construction industry accounted for over 3% of the GDP in the majority of European countries in 2022.
Sheet Metal Segmentation by Product
- Flat Pieces
- Coil Strips
The flat pieces segment is anticipated to hold the largest revenue by the end of 2033. This is largely due to the growing spending on jewelry. For instance, more than 15% of all retail apparel spending, or around USD 348 billion, is spent annually by consumers worldwide on jewelry. Sheet metal comes from a variety of metals, that have always been the fundamental component of jewelry since the majority of manufactured jewelry begins with a simple flat sheet of metal or some straight wire. Additionally, sheet metal components are thin, flat pieces of metal that go through a variety of fabrication processes which are utilized as building and residential paneling in the construction sector, and are also used in the manufacturing sector for heavy machinery, flooring, and car parts.
Sheet Metal Segmentation by End-User
- Automotive
- Transportation
- Building and Construction
- Industrial Machinery
- Others
The automotive segment in sheet metal market is anticipated to hold the largest revenue by the end of 2033. The growth can be attributed to the growing sale of automobiles driven by technological advancements and the increasing use of electric vehicles. For instance, more than 21 million automobiles were sold in India in 2023. As a result, there is an increasing production of automobiles which has led to the growing usage of sheet metal manufacturing by a lot of automakers. These sheet metals are commonly available as mild steel, aluminum, galvanized steel, and stainless steel. Particularly, in a modern automotive body, galvanized steel panels, which offer superior corrosion protection, make up over 35% of the material. Moreover, aluminum and high-strength steel alloys are two examples of sheet metals that are lightweight and have an exceptional strength-to-weight ratio. is utilized in truck and vehicle bodywork, and are most frequently used for passenger car bodies.
A few of the well-known industry leaders in sheet metal market that are profiled by Research Nester are United States Steel Corporation, Alcoa Corporation, Hydro Group, POSCO, JFE Group, Nippon Steel Group, Kaiser Aluminum Corporation, Constellium, Novelis group, HBIS GROUP, and other key market players.
Recent Development in the Sheet Metal Market
- United States Steel Corporation partnered with Norfolk Southern Corporation and The Greenbrier Companies, Inc. to develop a new, more sustainable steel gondola railcar.
- JFE Group teamed up with Itochu Corporation and Emirates Steel Arkan to carry out in-depth research on the creation of a ferrous raw material supply chain for green ironmaking with low-carbon emission.
