Sheet Metal Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1609
Global sheet metal market size is likely to witness a significant upsurge over 2021-2027, on account of the rising product prominence in the automobile sector, especially in manufacturing race cars such as Hot Rods. Myriad other sheet metal advantages such as lightweight, durability, and high strength have led to a considerable rise in adoption to meet aerospace needs. Sheet metal refers to a general category of metals and basic metalworking that can be bent or trimmed into various shapes. Bronze, brass, copper, stainless steel, galvanized steel, aluminum, and steel are among the materials that can be formed into sheet metal for applications across several industries.
Rapid increase in car sales, surging real estate and urban development projects in developing countries like India, as well as improvements in standards of living as a result of economic growth are the key trends bolstering the sheet metal market penetration over the foreseeable future. As per reliable statistics from the SIAM (Society of Indian Automobile Manufacturers), the sales of passenger vehicles rose to over 2.72 lakh units in September 2020, a hike from around 2.15 lakh units sold in September 2019, which is in turn likely to boost the demand for sheet metal from auto manufacturing applications.
Considering the material, the aluminum sheet metal segment will hold an appreciable share by 2027, which is attributable to the mounting adoption of aluminum sheets as an ideal choice for roofing options owing to their availability in different colors, patterns, and textures. The segmental growth can further be credited to the capability of the aluminum roll sheets to absorb less heat as compared to the traditional asphalt shingles as well as their recyclable nature, making it an environment-friendly material with high strength and rigidity.
With regards to region, the Europe sheet metal industry is poised to exhibit a remarkable growth rate through 2027. This is a result of the escalating rate of auto sales, coupled with the gradual recovery in Eurozone construction output from the coronavirus pandemic. As per studies, Europe emerged as the best performing region in terms of vehicle sales, which are estimated to grow by 10.8% in 2021. This surging number of auto sales will contribute to the rising popularity of different types of sheet metals over the coming years.
Major players operating in the global sheet metal industry include Pepco Manufacturing, ABC Sheet Metal, Vinman Engineering, Aero Tech Manufacturing, Dhananjay Group, Rajhans Pressings, Nimex International, Nucor Corporation, Fabrimech Engineers, Deepesh Pressing, Southwark Metal, Proto-D Engineering, NCI Building Systems, Alcoa, Wise Alloys, Noble Industries, Autoline Industries, Associated Materials, A&E Manufacturing, ATAS International, BlueScope Steel, Bud Industries, United States Steel Corporation, Prototek, and General Sheet Metal Works, among others.
Strategic product launches and mergers & acquisitions are the prominent initiatives taken by these companies to expand their businesses and regional footprint across the global market. For instance, in April 2021, Nippon Steel Corporation announced the launch of its highly corrosion-resistant and coated steel sheets under the brand name, ZAM®-EX, with an objective to extensively cater to the demand from customers in the overseas market.
Temporary Shutdown of Construction Sites Amid Pandemic & its Impacts on Sheet Metal Market Trends:
The novel coronavirus pandemic has impacted construction operations across various sectors as a result of the implementation of movement restrictions and other strict measures. Since the start of the outbreak, the engineering and construction companies have suffered a significant decline due to the disrupted supply chains and operational restrictions, which created negative impacts on the deployment of sheet metals over the past months.
However, the construction industry is expected to emerge stronger in the near future, owing to the rising investment in infrastructural development projects and the gradual relaxation of lockdown restrictions worldwide. For instance, in 2021, U.S. President Joe Biden unveiled a $2 trillion infrastructure plan to boost the economy in the post-COVID world. These aforementioned factors, alongside the introduction of various coronavirus relief measures, will help the sheet metal industry regain momentum in years to come.
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