Sheet Metal Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1609
Global Sheet Metal Market Size will have a healthy growth in coming years due to its wide applications in industries such as automobile and aerospace & defense. The product is formed as a result of industrial processing of metal into thin and flat sheets and further cutting them into the required shapes.
Rapid economic expansion in developing nations, coupled with rising disposable income of people are the major factors driving the global automobile industry. Developed countries already have a large number of automobiles, while the developing countries are boosting the automotive sales due to evolving infrastructural facilities, rising living standards and economic growth. The global automotive sales in 2016 was recorded over 93.8 million units and is expected to grow at a substantial rate in the forecast period. This, in turn, will drive the global sheet metal market demand considerably.
Aerospace & defense industry is likely to display a strong progress in the forecast period owing to increasing long distance and international travelling. Globalization has increased the use of aircrafts for express delivery and transportation on a large scale. Travel by aircrafts has become a common thing in the developing countries due to improved purchasing power parity. Changing lifestyles have shifted the decisions of people from saving money to saving time. Also, new and developed aircrafts which are eco-friendly and lighter in weight have been introduced, driving the aerospace & defense industry and boosting the global sheet metal market on a considerable scale.
These products need to be handled with care as they vary in thickness and weight. The product is heavy, has very sharp edges and is an excellent conductor of electricity and heat. When exposed to sun or other heat sources, the product gets hot quickly demanding extreme handling care for operators working with it. Also, cutting and welding of the product may result in formation of metal dust which if inhaled may result in health hazards. These factors may hinder the overall sheet metal market growth in the coming years.
Based on material, the global sheet metal market can be classified into steel and aluminum. Steel may be further classified into four basic categories such as carbon, alloy, stainless and tool steel. These exhibit different properties by nature and hence are used in different applications in the form of sheets. Carbon steel exhibits good strength and formability. Alloy steel is the most easily available and cost effective product among these and is more responsive to electricity and heat than the carbon steel. Stainless steel product is commonly used owing to its excellent corrosion resistance properties, good resistance to stress induced cracking, good weldability and formability. Tool steel is the combination of alloy and carbon which is well-suited for the making of tools and exhibits resistance to abrasion and distinctive hardness.
Aluminum sheet metals are extensively used in the formation of aircrafts owing to its light weight and strong properties. The skin or outer surface of the aircraft along with its wings and fuselage are formed with the help of aluminum and its alloys with other metals. With growing usage of this material in aircraft as well as automotive manufacturing, it will be an important segment of the sheet metal market in the forecast years.
According to product, the sheet metal market can be segmented into flat pieces and coiled strips. Flat pieces of metal are primarily formed by rolling, and then bent over or cut into various shapes for its further uses. These sheets are in varied thickness from extremely thin sheet known as foil to pieces that are up to 6 mm thick. Pieces thicker than 6 mm or 0.25 inches are known as plates. Coiled strips are formed from these metal sheets by running a continuous metal sheet through a roll slitter.
Considering end-user industries, the global sheet metal market can be bifurcated into automobile, aerospace, building & construction, steel industries, agricultural machineries, and others such as heavy machineries industries, shipbuilding, etc. The products are used in large volumes for cars, cargo trucks and cargo vehicles. Growing automobile industry is demanding heavy amount of metal sheets, which in turn is reflecting in the global sheet metal market growth. Use of lighter products in aircraft formation is driving the sheet metal market further. Building & construction industry demands for a large volume of sheet metals for modern architecture. Use of these products exhibit a different look for the architecture making it modern and differently styled.
Taking Asia Pacific regions into consideration, countries like China and India are the primary sheet metal market, owing to the rise in the amount of construction and booming automobile industry. Europe and North America are also projected to be the key markets owing to the building and construction industry in these regions. Developing automobile and construction industry in the Latin America is likely to fuel the demand for sheet metal market in the near future.
Key players operating in the global sheet metal market include General Sheet Metal Works, Bud Industries, BlueScope Steel, ATAS International, &E Manufacturing, ABC Sheet Metal, Associated Materials, Autoline Industries, Prototek, Noble Industries, Wise Alloys, Alcoa, United States Steel Corporation, Nucor Corporation, NCI Building Systems, Pepco Manufacturing, Proto-D Engineering, Southwark Metal, Deepesh pressing, Fabrimech Engineers, Nimex International, Rajhans Pressings, Dhananjay Group, Aero Tech Manufacturing, and Vinman Engineering.
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