Sheet Metal Market By Material (Steel, Aluminum, Others), By End User (Automotive & transportation, Building & construction, Industrial machinery, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026
The global sheet metal market size is expected to reach around USD 370 billion by 2026 growing at a CAGR of over 4.59% throughout the forecast period 2019 to 2026.
Sheet metal products are highly solid and are used in robust structures. In addition, they are thin and light weight, an easy to transport. These are suitable for use in different weather conditions and provide resistance to humidity and corrosion. Over the second half of 2018, the basics of the steel market have significantly weakened. While production growth in steel in most regions remains positive, steel prices have begun to adjust. Demand for steel in India remained strong, the third largest economy consuming steel. In 2018 India became the second largest producer of steel with an output of 106.5 million metric tons.
The report provides analysis of global Sheet Metal market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Market Insights
The use of small materials and titanium- and aluminum alloys is likely to help the sector grow. Titanium is lighter than steel and stronger than metal. The growing trend among car manufacturers in the market to partner with carbon fibre producers may be a major factor in curbing the growth of the industry. The growing trend among car manufacturers in the market to partner with carbon fiber manufacturers is expected to restrict market growth. During the forecast period, the development of the tool market will become one of the key growth drivers on the sheet metal industry.
The machine tool market growth, which, in effect, would increase sheet metal production, is driven by factors such as outsourcing of goods to boost the growth of the industry. One of the key factors in rising momentum on the market is the acceptance of 3D technology for the development of plates. Market vendors adopt 3D technologies to speed up work and reduce production time overall.
Throughout the automotive and aerospace industry, 3D printing technology is also expected to grow during the prediction era. Both patterns are projected to have a positive effect on the sheet metal sector in the manufacturing industry. For many different applications, including ductwork, roofing, rain ribs and industrial lighting, sheet metal is used in construction industry.
Material Stance
In terms of material the market is segmented into steel, aluminum, and other. In terms of growth, aluminum is projected to show trend of dominance over the foreseeable future. It is one of the flexible metals and is ideal for joining, processing, workmanship, shaping and finishing. Because of their light weight and solid properties, aluminum sheet metals are commonly used in the construction of aircraft. With aluminum and other metals, the aircraft's skin or external surface, along with its wings and fuselages are formed. In the forecast years, this material is projected to become a major segment on the sheet metal market with the increased application in aircraft as well as automotive manufacturing.
In 2018, Steel stood as the largest material segment and is projected to show similar trend over the forecast period. Steel sheet goods are highly demanded by different end use industries, including construction, automotive, chemicals, oil& gas. These are also commonly used in washing machines, countertops and refrigerators.
In addition to infrastructure developments in developing and developed economies, steel in the construction industry is expected to increase in relevance to the market over the forecast period. The demand for stainless steel sheet goods in the coming seven years is also anticipated to increase due to their properties such as high quality, long life and low maintenance costs.
End Use Outlook
Building and construction sector dominated the end-use of sheet metal market with a share of more than 50% in the year 2018 and is projected to show similar trend over the forecast period. Increasing use in curtain walls and roofs of steel plates have had a positive impact on the sheet metal market. For today's desire to manufacture lean and cut costs, the method of sheet metal formation that suits the industry best. In recent years, the popularity of aluminum sheets has increased.
More than 58% of the body weight in a automobile is covered by parts such as suspension elements and chassis. Hence, The emphasis on these components is from the perspective of sheet metal production regarding the possible weight reduction. Since decades, traditional cold roll stones have dominated the car's manufacturing industry throughout the history of automobiles. In the past 20–30 years, however, the need to manufacture lightweight car bodies was mainly driven by dynamic and multi-directional technologies.
Regional Snapshots
Flat Steel prices in the US rose more in the first half of 2018 than in other countries, but reversed in the second half of the year. The growth of the metal sheet equipment market is mainly due to demand from the developing Europeans and emerging economies in Asia for metal cutting machinery. However, significant demand for product from end-use industries such as construction and automotive is likely to occur in North America's sheet metal industry. The world's automotive production is a large part of North America. Also, North America is majorly into export of machines which utilizes sheet metal. Developing automotive industry and growing penetration of EV's is another factor which is projected to boost the demand of Sheet metal in North America.
The R&D activities and the creation of new plants are expected to lead the European automotive industry. In Asia-Pacific, the automotive sector is growing rapidly, which has a positive effect on the market and thus fueling the demand for the production of sheet metals. However, the decline in the growth of automotive industry across China from 13.7% to -2.8% for the year 2016 and 2018, respectively is projected to slowdown the consumption of sheet metal in near future.
Report coverage
The market research study on “Sheet Metal Market By Material: Steel, Aluminum, Others, By End-Use:- Automotive & transportation, Building & construction, Industrial machinery, Others :-Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026” offers a detailed insights on the global sheet metal market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global sheet metal market, its ingredient, product, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global sheet metal market size and volume, and segment markets by ingredient, product, and geography along with the information on companies operating in the market. The Sheet Metal market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. For each region, the market size and volume for different segments has been covered under the scope of report.
Key Players and Strategies
Key players in this market comprise of Admach Auto India Ltd., Autoline Industries Ltd., B I L Metal Inds. Ltd., CaparoMaruti Ltd., Ferreterro India Pvt. Ltd., Hwashin Automotive India Pvt. Ltd., J B M Auto Ltd.
The global Sheet Metal market is segmented as below:
Market Segmentation
Market By Material
- Steel
- Aluminum
- Others
Market By End User
- Automotive & transportation
- Building & construction
- Industrial machinery
- Others
Market By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Frequently Asked Questions
How much is the sheet metal market worth?
Acumen Research and Consulting predict that the sheet metal market value is anticipated to be worth around US$ 370 billion in 2026.
What will be the growth rate of sheet metal market during the forecast period 2019 to 2026?
The sheet metal market is anticipated to grow over 4.9% CAGR during the forecast period 2019 to 2026.
How much is the market share of building and construction sector in sheet metal market?
Building and construction sector dominated the largest market share of more than 50% in the year 2018.
Which region is projected to grow at a fastest rate during the forecast period?
Asia Pacific is projected to grow at a fast pace during forecast period in the sheet metal market.
What are the segments of sheet metal market?
The global sheet metal market is segmented into ingredient, product, and major geographic regions.
Which are the key players in this sheet metal market?
Key players in this market comprise of Admach Auto India Ltd., Autoline Industries Ltd., B I L Metal Inds. Ltd., CaparoMaruti Ltd., Ferreterro India Pvt. Ltd., Hwashin Automotive India Pvt. Ltd., J B M Auto Ltd.
Which material segment hit sheet metal market?
The aluminum is projected to show trend of dominance over the foreseeable future.
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