Sheet Metal Market

Sheet Metal Market Growth Outlook (2023 to 2033)

The global sheet metal market is estimated to reach US$ 546.8 billion by the end of 2033, growing at a CAGR of 5.0% from an estimated value of US$ 306.6 billion in 2022.

Over the projected period (2023-2032), the market is expected to be driven by rising demand for lightweight sheet metals in the production of automobile chassis and bodies to improve fuel efficiency.

Report Attributes	Details
Sheet Metal  Market Size (2022A)	US$ 306.6 Billion
Estimated Market Value (2023E)	US$ 321.9 Billion
Forecasted Market Value (2033F)	US$ 546.8 Billion
Global Market Growth Rate (2023-2033)	5.0% CAGR
East Asia Market Share (2023)	29.6%
Key Companies Profiled	Alcoa Corporation ArcelorMittal S.A Arconic Corporation Hindalco Industries Limited JFE Steel Corporation Nippon Steel & Sumitomo Metal Corporation Nucor Corporation POSCO Tata Steel Ltd.

Global Sheet Metal Market Historical Outlook (2018-2022) vs. Forecast Outlook (2023-2033)

Due to expanding use in sectors including the aerospace and automotive, as well as the medical industry, sheet metal is currently in great demand. This expansion is showing profitable opportunities for industry participants in the worldwide sheet metal market over the anticipated period.

The market's leading product in 2022 was steel sheets, which are expected to hold more than half of the market by 2033. Fact.MR forecasts that the global sheet metal market will grow at a remarkable CAGR of 5.0% between 2023 and 2033, reaching a valuation of more than US$ 546.8 billion by 2033.

• Growth Factors for Short-Term (2023-2026): The growing automotive industry especially the electric vehicles market is likely to drive the sheet metal market.
• Factors for Medium-Term Growth (2026-2029): Growing government investment in the defense sector to strengthen the country’s military base is anticipated to fuel the demand for the sheet metal market.
• Long-Term Growth Opportunities (2029-2033): Efforts led by market players to remain competitive in the global market are likely to drive the sheet metal market in a long run.

Market Dynamics Overview

“Growing Demand for Lightweight Vehicles to Drive Market Growth”

Over the projected period, the sheet metal market is expected to witness immense growth opportunities due to the growing need for lightweight sheet metals in the production of automotive chassis and bodywork. New grades of high-strength steel are in great demand as lightweight vehicles become more popular, in order to comply with new emission requirements like BS-VI (Bharat Stage - VI) and European emission standards.

OEMs (original equipment manufacturers) are expected to switch to using new grades of sheet metal offered by manufacturers, such as press-hardened steels and martensitic steels. The growth of the automotive sector is expected to be boosted by the penetration of electric vehicles in society creating a revenue increase of up to 30.0% by 2033. Also, shifting consumer mobility behavior to drive the overall market growth creates an opportunity platform for sheet metal.

“Functionalities of Preferred Aluminum Sheet Opening New Doors for Manufacturers”

Aluminum sheets are used in a variety of end-use industries, including packaging, transportation, construction, and more. The demand for aluminum sheets in the automotive industry is anticipated to increase due to the implementation of strict laws pertaining to vehicle weight reduction that will eventually result in a reduction in carbon emissions.

Owing to the three times higher lifespan, light weightiness, and durability of aluminum as fuselage metal, the demand is expected to bolster aircraft body manufacturing. Additionally, the ability of aluminum sheet metal to create intricately shaped vehicle components including rockers, pillars, roof rails, and cross members will present lucrative opportunities for market participants.

Aluminum is preferred over traditional alloys owing to its non-corrosive properties, high tensile strength and it is 50.0% lighter than steel. In addition, escalating demand for aluminum in numerous applications such as fuselages and metal cans is set to drive the consumption of aluminum sheets at a positive CAGR of 5.0% over the forecast period.

“Stringent Regulation Regarding Production of Metals to affect the Sheet Metal Market”

Governments across the globe are focusing on the implementation of environmental regulations to reduce the impact of carbon emissions. Mining and smelting of metal have a major environmental impact.

Additionally, smelting leads to emissions, which largely depend on scrap quality. Due to these factors, stringent environmental regulations can be seen being implemented, leading to seasonal cuts in metal smelting of certain metals to protect air quality in cities. For instance, over the past half-decade, there have been multiple instances of seasonal cuts or winter cuts in alumina smelting and alumina refining in China, impacting the overall demand and supply chain of the overall aluminum business.

Country-wise Insights

Will the Huge Automotive Sectors in the US Drive High Demand for Sheet Metal?

Particularly from the end-use industries like construction and automotive, the US sheet metal industry is projected to exhibit strong demand for sheet metal.

The country produces a sizable portion of the world's automobiles. The USA President announced the initiative to reduce greenhouse gas emissions in August 2021, with support from the largest American automakers. The goal is to have 50.0% of all new vehicles sold in 2030 be electric.

Additionally, the administration put up new regulations for car emissions that would reduce pollution until 2026, beginning with a 10.0% rise in strictness for the 2023 model year.

What Makes China a Growth Epicenter for Sheet Metal Market?

East Asia has led the world in sheet metal consumption, and by 2033, it is expected to continue to dominate the market with a share of more than half.

China led the regional share as the world's largest user of steel and aluminum. By 2033, the scenario is expected to account for more than three-fourths of the regional share, leading to a considerable 122 million metric tonnes increase in demand.

China will grow at a CAGR of almost 6.2% throughout the predicted period. Since 2018, Japan’s usage of steel has increased. Additionally, India, one of the steel markets with the quickest growth, is anticipated to keep up its consumption of steel over the next 10 years, opening up lucrative chances in the sheet metal industry through 2033.

Category-wise Insights

Which Material Type is Expected to Experience the High Demand?

By 2033, steel sheets are anticipated to hold a market share of more than 50.0%. It is employed in a variety of automotive applications, including the body framework and engine train, because of its high strength and exceptional formability.

Steel has exceptional benefits over other materials, such as high-temperature strength, and oxidation resistance, which will aid in maintaining its market dominance.

How lucrative are the opportunities in the building sector?

The demand for sheet metals is being fueled by an expanding number of infrastructure projects and investments from regional governments. The demand for sheet metal is increasing due to the widespread usage of sheet metal for roofing in the construction industry.

Due to the use of stainless steel sheets in curtain walls and other construction applications including roofing, walling, and cladding, the building & construction segment is anticipated to have the largest share, at over 55.0%, during the forecast period.

Competitive Landscape

Prominent sheet metal manufacturers are Alcoa Corporation, ArcelorMittal S.A, Arconic Corporation, Hindalco Industries Limited, JFE Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, Nucor Corporation, POSCO, Tata Steel Ltd, and many more.

The worldwide sheet metal market is anticipated to experience increased competition as competitors compete to obtain a competitive edge and expand their market share by adopting organic & inorganic strategies. For instance,

• In September 2022, Desktop Metal launched FIGUR 15, a computerized system to shape standard Sheet Metal directly from a digital design file
• In April 2022, Nippon Steel Corporation (Nippon Steel) announced to launch of ZAM-EX, coated steel sheets that are highly corrosion resistant in nature specifically for overseas market

Fact.MR has provided detailed information about the price points of key manufacturers of sheet metal positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of the Sheet Metal Market

• By Material

  • Steel
  • Aluminum
  • Titanium
  • Others

• By Application

  • Vehicle Bodies
  • Construction
  • Electrical Appliances
  • Fuselage
  • Storage and Packaging
  • Others

• By End Use

  • Automotive sector
  • Defense
  • Aerospace industry
  • Industrial Tool and Machinery
  • Buildings and Construction
  • Home Appliances
  • Consumer Goods
  • Others

• By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA