Overview and Scope
Sheet metal refers to a thin, lightweight, high-strength, flat sheet made up of highly conducting materials such as iron, copper, brass, nickel-iron alloys, and others and using techniques such as cutting, shaping, drawing, shearing, and others by using tools such as shears, laser cutters, and stamping presses. It is finished with coatings such as paint, powder coating, or anodizing to improve durability and aesthetics.
Sizing and Forecast
The sheet metal market size has grown strongly in recent years. It will grow from $314.13 billion in 2023 to $332.59 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to grid modernization initiatives, demand for better infrastructure, energy efficiency requirements, government regulations and standards, increased complexity of power systems.
The sheet metal market size is expected to see strong growth in the next few years. It will grow to $410.74 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to decentralized energy systems, cybersecurity concerns, electric vehicle (ev) integration, grid flexibility initiatives, demand response programs. Major trends in the forecast period include integration of internet of things (iot), digital substation technologies, grid modernization initiatives, cloud-based solutions, edge computing for real-time processing, remote monitoring and maintenance.
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Segmentation & Regional Insights
The sheet metal market covered in this report is segmented –
1) By Material: Steel, Aluminum, Titanium, Other Materials
2) By Process: Rolling, Forging, Bending, Other Process
3) By End User: Automotive, Defense, Aerospace, Industrial Tool And Machinery, Buildings And Construction, Home Appliances, Consumer Goods, Other End Users
Asia-Pacific was the largest region in the sheet metal market in 2023. The regions covered in the sheet metal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The continuous expansion of the construction sector is expected to propel the growth of the sheet metal market going forward. Sheet metal refers to a thin, lightweight, high-strength, flat sheet made up of highly conducting materials such as iron, copper, brass, nickel-iron alloys, and others and using techniques such as cutting, shaping, drawing, shearing, and others. The construction sector is increasing because of the growing population, urbanization, low-interest rates on construction, and others. The construction sector is widely using sheet metal as a construction material because of its benefits, such as a low weight-to-thickness ratio, strength, and durability, These factors boost the sheet metal market. For instance, in May 2023, according to the reports shared by the United States Census Bureau, a US-based government agency, construction spending increased from $1,768.2 billion in March 2022 to $1,834.7 billion in March 2023, a 3.8 percent increase in construction spending. Therefore, the continuous expansion of the construction sector is driving the growth of the sheet metal market.
Key Industry Players
Major companies operating in the sheet metal market report are Arconic Corporation, Alcoa Corporation, Baosteel Group Corporation, JFE Holdings Inc., Nippon Steel Corporation, POSCO Holdings Inc., United States Steel Corporation, ArcelorMittal S.A., Constellium SE, General Sheet Metal Works Inc., Hindalco Industries Limited, Kaiser Aluminum Corporation, Nucor Corporation, Tata BlueScope Steel Pvt. Ltd., Tata Steel Limited, 3A Composites, Bud Industries Inc., BlueScope Steel Limited, ATAS International Inc., A&E Manufacturing Company, Associated Materials LLC, Dulocos Conveyors, Moulds Pvt. Ltd., SSR Metals Private Limited, Sheet Metal Fabrication Companies, Maysteel Industries LLC, Source International, Special Products & Mfg. Inc., Aalco Metals Ltd., Ellwood Group Inc.
The sheet metal market report table of contents includes:
1. Executive Summary
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