Sheet Metal Market size is set to grow by USD 92.3 billion from 2024-2028, Growth in machine tools market boost the market, Technavio

NEW YORK, July 4, 2024 /PRNewswire/ -- The global sheet metal market size is estimated to grow by USD 92.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.59% during the forecast period. Growth in machine tools market is driving market growth, with a trend towards adoption of 3D (3 dimensional) technologies for sheet metal production. However, fluctuating cost of raw materials poses a challenge. Key market players include ABC Sheet Metal, Acosta Sheet Metal Manufacturing Inc., Aditya Birla Management Corp. Pvt. Ltd., Alcoa Corp., Arconic Corp., Baosteel Group Corp., Bud Industries Inc., Cadrex, Constellium SE, General Sheet Metal Works Inc., Hulamin Ltd., JFE Holdings Inc., Kaiser Aluminum Corp., Nippon Steel Corp., POSCO holdings Inc., Prototek Holdings LLC, Shanghai Metal Corp., Tata BlueScope Steel Pvt. Ltd., Tata Sons Pvt. Ltd., and United States Steel Corp..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Market Driver

The sheet metal market is witnessing a significant trend with the increasing adoption of 3D technologies for production. Technologies like Computer-Aided Design (CAD), Computer-Aided Manufacturing (CAM), and 3D printing enable manufacturers to create intricate designs with improved accuracy and efficiency. These tools allow for virtual production simulations, identifying potential issues, and making necessary adjustments before actual manufacturing. The medical equipment industry is one of the early adopters of 3D printing technology for sheet metal production. Many sheet metal manufacturers and fabrication units are exploring the use of 3D technologies to enhance production speed and reduce costs. The automotive and aerospace industries are expected to see increased adoption of 3D printing, with the aerospace industry's 3D printing market projected to reach nearly USD3 billion during the forecast period. Companies are investing heavily in these technologies to gain a competitive edge in the market. The use of 3D printing is particularly beneficial for industries with complex designs and high production costs, such as automotive and aerospace. 

The Sheet Metal Market is experiencing significant growth due to increasing trends in rust resistance, insulation, and durability. Urban population expansion drives demand for rust-resistant materials in various industries, including automotive and HVACR. Surface-treated steel sheets, such as electro-galvanized and hot-dipped galvanized, are popular choices. Vehicle frames, doors, mufflers, hoods, and fuel tanks are common applications. Market players like Desktop Metal, Inc., Figur G15, and competitors invest in research and development, utilizing advanced technologies like 3D printing techniques, CNC machine tools, and AI contour control. Sustainable construction materials and lightweight materials are also gaining traction in infrastructure development. Entrepreneurs expand their product portfolios to cater to these trends, enhancing competition in the market. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

• The global sheet metal market faces significant challenges due to the volatility in raw material costs. Fluctuations in the prices of aluminum, iron, stainless steel, silver, and copper directly impact the cost of sheet metal production. Industrial production in China, the world's largest consumer of raw materials, has rebounded, leading to increased demand and a demand-supply imbalance. This imbalance has caused a steep rise in raw material prices, posing a major threat to sheet metal market growth. Vendors are particularly affected, as they cannot negotiate prices once agreements are made, and any losses are borne by manufacturers. Given the wide range of industries that use sheet metals, even small price fluctuations can lead to substantial increases in total costs. This, in turn, can result in decreased demand and significant losses due to increased inventory costs. Furthermore, buyers may opt for substitutes when faced with increased raw material costs, further impeding market growth during the forecast period.
• The sheet metal market encompasses various business models, from metal manufacture for large equipment and automotive bodies to leaf or foil production for industries like construction and interior decoration. Key market players include automakers, commercial aircraft manufacturers, and construction companies. Market studies indicate that steel, tin, nickel, copper, aluminum, brass, and plate are popular metals, with steel products and stainless steel holding significant market shares. Challenges include labor and tooling & equipment costs, casting, forging, and fabrication methods. In construction, roofing, walling, cladding, and curtain wall applications are common, with aesthetic appeal being a significant factor. Emerging trends include the use of carbon fiber, composite materials, 3D printing, and titanium in various industries. The global construction outlook, construction spending, and automotive production are crucial factors influencing market growth. Aluminum roofing sheets are a popular choice due to their durability and energy efficiency.

For more insights on driver and challenges - Request a sample report!

Segment Overview 

This sheet metal market report extensively covers market segmentation by

1. End-user 
• 1.1 Building and construction
• 1.2 Automotive
• 1.3 Machinery
• 1.4 Others
2. Material 
• 2.1 Steel
• 2.2 Aluminum
• 2.3 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Building and construction- The global sheet metal market is divided into several sectors based on end-user applications. One notable segment is building and construction, where sheet metal plays a crucial role. In this industry, sheet metal is frequently employed for roofing, wall cladding, and structural reinforcement. Moreover, it is essential for manufacturing HVAC systems, ductwork, and pipes. Sheet metal's strength, durability, and adaptability make it an indispensable asset in construction. It can endure harsh weather conditions, resist corrosion and fire, and be shaped into various forms. Finishes like painting, powder coating, or anodizing further enhance its appeal and shield it from external elements. In the construction sector, sheet metals are utilized for various applications, including fabrication, roofing, and room dividers in residential and commercial projects. Governments of major economies, such as China and India, are investing substantially in infrastructure development, including the creation of smart cities and official and residential complexes, fueling demand for sheet metals. Initiatives like Make in India and New Open Door Policy are attracting foreign investment, driving infrastructure growth, and consequently, the demand for sheet metals is projected to escalate during the forecast period. The expansion of the building and construction industry, fueled by increasing construction activities, infrastructure development, and renovation projects worldwide, is anticipated to boost the growth of the sheet metal market in this sector during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report

Research Analysis

The sheet metal market is experiencing significant growth due to the increasing demand for sustainable construction materials and lightweight components in various industries. New grades of high-quality sheet metals are being developed to cater to premium markets, particularly in infrastructure development. Competition in the market is fierce, with entrepreneurs constantly innovating business models and key strategies to increase market shares. Research and development are crucial in this industry, with ongoing investment in stamping tools, molds, dies, and presses to produce advanced components. The market encompasses a wide range of applications, from large equipment manufacturing to pipe production, automotive body parts, and leaf or foil for various industries such as food, packaging, and construction. Metals used include tin, nickel, copper, steel, aluminum, and brass, among others, making the market diverse and dynamic.

Market Research Overview

The Sheet Metal Market is witnessing significant growth due to the increasing demand for sustainable construction materials and lightweight materials in infrastructure development. Product portfolios of key players include stamping tools, molds, dies, presses, and large equipment for various applications. The market is highly competitive, with entrepreneurs continuously innovating to gain market share through research and development. Desktop Metal Inc. And Figur G15 are leading players in the 3D printing segment, while traditional manufacturing techniques such as casting and forging continue to dominate. The market spans various industries, including automotive production, commercial aircraft, construction, and commercial buildings. Key materials include tin, nickel, copper, steel, aluminum, brass, and plate. Automakers and the HVACR industry are major consumers of sheet metal, while urban population growth fuels demand for roofing, walling, cladding, and curtain wall. Sustainability, aesthetic appeal, rust resistance, insulation, durability, and resale value are key considerations for consumers. Advancements in technology, such as carbon fiber composites and 3D printing techniques, are disrupting traditional business models. Market shares are influenced by key strategies, including cost competitiveness, labor cost, tooling & equipment cost, and product quality. The global construction outlook, steel products, stainless steel, titanium, and aluminum roofing sheets are major trends in the market. CNC machine tools, AI contour control, and 3D printing are driving innovation in sheet metal manufacture.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Building And Construction
• Automotive
• Machinery
• Others
• Material
• Steel
• Aluminum
• Others
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio