An increase in automotive production and growing demand for sheet metal in automotive structural applications for the sheet metal market.
NEW YORK, NEW YORK, USA, March 25, 2022 /EINPresswire.com/ — The global sheet metal market is expected to reach USD 398.62 billion by 2027, according to a new report from Reports and Data. The market is witnessing a surge in demand for the adoption of energy-efficient transportation owing to the growth of manufacturing industries in developing economies. In addition, the widespread use of sheet metal due to its high strength, reduced thickness and light weight can be deployed in the robust structures contributing to the continuous expansion of the building and construction industry, promoting market demand. However, the growing demand for alternative components, explicitly carbon fiber composites, is hampering the market need.
The use of sheet metal, supported by the Indian government’s steel ministry, is the major contributor to the overall market demand in the country. Moreover, other countries, such as China, Vietnam and the United States, are also supported by their respective governments, which helps them maintain their position in the market and increase the potential for increased spending. in the sheet metal industry. For example, the government of Vietnam has taken various economic restructuring decisions, including the relaxation of regulations to promote foreign investment and the privatization of state-owned enterprises. According to studies, the Asia-Pacific region is expected to experience the highest growth rate due to the increase in the use of sheet metal.
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Major participants include Nippon Steel Corporation, POSCO, JFE Steel Corporation, Arconic, Baosteel, Norsk Hydro, Alcoa, Hindalco, General Sheet Metal Works, and United States Steel, among others.
Other key findings from the report suggest:
Based on the materials, steel is expected to grow with a CAGR of 4.5% over the forecast period due to its fundamental characteristics, which include efficiency, availability and cost, which makes it suitable for use in a variety of applications.
The sheet metal based forging market is expected to grow with a CAGR of 4.9% during the forecast period, owing to its variety of applications including hardware, hand tools, kitchen utensils , edged weapons, cymbals, and jewelry which are driving the demand for the market. The revenue generated from the forging process stood at USD 83.06 billion in 2017 and is expected to grow at a rate of 4.9% during the forecast period.
The building and construction sector is the main contributor to the sheet metal market, which generated a turnover of $117.74 billion in 2017 and is expected to grow at a rate of 4.4% over the period 2020 -2027. Asia Pacific’s building and construction industry is the largest shareholder in the sheet metal market and held about 46.0% of the market compared to other regions’ building and construction industry in 2019.
Asia-Pacific dominated the sheet metal market. The region’s consistent focus on cost-effective and innovative procedures adopted in the region is driving the market. The Asia-Pacific region holds around 57.9% of the market, followed by North America, which held around 21.3% of the market in 2019.
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For the purposes of this report, the reports and data have segmented the global sheet metal market on the basis of material type, process, application and region:
Material Type Outlook (Volume, Kilotons and Revenue, USD Billion; 2017-2027)
Process Outlook (Volume, Kilotons and Revenue, USD Billion; 2017-2027)
Application Outlook (Volume, Kilotons and Revenue, USD Billion; 2017-2027)
Automotive and transportation
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Key Benefits of Purchasing Global Sheet Metal Report:
Complete analysis of the changing competitive landscape
Assistance with business decision-making processes as well as detailed strategic planning methodologies
The report offers an 8-year forecast and assessment of the global sheet metal market
Helps in understanding the key product segments and their estimated growth rate
In-depth analysis of market drivers, restraints, trends and opportunities
Comprehensive Regional Analysis of Global Metal Sheets Market
In-depth profiling of key business stakeholders
Detailed analysis of factors influencing the growth of the global metal sheet market
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