The sheet metal industry is projected to rise at a steady CAGR of 4% between 2019 and 2029. Significant demand for sheet metal from automobile production industry is the predominant factor driving its sales. Properties of high tensile strength and infinite recyclability will continue to aid the growth of the sheet metal market, reveals Fact.MR in its new study.
“Sheet metals are being increasingly viewed as a key solution to automakers in their efforts to manufacture light weight vehicles which will aid market growth,” concludes the Fact.MR report.
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Sheet Metal Market – Key Takeaways
- Steel based sheet metal products continue to hold a leading position in terms of absolute $ opportunities.
- Rising end user preference for aluminum as a fuselage material remains a booster to performance of over conventional alloys in market.
- The automotive industry is set to remain a key consumer of sheet metal, displaying strong growth in the following years.
- China will remain a key influencer in the global sheet metal market as it is the largest aluminum and steel consumer and producer globally.
- East Asia will remain a major market for sheet metal, accounting for more than 50% of the overall revenue share.
Sheet Metal Market – Key Driving Factors
- Increasing demand of lightweight component materials in automotive industry is contributing to the demand for sheet metals.
- The need for automobiles to meet changing emission standards remains a significant contributor to market growth.
- The growth of the global machine tools industry will support growth of sheet metal adoption.
- The adoption of 3D technologies is bolstering efficiency in production and profitability.
Sheet Metal Market – Key Constraints
- Auto manufacturers are increasingly entering partnerships with carbon fiber producers, moving away from sheet metals, which will remain a key restraining factor.
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Competition Landscape
The global sheet metal market is moderately consolidated. The leading players profiled in the report include, but are not limited to JFE, Arcelor Mittal S.A., POSCO, and Nippon Steel & Sumitomo Metal Corporation. Market leaders are investing in organic and inorganic growth strategies. Key players are channeling their efforts towards collaborations with end user industries. The development of novel products for better brand visibility is also gaining importance as indicated by the Fact.MR report.
About the Report
This 170-page study offers readers a comprehensive market forecast of the sheet metal market. Global, regional and country level analysis of the latest industry trends impacting the sheet metal market are covered in this Fact.MR study. The report offers compelling insights on sheet metal market on the basis of material type (steel, aluminum, titanium, and others), application (vehicle bodies, construction, electrical appliances, fuselage, storage & packaging, and others), end use(automotive sector, defense, aerospace industry, industrial tool and machinery, building & construction, home appliances, and others), across six regions (Middle East and Africa, South Asia & Oceania, East Asia, Europe, Latin America, North America).
PR- https://www.factmr.com/media-release/1310/global-sheet-metal-market