Sheet Metal Market Is Expected To Reach $ 5,863.1 Million By 2030

 San Francisco, 28 Aug 2024: The Report Sheet Metal Market Size, Share & Trends Analysis Report By Product (Steel, Aluminum), By End-use (Building & Construction, Automotive & Transportation), By Region, And Segment Forecasts, 2024 - 2030

The global sheet metal market size is expected to reach USD 272.26 billion by 2030, according to a new report by Grand View Research, Inc., and is projected to grow at a CAGR of 7.0% over the forecast period. The expanding automotive industry due to growing demand for electric vehicles is primarily driving sheet metal demand, with automakers seeking lightweight materials to improve fuel efficiency.

Increasing vehicle production is likely to trigger demand for various auto parts. Hydroforming is used to manufacture complex shapes using steel sheets and extrusion parts. It helps reduce weight and process complexity and decreases investment in tooling. Automotive parts, such as radiator supports, roof headers, cross-car beam headers, roll bars, frames, and engine cradles, can be manufactured using this process.

Sheet metal is one of the most versatile and eco-friendly materials. In recent years, sheet metal manufacturing has witnessed technological advancements, thereby leading to less energy consumption. Products manufactured using sheet metal require less maintenance, which is another factor contributing to the market growth. Roofs and sidings in the construction sector made from sheet metal require less maintenance and can last for 40 to 60 years without any need for replacement.

Aluminum is likely to remain a key material in the sheet metal industry. Aluminum is lighter in weight as compared to steel and helps improve the fuel efficiency of vehicles. Various governments around the world have established stringent regulations for automakers to reduce the impact on the environment owing to greenhouse gas emissions. Regulations regarding emission reduction and improvement in fuel efficiency are likely to contribute to the rising demand for aluminum sheets over the forecast period.

The global supply chain disruptions caused by the war have also led to inflationary pressures. For instance, the U.S. Federal Reserve and other significant central banks have been aggressively raising fund rates to battle inflation. This has impacted the construction and automotive industries, especially in the U.S. and Europe. All these factors have significantly impacted manufacturing costs of sheet metal, further affecting demand for market products from end use industries globally.

Access Research Report of Sheet Metal Market @ https://www.grandviewresearch.com/industry-analysis/sheet-metal-market

Sheet Metal Market Report Highlights

• Based on product, steel held the highest market share of more than 81.0% in 2023. The growth in this segment is attributed to wide penetration of steel products in automotive and other end use sectors.
• Based on end use, the automotive and transportation segment is growing at a CAGR of 7.0% over the forecast period. Increasing focus on improving fuel efficiency in vehicles is likely to play a major role in the demand for aluminum sheets and the automotive industry.
• Asia Pacific emerged as the largest regional market in terms of both volume and revenue. It is expected to maintain its dominant position over the forecast period owing to higher demand from end use industries.
• In Europe, stringent government regulations for the auto industry regarding fuel emissions are anticipated to remain a key factor in the regional market.
• Most of the key participants in the sheet metal industry are focusing on increasing their production capacities through various inorganic growth strategies.

Sheet Metal Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 181.85 billion
Revenue forecast in 2030	USD 272.26 billion
Growth Rate	CAGR of 7.0% from 2024 to 2030
Base year for estimation	2023
Historical data	2018 - 2022
Forecast period	2024 - 2030

List of Key Players in Sheet Metal Market

• JSW Steel Ltd
• Tata BlueScope Steel Private Limited
• Nippon Steel Corporation
• POSCO
• United States Steel Corporation
• JFE Steel
• Baosteel Group
• Howmet Aerospace, Inc.
• Ma’aden
• Hindalco Industries Limited
• Kaiser Aluminum Corporation
• Constellium SE
• Aleris Corporation
• Hulamin Limited
• Norsk Hydro ASA (Speira)

Access Press Release of Sheet Metal Market @ https://www.grandviewresearch.com/press-release/global-sheet-metal-market

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon