GVR Report cover Sheet Metal Market Size, Share & Trends Report

Sheet Metal Market Size, Share & Trends Analysis Report By Material (Steel, Aluminum), By End-Use (Automotive & Transportation, Building & Construction), By Region, And Segment Forecasts, 2020 - 2025

  • Report ID: GVR-3-68038-775-9
  • Number of Pages: 110
  • Format: Electronic (PDF)

Report Overview

The global sheet metal market size was valued at USD 262.2 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 5.0% from 2020 to 2025. Sheet metal is one of the common building materials used across the construction sector for various applications. Continuous expansion of the building & construction sector is one of the key drivers for the metal market.

Sheet metal products have high strength and are deployed in sturdy structures. Moreover, these products are thin and lightweight, which makes them easy to transport. They are ideal for use in various weather conditions and provide moisture and corrosion resistance. Other advantages of using sheet metal include durability, recyclability, and widespread availability, thus making it a suitable choice for use in construction applications.

U.S. sheet metal market

The expansion of the construction industry in the U.S. is anticipated to contribute to the growth of the market. As per the U.S. Census Bureau, construction spending in the U.S. increased by 3.7% in 2018 reaching USD 1,293.9 billion. In the construction industry, sheet metal is used in numerous applications including roofing, ductwork, rain gutters, and industrial shades.

The use of lightweight materials and alloys with titanium and aluminum is likely to contribute to the growth of the sector. Titanium is a stronger and lighter metal than steel. It is alloyed with iron, aluminum, manganese, and other metals to improve physical and chemical properties. The demand for titanium metal is anticipated to grow on account of its extensive use in the aerospace industry for applications including aircraft skin, structural parts, engine components, hydraulic systems, missiles, and rockets.

The growing trend among automakers in the market to form partnerships with manufacturers of carbon fiber is likely to emerge as a major factor restraining market growth. For instance, in 2019, General Motors signed an MoU with Teijin Ltd. to manufacture carbon composites for application in the automotive industry. Carbon fiber is also witnessing growing demand in heavy industries. In heavy industries, a reduction in the weight of the machine arms can improve its speed and working life. This increases operational efficiency and results in significant savings. The components made from carbon fiber of the same dimensions are 50% lighter as compared to those made from aluminum and 5 times lighter in the case of steel components.

Sheet Metal Market Trends

The global sheet metal market is mainly driven by the growing building & construction sector around the globe. The construction sector is projected to grow at an average growth rate of around 4.0% per annum to 2030. Steel sheets are primarily used in the building & construction sector for structural applications. Thus, a positive global construction outlook is expected to stimulate the demand for sheet metal over the coming years.

Considering their high strength, sheet metal products are utilized in sturdy structures in the construction and infrastructure industry. Also, they are easy to transport owing to their lightweight property and thin design. Moreover, they are flexible to be used in different climatic conditions on account of their ability to resist corrosion and moisture. They provide various other benefits too, such as, easy availability worldwide, recyclability, and durability. 

Sheet metal is both versatile and eco-friendly as its metals are produced using 25% to 75% recyclable materials. Due to technological developments, sheet metal can be produced using less energy as compared to previous years. Sheet metal products require less maintenance, which is another factor contributing to the growth of the market. Roof and sidings made from sheet metal require less maintenance and can last for 40 to 60 years before they require replacement.

Industrial machinery is another significant application segment in the sheet metal market. Industrial machinery and assembly equipment are made of high strength & durable metal sheets. This segment is highly dependent on precision metal stamping as machinery components must be shaped in the desired geometrics. Increasing demand for sub-assembly and assembly capabilities from metal stamping companies is expected to be a key impact factor for industry growth in the application segment.

The industrial machinery segment includes machines used in heavy industries such as oil & gas, chemical, food processing, water treatment, and energy. Increasing exploration & production activities in the oil & gas sector are likely to drive the demand for oil & gas equipment & machinery. Stainless steel has been gaining prominence over the past few years owing to its widespread utilization in manufacturing equipment employed in energy and heavy industries such as chemical; heating, cooling, and ventilation; oil & gas; pulp & paper; food processing; and water treatment.

The market growth is, however, restrained on account of high labor cost, tooling & equipment cost, and in certain applications the long forming times impacting the production rate. Lately, the inclination of metal part manufacturers is increasing toward other manufacturing processes such as casting, forging, and additive manufacturing. These processes provide a high production rate, superior quality, complex geometries, and low-cost manufacturing, thus, impacting the growth of the sheet metal market.

Material Insights

Based on material, the sheet metal market is classified into steel, aluminum, and other metals such as tin, copper, and aluminum. In terms of revenue, aluminum is anticipated to advance at the highest CAGR of 9.2% from 2019 to 2025. Properties of aluminum such as strength, lightweight, ductility, reflectivity, electrical & heat conductivity, and corrosion resistance make it suitable for various applications in several end-use industries. It is one of the versatile metals and the right fit for use in joining, fabrication, machining, forming, and finishing processes.

Steel accounted for the highest volume share of 91.7% in 2018 in the market for sheet metal. Steel sheet products have a high demand from various end-use industries including automotive, construction, and heavy industries such as oil & gas, food processing, and chemicals. Stainless steel sheets are used in the manufacturing of kitchenware and cookware such as sinks, grills, cookers, and pots. They are also widely used in dishwashers, countertops, refrigerators, and washing machines.

The rising importance of steel in the construction industry coupled with infrastructural developments in developing and developed economies is expected to drive the market over the forecast period. Also, the demand for steel sheet products is expected to propel over the next seven years on account of their properties such as high quality, durability, economic benefits, sustainability, strength, long life, and low maintenance cost.

End-Use Insights

Building & construction accounted for the highest volume share of 54.9% and is projected to grow at a lucrative pace over the forecast period. Roofing, walling, and cladding are the key applications in the construction industry. Increasing the use of stainless steel sheets in the curtain wall and roofing has influenced the market for sheet metals positively. This can be majorly attributed to functional properties and aesthetic appeal offered by stainless steel. The use of numerous stainless steel alloys in building & construction is witnessing growth from the last few years.

The popularity of aluminum roofing sheets has been increasing since the last few years. Aluminum metal sheets offer several advantages such as resistance to rust, high insulation, durability, good resale value, longer lifespan, and lightweight. Applications of these products include industrial warehouses, sheds & halls, roofing for houses & residential buildings, cladding, parking bays, airports, and stadiums.

Global sheet metal market

The automotive segment is projected to progress at a CAGR of 2.9%, in terms of volume, over the forecast period. Surface-treated steel sheets, which commonly include electro-galvanized and steel sheets and hot-dipped galvanized sheets, are the key products used in automobile production. These products are used in basic vehicle frames for doors, mufflers, hoods, and fuel tanks. The massive production of automobiles is a key contributor to the demand for these products.

Regional Insights

Asia Pacific accounted for a revenue share of over 60.8% in 2019 of the global sheet metal market. Factors such as the availability of skilled and low-cost labor, integration across the industry from raw material to end-product stages, and government policies towards encouraging the manufacturing sector in developing nations such as China and India, are propelling the regional growth. 

In 2018, China alone held a share of over 30.0% of the global sheet metal market, in terms of revenue. The country is a manufacturing hub, with a widespread presence of mining operations, metal producers, and metal parts manufacturers. Steel is one of the key materials preferred in the sheet metal market and China was the largest crude steel producer in the world in 2018. The country produced 928.3 million tons of crude steel in 2018. Thus, raw material availability coupled with a strong manufacturing base, makes China a dominant player in the market. 

North America is anticipated to register a CAGR of 4.7%, in terms of revenue, from 2019 to 2025. It is the third-largest market in the world, after Asia Pacific and Europe. The transportation industry including the automotive, aerospace, and marine sectors is one of the key contributors to the growth of the sheet metal market in the North American region. In this industry, expansion of the aerospace sector due to increased demand for new aircraft is anticipated to assist in the growth of the market. 

Sheet Metal Market Trends by region

The U.S. accounts for over 60.0% revenue share of the North America sheet metal market. The establishment of several aircraft companies along with huge defense spending in the U.S., are propelling the regional growth. A study published by Airbus in 2018 stated that the North American region is likely to create a demand for nearly 5,964 new aircraft over the next 10 years. Sheet metals such as stainless steel, aluminum, and titanium used in engine components, aircraft skin, door structures, frames for doors, and seat fixtures are likely to observe growing demand due to the increasing production of aircraft.

Key Companies & Market Share Insights

Companies in the market with huge regional presence and higher turnovers have achieved economies of scale through continuous improvement over the last years. Some of the leading companies in the steel sheet industry are Nippon Steel Corporation, POSCO, JFE, and Baosteel. For aluminum sheets, top players are Norsk Hydro, Arconic, Alcoa, and Hindalco.

These market players are also highly integrated across the value chain. For instance, the business of Hindalco includes bauxite mining, coal mining, alumina refining, aluminum smelting, power plants, and production of downstream products such as extrusions, sheets, and foils. Similarly, producers in the steel industry are also engaged in operations from mining to downstream products manufacturing.

Sheet Metal Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 276.8 billion

Revenue forecast in 2025

USD 371.8 billion

Growth rate

CAGR of 5.0% from 2020 to 2025

Base year for estimation

2019

Historical data

2014 - 2018

Forecast period

2020 - 2025

Quantitative units

Revenue in USD million, and CAGR from 2020 to 2025

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

material, end-use, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

County scope

U.S.; Canada; Mexico; Germany; U.K.; France; China; India; Japan; Brazil

Key companies profiled

JSW; Tata Bluescope Steel; Nippon Steel Corporation; POSCO; United States Steel; JFE Steel Corporation; Baosteel Group; Arconic; Alcoa Corporation; Kaiser Aluminum; Constellium

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Sheet Metal Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For this study, Grand View Research has segmented the global sheet metal market report based on material, end-use, and region:

Global Sheet Metal Market Segmentation

  • Material Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • Steel

    • Aluminum

    • Others

  • End-Use Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • Automotive & Transportation

    • Building & Construction

    • Industrial Machinery

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Central and South America

      • Brazil

    • Middle East & Africa

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