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, 2019 - 2025

  • Published Date: Oct, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-775-9
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 110

Industry Insights

The global sheet metal market size was valued at USD 265.0 billion in 2018 and is expected to exhibit a CAGR of 5.0% from 2019 to 2025. Sheet metal is one of the common building materials used across construction sector for various applications. Continuous expansion of building & construction sector is one of the key drivers for the metal market.

Sheet metal products have a 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 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 construction industry, sheet metal is used in numerous applications including roofing, ductwork, rain gutters, and industrial shades.

Use of lightweight materials and alloys with titanium and aluminum is likely to contribute to the growth of sector. Titanium is 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 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 a MoU with Teijin Ltd. to manufacture carbon composites for application in automotive industry. Carbon fiber is also witnessing growing demand in heavy industries. In heavy industries, 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 case of steel components.

Material Insights

On the basis of 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 a 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.

Rising importance of steel in construction industry coupled with infrastructural developments in developing and developed economies is expected to drive the market over the forecast period. In addition, 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 construction industry. Increasing use of stainless steel sheets in 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. Use of numerous stainless steel alloys in building & construction is witnessing growth from the last few years.

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 light weight. Applications of these products include industrial warehouses, sheds & halls, roofing for houses & residential buildings, cladding, parking bays, airports, and stadiums.

Global sheet metal market

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 electrogalvanized and steel sheets and hot-dipped galvanized sheets, are the key products used in automobile production. These products are used in basic vehicle frame for doors, mufflers, hoods, and fuel tanks. Massive production of automobiles is a key contributor in the demand of these products.

Regional Insights

North America sheet metal market is likely to observe a significant demand for the product from the end-use industries such as construction and automotive. In terms of revenue, the region is poised to grow at CAGR of 4.7% over the next seven years. North America holds a significant share in the global automotive production. According to the International Organization of Motor Vehicle Manufacturers (OICA), North America accounted for 18% of the global market share in terms of automotive production in 2018.

As of 2018, Europe accounted for around 22.3% of the global production of cars and commercial vehicles. European automotive industry is anticipated to be driven by the R&D activities and establishment of new plants. In November 2018, Constellium opened a new facility of automotive structures in Zilina, Slovakia, to enhance its presence in the East European market. The new plant produces body structure components and aluminum crash management systems.

Asia Pacific accounted for 60.2% revenue share in 2018. The diverse manufacturing environment in ASEAN countries is a key factor contributing to the market growth. For instance, the government of Vietnam has undertaken various economic restructuring decisions including relaxing regulations to promote foreign investments and privatization of state-owned enterprises.

Sheet Metal 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, 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 steel industry are also engaged in operations from mining to downstream products manufacturing.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Volume in Kilotons, Revenue in USD Million & CAGR from 2019 to 2025

Regional scope

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

Country scope

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

Report coverage

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

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Segments Covered in the Report

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 the purpose of this study, Grand View Research has segmented the global sheet metal market report based on material, end-use, and region:

  • 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

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Central and South America

      • Brazil

    • Middle East & Africa

Key questions answered by the report
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