Steel Based Sheet Metal To Create Absolute $ Opportunity Of US$ 107 Billion By 2031
A recently published report by Fact.MR reveals that the global sheet metal market is projected to grow at a CAGR of 5% during the forecast period (2021-2031). As per the report, the market is expected to be valued at US$ 496 Mn by the end of the aforementioned assessment period. A transformative shift towards lightweight automotive components to improve the fuel efficiency and performance of vehicles is spurring expansion.
The market registered a modest 3% value CAGR during the 2016-2020 historical period. By 2021, the industry is expected to reach US$ 292 Bn. Growth projections contracted amidst the COVID-19 pandemic in the previous financial year. A general slowdown in manufacturing capacities of key industries, mostly automotive and construction, relegated the said projections.
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Owing to sheet metals’ high tensile strength and infinite recyclability, sheet metals have become the material of choice in the automotive industry. This has burgeoned demand for sheet metal in automotive for chassis and body work. In addition, the recent policy landscape necessitates automakers to use lightweight construction materials, and sheet metals are the closest possible option explored by automakers worldwide.
Key Takeaways from the Market Study
- Steel based sheet metal to create absolute $ opportunity of US$ 107 Bn by 2031
- Aluminum based sheet metal to surge at a CAGR of 5% over the forecast period
- Automotive industry poised to account for over 25% of the revenue share
- Sheet metal for construction applications to account for 55% of the overall revenue
- North America to experience a growth of nearly 5% across the forecast period
- Over half of sheet metal sales to be stimulated by East Asia through 2031
- South Asia to surge at around 5% value CAGR across the forthcoming decade
- Europe to account for nearly 1/4th of the sheet metal industry revenue until 2031
“Mounting emissions concerns is prompting automotive manufacturers to incorporate lightweight construction material for various components, impelling sales of sheet metals of various grades”, says the Fact.MR analyst.
Competition in the global sheet metal market is expected to rise, with players focusing on gaining a competitive advantage and increasing their market foothold.
- In August 2021, Cornerstone Building Brands, Inc. announced that it has completed the previously announced sale of its Insulated Metal Panels business to Nucor Insulated Panel Group, Inc. and certain of its subsidiaries in a cash transaction for $1 billion.
- In August 2021, ATAS International announced the launch of a new linear ceiling panel, the Opaline metal panel. This flexible panel, in four profiles, can be used as a linear metal ceiling. It can be snapped into a suspension carrier to create a complete system, or mechanically attached to most standard substrates.
Key Segments Covered
- Steel Sheet Metal
- Aluminum Sheet Metal
- Titanium Sheet Metal
- Other Sheet Metal Material
- Sheet Metal for Vehicle Bodies
- Sheet Metal for Construction
- Sheet Metal for Electrical Appliances
- Sheet Metal for Fuselage
- Sheet Metal for Storage and Packaging
- Sheet Metal for Other Applications
- Sheet Metal for Automotive Sector
- Sheet Metal for Defense
- Sheet Metal for Aerospace Industry
- Sheet Metal for Industrial Tools & Machinery
- Sheet Metal for Building & Construction
- Sheet Metal for Home Appliances
- Sheet Metal for Other End Uses