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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

“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.

Competitive Landscape

Competition in the global sheet metal market is expected to rise, with players focusing on gaining a competitive advantage and increasing their market foothold.

Key Segments Covered

 

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