Sheet Metal Industry | Forecast 2030
Sheet Metal Industry Data Book – Steel Sheet and Aluminum Sheet Market
The economic value generated by the sheet metal industry was estimated at approximately USD 215.72 billion in 2022. This economic output is an amalgamation of businesses that are involved in the sales of aluminum and steel sheets.
The automotive segment is anticipated to remain a key consumer of steel and aluminum sheets. Sheet metal components are used to manufacture numerous automotive parts such as body panels and tops, chassis, vehicle bumpers, fenders, hubcaps, moldings, trim pieces, engine and transmission components, brake components, windshield wiper arms, and system components.
Steel Sheet Market Insights
Steel sheet products offer benefits such as high strength & quality, economic benefits, recycling ability, and low maintenance cost. Increasing demand for galvanized sheets in construction applications, such as awnings, balconies, ductwork, fences, industrial walkways, ladders, building frames, and handrails, is likely to fuel the growth of the market. In the automotive industry, steel sheets are used in the production of hoods, fenders, roofing, spring housing, and seating applications.
Sheet metal products have a high requirement in electric vehicles owing to the ability to produce a high volume of complex and precise parts. A significant rise in the production of EVs is expected to provide a lucrative opportunity for the sheet metal market. The global sales of EVs are surging rapidly. The recorded sales in 2020, 2021, and 2022 are 3.2 million, 6.7 million, and 10.5 million, respectively. China accounted for over 58.0% of global EV sales in 2022, with more than 6 million units sold in the country.
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Aluminum Sheet Market Insights
Sheet metal parts are used in aircraft engines, missile and defense components, aircraft panels, and various other high-precision equipment in these industries. Aluminum is the preferred material for application in the aerospace industry owing to its lightweight, effective cost, and high-strength characteristics. This is because the reduction in aircraft weight allows aviation companies to accommodate a large number of air passengers in their planes.
In terms of revenue, North America is projected to grow at a CAGR of 3.1% from 2023 to 2030. Investments in construction & infrastructure along with high volume production of vehicles are projected to act as growth factors for the region. Growing focus on the reduction of carbon dioxide emissions and sustainability is projected to provide a boost to the demand for aluminum over the coming years.
Table of Contents – Sectoral Outlook Report
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
Chapter 2. Executive Summary
2.1. Industry Snapshot
2.2. Key Trends – Highlights
Chapter 3. Industry Trend Analysis
3.1. Regulatory Framework & Benchmark
3.2. Value Chain Analysis
3.3. Competitive Benchmarking
3.3.1. Competitor Ranking & Heat-map Analysis
3.4. Macroenvironmental Trend Analysis
3.4.1. Industry Driving Forces & Impact Analysis
3.4.2. Opportunities & Challenges
Company Profiles
- JSW
- Tata Bluescope Steel
- Nippon Steel Corporation
- POSCO
- United States Steel
- JFE Steel Corporation
- Baosteel Group
- Arconic
- Alcoa Corporation
- Hindalco Industries Limited
- Kaiser Aluminum
- Constellium
- Aleris Corporation
- Hulamin
- Norsk Hydro
