The global sheet metal market is projected to grow at a modest CAGR of 4% during the forecast period (2019-2029). The growth can be attributed to a transformative shift towards light weight automotive components to improve fuel efficiency and performance of vehicles. Thus the market is poised to have a positive growth outlook. Owing to sheet metals high tensile strength and infinite recyclability, sheet metals have become material of choice in 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 light weight construction materials, and sheet metals are the closest possible option explored by automakers worldwide.
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Key Takeaways of Sheet Metal Market:
- Steel based sheet metal is projected to maintain a sizeable lead in the market creating absolute $ opportunities of US$ 107 Bn by 2029
- Increasing preference of aluminium as fuselage metal owing to its three times higher lifespan will bolster growth of sheet metal market. Aluminum is preferred over traditional alloys owing to its non-corrosive properties and is set to experience growth rate of ~5% over the forecast period.
- Automotive industry is poised to become key consumer in the global sheet metal market accounting for over one fourth of revenue share by 2029
- East Asia is anticipated to maintain its dominance over other regions accounting for over half of the revenue share by 2029
- China being the largest steel and aluminium consumer in the world is poised to drive the consumption of sheet metals creating significant demand of 122 million metric tons during the forecast period.
“Sheet metals surfaced as a promising solution to automakers in their urge to manufacture light weight vehicles which will amplify market growth”, says the Fact.MR analyst.
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Aggressive Strategic Approach by Market Players to Expand Their Roots in High Lucrative Regions
In 2018, sheet metal market was coveted by Arcelor Mittal S.A, Nippon Steel & Sumitomo Metal Corporation, POSCO and JFE. These Players have adopted aggressive strategic approaches to expand their roots across the globe by numerous acquisitions and partnerships. Along with tier 1 companies, tier 2 companies have been involved in activities such as product launches to strengthen their market position over other players. Market players like POSCO and Nucor Corporation are expanding their product portfolio through product launches in order to gain significant share in the market.
More Valuable Insights on Sheet metal Market:
Fact.MR, in its new offering, presents an unbiased analysis of the sheet metal market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The study divulges essential insights on the sheet metal on the basis metal (steel, aluminum alloy, titanium alloy sheet and others), application (vehicle bodies, construction, electrical appliances, fuselage, storage and packaging and others), by end use, automotive sector, defense, aerospace industry, industrial tool and machinery, building & construction, home appliances, consumer goods and others) across six major regions.
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