Analysis by Material Type (Steel, Aluminum, and Others); by Form Type (Bend Sheet, Punch Sheet, and Cut Sheet); by Product (Flat Pieces, and Coil Strips); and by End-Users (Automotive, Transportation, Building and Construction, Industrial Machinery, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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The global sheet metal market is estimated to garner a revenue of ~ USD 450 Billion by the end of 2033 by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 400 Billion in the year 2022. The primary factor that is attributed for the growth of the sheet metal market is the expansion of manufacturing industry, along with its usage in various manufacturing processes owing to its great advantages. The recent sources revealed that in 2022, the manufacturing industry of the United States region generated an amount of approximately USD 6 trillion.
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The rapid industrialization and urbanization has propelled the adoption rate of sheet metal in varied manufacturing processes. The great advantages of the sheet metal including, high durability, easy usability, great finishing and others have made the sheet metal a preferred option over other components in the manufacturing industry for manufacturing various products. Thus, an increase in number of manufacturing businesses is forecasted to augment to bring in lucrative opportunities in the upcoming years. A latest report published stated that in 2022, the number of manufacturing businesses in the United States counted to be 720,000, an increase of 4% from 2021.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~4% |
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Base Year Market Size (2022) |
~ USD 400 Billion |
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Forecast Year Market Size (2033) |
~ USD 450 Billion |
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Regional Scope |
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Growth Drivers
Rapid Growth in Automotive Industry – The production of vehicles requires large amount of sheet metal. Further, the advantaged provided by the sheet is the prime factor that is expected to drive the sales of sheet metal in the automotive industry. Thus, the expansion of automotive industry is expected to drive the growth of sheet metal market. As per recent statistics, the revenue generation by the global automotive industry by 2030 is projected to reach at USD 9 trillion.
Recent Advances in Chemical Industry – The focus of the government and expenditure made the chemical industry to grow. This has propelled the Indian chemical industry to grow by a CAGR of 10% with a revenue of USD 300 billion by 2025.
Increased Level of Electronics Industry - As per recent estimates, it was calculated that the revenue generated by the U.S. electronics industry in 2019 stood up at USD 300 billion.
High Expenditure in Research & Development – World Bank released the global expenditure made in Research & Development (R&D) sector which showed that in 2020 it was 2.63% of the total GDP. This is an increase from year 2.14% of total GDP in 2016.
Challenges
The global sheet metal market is segmented and analyzed for demand and supply by end-user into automotive, transportation, building and construction, industrial machinery, and others. Out of these, the automotive segment is expected to garner the highest market share by 2033, backed by the blooming of automotive industry, owing to the high demand of vehicles for varied processes. It is per recent statistics that shows the global automotive industry is forecasted to reach approximately USD 9 trillion by 2030. Also, the recent high demand of automobiles by the burgeoning population is anticipated to increase the demand of sheet metal to provide extra protective layers to the vehicles, making it durable and visually attractive. As per International Organization of Motor Vehicle Manufacturers (OICA), the global sales of vehicles augmented to 56,398,471 units in 2021 from 53,917,153 units in 2020. Whereas, the global production of vehicles calculated to be 57,054,295 units in 2021, an increase from 55,908,989 units in 2020.
The North America sheet metal market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, owing to blooming chemical industry. The expansion in the chemical sector is a symbol of increased production rate of sheet metal which is expected to expand the market size. As per recent reports, the revenue generation by the chemical industry in the United States region amounted to be almost USD 550 billion in 2019. Further, the high demand of vehicles is augmenting the automotive sector in the region, which is further expected to increase the production rate of sheet metal. This is expected to bring lucrative opportunities in the upcoming years. International Organization of Motor Vehicle Manufacturers (OICA), the sales of all type of vehicles in America region grew from 20,814,832 in 2020 to 22,001,152 in 2021, whereas the production of the same region was 16,151,639 vehicles in 2021.
Our in-depth analysis of the global sheet metal market includes the following segments:
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By Material Type |
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By Form Type |
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By Product |
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By End-Users |
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United States Steel Corporation
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The increasing expansion of manufacturing sector along with the high utilization rate of sheet metal in various end-use industries is expected to bring growth opportunities in the forecast period.
Ans: The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2023 – 2033.
Ans: The constant fluctuation in prices of raw materials along with the additional expenses incurred in the manufacturing processes and stringent government rules are some of factors that are expected to hamper the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are United States Steel Corporation, Alcoa Corporation, Hydro Group, POSCO, JFE Group, Nippon Steel Group, Kaiser Aluminum Corporation, Constellium, Novelis group, HBIS GROUP, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by material type, form type, product, end-users, and by region.
Ans: The automotive segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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