Sheet Metal Market size is projected to surpass USD 450 billion by the end of 2033, growing at a CAGR of 4% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of sheet metal was over USD 400 billion. 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.
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.
Growth Drivers
Challenges
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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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End-user (Automotive, Transportation, Building, Construction, Industrial Machinery)
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.
Our in-depth analysis of the global 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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North American Market Forecast
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.
United States Steel Corporation along with Norfolk Southern Corporation and The Greenbrier Companies, Inc. have entered into a joint partnership to develop a new, more sustainable steel gondola railcar.
JFE Group has joined hands with Itochu Corporation and Emirates Steel Arkan to conduct detailed studies on the establishment of a supply chain of the ferrous raw material for green ironmaking with low-carbon emission.
Author Credits: Smruti Ranjan, Rajrani Baghel
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