What Are The Forecasted Market Size And Growth Rates For Global Sheet Metal Market?
The sheet metal market size has seen substantial growth in recent years. The market will grow from $327.9 billion in 2024 to $344.51 billion in 2025 at a compound annual growth rate (CAGR) of 5.1%. Grid modernization initiatives, increasing demand for improved infrastructure, energy efficiency norms, government regulations, and the increased complexity of power systems led to this growth during the historic period.
The sheet metal market size is expected to witness impressive growth in upcoming years. It’s projected to reach $441.07 billion in 2029 at a compound annual growth rate (CAGR) of 6.4%. This growth can be attributed to the rise in decentralized energy systems, concerns surrounding cybersecurity, electric vehicle integration, grid flexibility initiatives, and demand response programs during the forecasted period. Other trends shaping the market include the integration of internet of things (IoT), digital substation technologies, grid modernization initiatives, cloud-based solutions, edge computing for real-time processing, remote monitoring, and maintenance.
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What Are The Key Drivers For The Global Sheet Metal Market Growth?
The continuous expansion of the construction sector is fueling the growth of the sheet metal market dramatically. Sheet metal, a lightweight, high-strength, thin sheet made of highly conducting materials, is increasingly being used in the construction sector owing to its low weight-to-thickness ratio, strength, and durability. As the construction sector grows due to population increase, urbanization, low interest rates, and more, so does the sheet metal market. For example, in March 2023, construction spending in the United States increased by 3.8 percent, further driving the demand for sheet metal.
What Are The Principal Segments Within The Global Sheet Metal Market?
1) By Material: Steel, Aluminum, Titanium, Other Materials
2) By Process: Rolling, Forging, Bending, Other Process
3) By End User: Automotive, Defense, Aerospace, Industrial Tool And Machinery, Buildings And Construction, Home Appliances, Consumer Goods, Other End Users
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Which Key Companies Are Leverages The Largest Share of The Global Sheet Metal Market?
The prominent companies operating in the sheet metal market include Arconic Corporation, Alcoa Corporation, Baosteel Group Corporation, JFE Holdings Inc., Nippon Steel Corporation, POSCO Holdings Inc., United States Steel Corporation, ArcelorMittal S.A., Constellium SE, General Sheet Metal Works Inc., among others.
What Emerging Trends Are Projected To Influence The Global Sheet Metal Market?
The sheet metal market is seeing a wave of technological advancements. Companies are adopting innovative technologies to maintain their competitive edge. For instance, in September 2022, Desktop Metal Inc., launched Figure G15, a new digital sheet forming (DSF) technology, allowing standard metal sheets to be formed into parts using a software-controlled ceramic tool head mounted on a gantry.
Which Region Is Forecasted To Experience the Quickest Growth In The Sheet Metal Market?
The Asia-Pacific region was the largest market for sheet metal in 2024. Other regions covered in the sheet metal market report are Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Sheet Metal Market Outlook 2025 Offer?
Sheet metal is described as a thin, lightweight, high-strength, flat sheet made up of highly conducting materials such as iron, copper, brass, nickel-iron alloys, among others, using techniques like cutting, shaping, drawing, shearing, and others. This market research report from The Business Research Company provides insights into global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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