Global Sheet Metal Market size is expected to reach around US$ 370 billion by 2026 and growing at a CAGR of more than 4.59% over the forecast period 2019-2026.
LOS ANGELES, Nov. 18, 2019 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in the latest published report titled “Sheet Metal Market By Material: Steel, Aluminum, Others, By End-Use:- Automotive & transportation, Building & construction, Industrial machinery, Others - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”.
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Nevertheless, due to growing customer demand and new legal requirement for fuel consumption and protection of the environment, the majority of automakers have preferred steel; also the OEM car manufacturers have increased their efforts in reducing weight. Aluminum can therefore be regarded like a potential engineering solution: the density of aluminum is only approximately 1/3 of steel, and the torsion and rigidity requirements of automotive elements are met by particularly high strength aluminum alloys. Given the steady increase in the use of aluminum in cars over the past decades, production advancement has still been limited despite first of all the car bodies in black. The rise in aluminum replacement for steel mainly depends on regulatory demands in order to meet fuel efficiency and recycling requirements.
From a sheet metal forming process point of view, body-in-white applications are the most promising sector in the automotive industry, while aluminum growth in automotive production has been mainly due to the application of motor-piece castings, and forged components as transmission or transmitting elements for many years. The fact that’s despite the difficulties in the past decades, the use of aluminum in automotive production has increased. However, it is still not the primary choice for many OEM car makers. Building and construction industry is likely to continue dominating the global sheet metal industry by the end of 2026. Rising population coupled with increasing construction industry to support the growing population is the key factor behind the increasing use of sheet metal in the construction industry.
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North America, Europe, and India is projected to show fast growth rate in the automotive industry. Use of aluminum in the automotive industry is also projected to increase in terms of chassis and engine elements. Furthermore, Regions like Asia Pacific and North America is projected to show fast growth owing to presence of giant players in the machining industry.
- Aluminum material is projected to show the fastest growth over the forecast period owing to its optimistic weight to body ratio.
- Building and construction segment accounted for the maximum market revenue share in terms of end-use of the sheet metal industry.
- Asia Pacific dominated the sheet metal market owing to huge construction industry and economies of scale.
- Asia Pacific, however, is anticipated to give the sheet metal industry significant development possibilities in the coming years.
- The market in regions such as Europe and North America is significantly large however, the market is well developed and as such the manufacturers are focusing on capitalizing on the opportunities presented by the emerging nations in the Asia Pacific region.
Key players in this market comprise of Admach Auto India Ltd., Autoline Industries Ltd., B I L Metal Inds. Ltd., CaparoMaruti Ltd., Ferreterro India Pvt. Ltd., Hwashin Automotive India Pvt. Ltd., J B M Auto Ltd.
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