Rising demand for light weight metal sheets in construction are likely to drive robust growth in the sheet metal market during 2019-2029. The market is expected to grow at a CAGR of 4.0% during the period, on the back of rising demand for automotive chassis and body. The demand for these parts is on the rise, thanks to changing regulations in regards to emissions such as BS-VI. The demand for emissions have taken major precedent in the auto sector, which will likely drive demand for high-strength steel. The high tensile strength of advanced new light sheets make way for increased safety for vehicles, while simultaneously improving mileage performance. The aluminium sheets are rising in demand among OEM manufacturers, as these are ideal for other parts such as pillars, rockers, and roof rails among others. The advancement in auto manufacturing are likely to make way for more growth opportunities for players in the sheet metal market in near future.
Sheets Remain At the Forefront of Growth in the Sheet Metal Market
Steel sheets remain the most promising driver of growth in the sheet metal market. These sheets account for nearly 50% of all sheets sold in the market on an annual basis. These sheets are ideal for the auto industry, and construction sector due to their high strength, and formability. Their advantages over other sheets also include oxidation resistance, temperature strength, and quenching ability. These qualities are expected to remain important to end-players, and drive growth of the sheet metal market during forecast period. The emergence of aluminium as a potential alternative to steel sheets remains a potential game-changing prospect in the market. The aluminium sheets are 50% lighter than steel sheets, and ideal for aircraft and auto manufacturing. The next-gen electric vehicle already deploy large amounts of aluminium sheets. These sheets are expected to grow at 5.0% CAGR during the forecast period.
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Asia Region Remains a Promising Opportunity for Growth
East Asia remains a hub for
manufacturing, and continues to witness high shipping for raw goods like steel,
and other metals used in manufacturing. The high sea shipping, the low costs of
procuring metals, and rising manufacturing activities in the region will
promise a near 5.0% CAGR in the East Asia region during the forecast period.
Some countries in Asia, like India, are witnessing a growth rate of 7.0% during
the same period. The local consumption in the region continues to play a major
role in the rising demand for metal sheets in India. The growth of the market
is likely to remain a major driver for growth in sheet metal market during the
Partnerships to Pave Way for More Acquisitions and Growth Opportunities
Sheet metal market remains open to large-scale acquisitions as top five players in the market occupy one-third share of the sheet metal market. Some key players in the market are Arcelor Mittal S.A, Nippon Steel & Sumitomo Metal Corporation, JFE, and POSCO. These players are making large investments in organic and inorganic strategies to drive global expansion. The growing collaboration with end-user industries for product advancement is also a key feature that will drive market growth in the near future. The rising demand for light sheet metals will remain a key prospect for growth in the sheet metal market.
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