Sheet Metal Market Growth Trends up to 2024
Date: 2018-12-11   Author: Rahul Varpe  Category: #market

Sheet Metal Market Growth Trends up to 2024

According to product, the sheet metal market can be segmented into flat pieces and coiled strips. Flat pieces of metal are primarily formed by rolling, and then bent over or cut into various shapes for its further uses. These sheets are in varied thickness from extremely thin sheet known as foil to pieces that are up to 6 mm thick. Pieces thicker than 6 mm or 0.25 inches are known as plates. Coiled strips are formed from these metal sheets by running a continuous metal sheet through a roll slitter.

Global Sheet Metal Market Size will have a healthy growth in coming years due to its wide applications in industries such as automobile and aerospace & defense. The product is formed as a result of industrial processing of metal into thin and flat sheets and further cutting them into the required shapes.

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Rapid economic expansion in developing nations, coupled with rising disposable income of people are the major factors driving the global automobile industry. Developed countries already have a large number of automobiles, while the developing countries are boosting the automotive sales due to evolving infrastructural facilities, rising living standards and economic growth. The global automotive sales in 2016 was recorded over 93.8 million units and is expected to grow at a substantial rate in the forecast period. This, in turn, will drive the global sheet metal market demand considerably.

Aerospace & defense industry is likely to display a strong progress in the forecast period owing to increasing long distance and international travelling. Globalization has increased the use of aircrafts for express delivery and transportation on a large scale. Travel by aircrafts has become a common thing in the developing countries due to improved purchasing power parity. Changing lifestyles have shifted the decisions of people from saving money to saving time. Also, new and developed aircrafts which are eco-friendly and lighter in weight have been introduced, driving the aerospace & defense industry and boosting the global sheet metal market on a considerable scale.

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Considering end-user industries, the global sheet metal market can be bifurcated into automobile, aerospace, building & construction, steel industries, agricultural machineries, and others such as heavy machineries industries, shipbuilding, etc. The products are used in large volumes for cars, cargo trucks and cargo vehicles. Growing automobile industry is demanding heavy amount of metal sheets, which in turn is reflecting in the global sheet metal market growth. Use of lighter products in aircraft formation is driving the sheet metal market further. Building & construction industry demands for a large volume of sheet metals for modern architecture. Use of these products exhibit a different look for the architecture making it modern and differently styled.

Taking Asia Pacific regions into consideration, countries like China and India are the primary sheet metal market, owing to the rise in the amount of construction and booming automobile industry. Europe and North America are also projected to be the key markets owing to the building and construction industry in these regions. Developing automobile and construction industry in the Latin America is likely to fuel the demand for sheet metal market in the near future.

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Key players operating in the global sheet metal market include General Sheet Metal Works, Bud Industries, BlueScope Steel, ATAS International, &E Manufacturing, ABC Sheet Metal, Associated Materials, Autoline Industries, Prototek, Noble Industries, Wise Alloys, Alcoa, United States Steel Corporation, Nucor Corporation, NCI Building Systems, Pepco Manufacturing, Proto-D Engineering, Southwark Metal, Deepesh pressing, Fabrimech Engineers, Nimex International, Rajhans Pressings, Dhananjay Group, Aero Tech Manufacturing, and Vinman Engineering.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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