The Global Sheet Metal Market is forecast to reach USD 398.62 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand for the adoption of energy-efficient transportation owing to the growth of the manufacturing industries in the developing economies. Moreover, the widespread use of sheet metal because of their high strength, reduced thickness, and lightweight, can be deployed in the sturdy structures contri buting to the continuously expanding building and construction industry fostering the market demand. However, rising demand for alternative component, explicitly carbon fiber composites, are hampering the need for the market.
Rapid urbanization has changed the lifestyle of the people and, in turn, has increased the prevalence of the building and construction industry over a broad aspect due to a large variety of utilization of their applications, thus, augmenting the demand for the market product. The advent of alternative components, explicitly carbon fiber composites due to its low-cost characteristics and light-weightiness, is restraining the product demand. Moreover, high production rates, tooling, and equipment costs, resulting in a decrease in the operational efficiency of the overall production, cause the overheads to increase and thereby hinders the growth of the Sheet Metal market.
The use of Sheet Metal, supported by the Ministry of Steel of the Indian government, is the key contributor to the overall market demand in the country. Moreover, other nations, such as China, Vietnam, and the United States, are also supported by their respective government, which help them to withhold their position in the market and raise the potential to increase expenditure in the Sheet Metal industry. For instance, the government of Vietnam has undertaken various economic restructuring decisions, including the relaxation of regulations to promote the foreign investments and privatization of state-owned enterprises. According to studies, The Asia Pacific region forecasted to grow with the highest growth rate owing to the increase in the use of Sheet Metal.
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As a result of steady revenue growth over the past few years, the manufacturing and construction industry is expected to achieve a robust annual revenue growth rate between 2021 and 2028. In addition to the rapidly growing construction industry, rapid urbanization and industrialization, and technological advancements in manufacturing techniques, this can also be attributed to these factors. Green construction and energy efficient buildings have become increasingly popular in recent years as awareness of environmental impact and carbon emissions has increased. Over the forecast period, key factors are expected to boost global market growth, including the rapid growth of global populations, changing lifestyle preferences, the increasing demand for smart buildings, an increase in renovation and reconstruction activities, and an increase in eco-friendly construction activities. Other factors that will contribute to market growth in the future include an increase in disposable income, government schemes, and investments by private organizations.
Some of the Leading Market Players Are Listed Below:
- Nippon Steel Corporation,
- JFE Steel Corporation,
- Norsk Hydro,
- General Sheet Metal Works,
- United States Steel
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The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as license agreements, partnerships, merger and acquisitions, collaborations, RD investments, and joint ventures to gain robust footing in the market.
Material Type Outlook (Volume, Kilo Tons Revenue, USD Billion; 2017-2027)
Process Outlook (Volume, Kilo Tons Revenue, USD Billion; 2017-2027)
Application Outlook (Volume, Kilo Tons Revenue, USD Billion; 2017-2027)
- Automotive Transportation
- Building Construction
- Consumer Appliances
The Global Sheet Metal Market Is Segmented Into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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