How is Automotive Manufacturing Proliferation in New Geographic Clusters Boosting Sheet Metal Market Growth

Posted on 2021-11-02 by Future Market Insights, Inc in Chemicals // 0 Comments

The global sheet metal market is projected to grow at a modest CAGR of 4% during the forecast period (2019-2029). The growth can be attributed to a transformative shift towards light weight automotive components to improve fuel efficiency and performance of vehicles. Thus the market is poised to have a positive growth outlook. Owing to sheet metals high tensile strength and infinite recyclability, sheet metals have become material of choice in automotive industry.

For detailed insights on enhancing your product footprint, request for a sample here – https://www.factmr.com/connectus/sample?flag=S&rep_id=4531

This has burgeoned demand for sheet metal in automotive for chassis and body work. In addition, the recent policy landscape necessitates automakers to use light weight construction materials, and sheet metals are the closest possible option explored by automakers worldwide.

Key Takeaways of Sheet Metal Market:

Steel based sheet metal is projected to maintain a sizeable lead in the market creating absolute $ opportunities of US$ 107 Bn by 2029
Increasing preference of aluminium as fuselage metal owing to its three times higher lifespan will bolster growth of sheet metal market. Aluminum is preferred over traditional alloys owing to its non-corrosive properties and is set to experience growth rate of ~5% over the forecast period.
Automotive industry is poised to become key consumer in the global sheet metal market accounting for over one fourth of revenue share by 2029

For critical insights on this market, request for methodology here – https://www.factmr.com/connectus/sample?flag=RM&rep_id=4531

East Asia is anticipated to maintain its dominance over other regions accounting for over half of the revenue share by 2029
China being the largest steel and aluminium consumer in the world is poised to drive the consumption of sheet metals creating significant demand of 122 million metric tons during the forecast period.

“Sheet metals surfaced as a promising solution to automakers in their urge to manufacture light weight vehicles which will amplify market growth”, says the Fact.MR analyst.

Aggressive Strategic Approach by Market Players to Expand Their Roots in High Lucrative Regions

In 2018, sheet metal market was coveted by Arcelor Mittal S.A, Nippon Steel & Sumitomo Metal Corporation, POSCO and JFE. These Players have adopted aggressive strategic approaches to expand their roots across the globe by numerous acquisitions and partnerships.

For in-depth competitive analysis, buy now – https://www.factmr.com/checkout/4531

Along with tier 1 companies, tier 2 companies have been involved in activities such as product launches to strengthen their market position over other players. Market players like POSCO and Nucor Corporation are expanding their product portfolio through product launches in order to gain significant share in the market.

Explore Fact.MR’s Comprehensive Coverage on Chemical & Materials Landscape

Antiblock Agents Market Forecast, Trend Analysis & Competition Tracking – Global Review 2021 to 2031- https://www.factmr.com/report/1068/antiblock-agents-market

Chloroacetonitrile Market Forecast, Trend Analysis & Competition Tracking – Global Review 2021 to 2031- https://www.factmr.com/report/1070/chloroacetonitrile-market

Dicumyl Peroxide Market Forecast, Trend Analysis & Competition Tracking – Global Review 2021 to 2031- https://www.factmr.com/report/1077/dicumyl-peroxide-market

About Us:

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.

Contact:

US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583

Corporate Headquarter:
Unit No: AU-01-H Gold Tower (AU),
Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers,
Dubai, United Arab Emirates
Email: sales@factmr.com
Visit Our Website: https://www.factmr.com

Matched content

Editor’s pick