GENERAL NEWS
Sheet metal market to grow by US $ 92.3bn
The global sheet metal market size is estimated to grow by US $ 92.3 billion from 2024-2028 , according to a new report (‘ Global Sheet Metal Market 2024-2028 ’) by analyst , Technavio . The market is estimated to grow at a CAGR of 4.59 % during the forecast period .
“ Growth in the machine tools market is driving market growth , with a trend towards the adoption of 3D technologies for sheet metal production . Technologies such as Digital Sheet Forming ( DSF ) are revolutionising production processes , alongside traditional methods like stamping tools and moulds . With a focus on sustainability and innovation , the market is poised for growth , catering to diverse industries and applications worldwide . However , the fluctuating cost of raw materials poses a challenge ,” commented the analyst .
The report outlines year-on-year ( YoY ) growth of 4.17 % and analyses markets in Asia Pacific ( APAC ); Europe ; North America ; Middle East and Africa ; and South America . It highlights the APAC market as contributing 56 % overall .
“ The sheet metal market is experiencing significant growth due to increasing trends in rust resistance , insulation and durability . Urban population expansion drives demand for rust-resistant materials in various industries , including automotive and HVAC . Surfacetreated steel sheets , such as electro-galvanized and hot-dipped galvanized , are popular choices . Vehicle frames , doors , mufflers , hoods and fuel tanks are common applications . Sustainable construction materials and lightweight materials are also gaining traction in infrastructure development . Entrepreneurs are expanding their product portfolios to cater to these trends , enhancing competition in the market ,” explained the analyst .
Trends and drivers
Technologies such as Computer-Aided Design ( CAD ), Computer-Aided Manufacturing ( CAM ) and 3D printing enable manufacturers to create intricate designs with accuracy and efficiency . Many sheet metal manufacturers and fabrication units are exploring the use of 3D technologies to enhance production speed and reduce costs . The automotive and aerospace industries are expected to see the increased adoption of 3D printing , with the aerospace industry ’ s 3D printing market projected to reach nearly US $ 3 billion during the forecast period .
However , fluctuations in the prices of aluminium , iron , stainless steel , silver and copper directly impact the cost of sheet metal production . Given the wide range of industries
that use sheet metals , even small price fluctuations can lead to substantial increases in total costs . Emerging trends include the use of carbon fibre , composite materials , 3D printing and titanium in various industries . Sheet metal ’ s strength , durability and adaptability make it an indispensable asset .
Governments of major economies , such as China and India , are investing substantially in infrastructure development , including the creation of smart cities and official and residential complexes , fuelling demand for sheet metals . The expansion of the building and construction industry , as well as demand for sustainable construction materials and lightweight components in various industries , is anticipated to boost the growth of the sheet- metal market in this sector over the forecast period . n
www . technavio . com
Metalforming activity for U . S . and Canada
Metalforming manufacturers ’ forecast for economic activity over the next three months has continued to dip , according to the June 2024 Precision Metalforming Association ( PMA ) Business Conditions Report . Prepared monthly , PMA ’ s report provides an economic indicator for the next three months of manufacturing , sampling 91 metalforming companies in the United States and Canada .
PMA ’ s June report shows that only 14 % of the manufacturers responding to the survey predict an increase in economic activity in the following three months ( compared to 19 % in May ), while 30 % anticipate a decrease in activity ( increasing from 26 % in May ). Another 56 % expect no change in activity ( compared to 55 % in May ).
Metalformers also forecast a decline in incoming orders , with only 24 % of survey respondents expecting an increase in orders during the next three months ( compared to 32 % in May ), 50 % predicting no change in orders ( compared to 49 % in May ) and 26 % anticipating a decrease increase in orders ( compared to 19 % in May ).
“ The June survey confirms that PMA members are seeing a slowdown in economic activity , which tracks other recent reports for the manufacturing sector that are reporting a contraction in activity ,” said David Klotz , PMA President .
“ Our members are reporting a general sense of uncertainty over industrial demand , the election outcome and whether tariffs will go up in 2025 and taxes will go up in 2026 ,” he added .
Current average daily shipping levels remained steady in June , with 46 % reporting no change in shipping levels ( compared to 49 % in April ), 25 % reporting an increase in levels ( up from 21 %) and 29 % reporting a decrease in levels ( compared to 30 %).
In June , 10 % of metalforming companies reported an increase in lead times ( compared to 7 % in May ). Eight per cent of companies saw a portion of their workforce on short time or layoff in June , while 40 % reported that they
READ are currently expanding their workforce ( increasing from 35 % in May ). n
www . pma . org
REPORT
6 | ismr . net | ISMR September 2024