Stainless steel factors strongly in the ‘Sheet Metal Market’ report by Grand View Research, which provides a worldwide view.
The ‘Sheet Metal Market’ report by Grand View Research gives an in-depth analysis of various metal products, their uses, market trends, and future forecasts. Here are some of the key highlights about stainless steel:
Key highlights on stainless steel:
- Market share and demand
- Steel accounted for over 81 per cent of the market share in 2023, driven by demand from automotive, construction, and heavy industries like oil and gas, food processing and chemicals.
- Stainless steel sheets are commonly used in manufacturing kitchenware, cookware (e.g., sinks, grills, cookers, pots), dishwashers, countertops, refrigerators and washing machines.
- Construction industry
- The construction sector has seen significant demand for stainless steel sheets in recent years.
- They are popular for applications like curtain walls, roofing and cladding due to their functional properties and aesthetic appeal.
- Properties and benefits
- Stainless steel sheets are highly valued for their high quality, durability, economic benefits, sustainability, strength, long life and low maintenance cost.
Overview of the Sheet Metal Market
The global sheet metal market was valued at US$ 188.31 billion in 2023 and is expected to grow at a CAGR of 7.0 per cent from 2024 to 2030, as per the report.
Major drivers include the continuous expansion of the building and construction sector, rising single-family construction projects in the US, and the adoption of green building practices.
The challenges in achieving this growth include fluctuations in steel prices, supply chain concerns and geopolitical tensions.
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global sheet metal market report based on product, end use and region.
Graphs courtesy of Grand View Research
