Global sheet metal market to reach US$ 86 billion by 2027
According to updated research (from ResearchAndMarkets.com), amidst the COVID-19 crisis, the global market for sheet metal estimated at US$ 71.9 billion in the year 2020, is projected to reach a revised size of US$ 86 billion by 2027, growing at a CAGR of 2.6% over the analysis period 2020-2027.
Automotive, one of the segments analysed in the report, is projected to record a 2.6% CAGR and reach US$ 37.3 billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the construction segment has been readjusted to a revised 2.1% CAGR for the next seven-year period.
“The sheet metal market in the U.S. is estimated at US$ 19.4 billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$ 17.2 billion by the year 2027, trailing a CAGR of 4.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.6% and 1.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.2% CAGR,” said the report.
In the global ‘Machinery’ segment of the report, the USA, Canada, Japan, China and Europe will drive the 2.6% CAGR estimated for this segment. These regional markets, accounting for a combined market size of US$ 10.8 billion in the year 2020, will reach a projected size of US$ 13 billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
“Led by countries such as Australia, India and South Korea, the market in Asia-Pacific is forecast to reach US$ 11.8 billion by the year 2027, while Latin America will expand at a 3.9% CAGR throughout the analysis period,” concluded the report.
For more information about this report, visit https://www.researchandmarkets.com/r/al0kl