Metal Strips Market size was valued at USD 212.75 Billion in 2023. The Metal Strips industry is projected to grow from USD 222.96 Billion in 2024 to USD 324.43 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.80% during the forecast period (2024 - 2032). The main drivers propelling the market's expansion are the expanding demand for automobiles and infrastructure and construction development.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Improved corrosion resistance provided by sophisticated coatings extends the lifespan of metal strips used in various applications. This is especially important for aerospace, automotive, and construction sectors, where exposure to hostile environments can eventually cause corrosion. Metal strips with surface treatments have increased wear resistance, which makes them appropriate for demanding uses in heavy machinery and manufacturing industries. As a result, maintenance expenses are decreased because the components are more resilient and long-lasting. Metal strips can have their aesthetics enhanced by advanced coatings, which increases their appeal for consumer-facing applications. Surface treatments enhance the overall visual appeal of finished products in fields where appearance is important, such as interior design and architecture.
Furthermore, between 2015 and 2035, more than 610 projects worth INR 7.78 lakh crores, or roughly USD 100 billion, have been identified as part of India's Sagarmala Programme to be implemented in the areas of port modernization, new port development, port connectivity enhancement, port-linked industrialization, and coastal community development. Due to the need for high-quality metal fabrication for infrastructure, all projects would accelerate market growth during the projected period.
Automation, data analytics, and real-time monitoring are made possible in producing metal strips by applying Industry 4.0 concepts and smart manufacturing techniques. This leads to increased production overall, decreased downtime, and increased efficiency. Capable of the Internet of Things Smart technology, including Internet of Things (IoT) sensors, can help predictive maintenance by being integrated into metal strip manufacturing gear. This lowers downtime and maintenance costs by spotting problems before they result in equipment failure.
3D printing makes it feasible to fabricate metal strips with incredibly complicated and detailed geometries that would be difficult or impossible to do using conventional production techniques. This capacity makes greater design flexibility and customization possible, which satisfies particular application or industry requirements. While 3D printing is an additive manufacturing technique that builds up the metal strip layer by layer, traditional subtractive manufacturing procedures frequently produce large amounts of material waste. Doing so decreases material waste, which lowers costs and supports sustainable production techniques.
The ability to quickly iterate and enhance designs is made feasible by 3D printing and rapid prototyping. Market competitiveness may increase if new or updated metal strip goods have a shorter time to market due to this accelerated approach to product development. Thus driving the Metal Strips market revenue.
The Metal Strips Market segmentation, based on type, includes iron-based, aluminum-based, and copper-based. The aluminum-based segment dominated the market. The vehicle's overall performance and fuel efficiency are improved by the lightweight body panels composed of metal strips based on aluminum. Aluminum strips are used as decorative trim and accents on vehicles inside and out. Buildings are stronger overall because lightweight structural components like beams, columns, and frames are made of aluminum metal strips. Aluminum strips are used for facades and cladding because they are durable, resistant to corrosion, and have a contemporary appearance.
The copper base segment is expected to be the fastest-growing segment of the metal strips market during the forecast period. Copper strips play a crucial role as conductive connectors and busbars in manufacturing solar PV cells, facilitating the effective capture and transfer of energy. Because copper strips have exceptional conductivity and endurance, they are used in wind turbine generators.
Based on application, the Metal Strips Market segmentation includes automotive, medical, electronics, and others. The segment with the most market share is automotive. Metal strips are often used to construct body panels like doors, fenders, hoods, and trunk lids. These strips are frequently composed of steel or aluminum. These panels enhance both the vehicle's overall appearance and structural integrity. Chassis components, such as frame rails and cross members, are constructed using metal strips. These parts give the car its structural base, guaranteeing stability and support.
The metal strips market’s electronics segment is anticipated to grow quickly throughout the forecast period. The conductive paths copper strips provide for electrical components make them an essential part of printed circuit boards. They take the shape of traces, which join various circuit components and allow electrical impulses to flow.
Figure 1: Metal Strips Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to lead the metal strips market. North America is a significant center for the automotive sector, and metal strips are widely utilized in the construction of automobiles. The demand for metal strips is fueled by the region's sizable automobile sector and an emphasis on lightweight materials for fuel efficiency. Metal strips are widely utilized in North America's aerospace and defense industries to produce airplanes and other military purposes. The established aerospace sector and defense contracts in the area support the expansion of the metal strips market.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: METAL STRIPS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Metal Strips market accounts for the second-largest market share because European countries have invested heavily in solar and wind energy plants. The region's dedication to sustainable energy sources is bolstered by using metal strips as crucial building blocks in renewable energy systems. Further, the Germany Metal Strips market held the largest market share, and the UK Metal Strips market was the fastest-growing market in the European region.
The Asia-Pacific Metal Strips Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the need for building supplies, such as metal strips, rising due to Asia Pacific's rapid urbanization. The need for metal strips in construction applications is growing as more and more residential complexes, business structures, and infrastructure projects are constructed. Moreover, China’s metal strip market held the largest market share, and the Indian metal strip market was the fastest-growing market in the Asia-Pacific region.
The metal strips market continues to grow due to major players investing heavily in R&D to expand their product offerings. Market participants also participate in several strategic initiatives to strengthen their global footprint. The industry has seen significant developments with the launch of new products, agreements, mergers and acquisitions, higher investment, and collaboration with other companies. For the metal strips industry to expand and prosper in a market that is becoming more and more competitive, it must offer reasonably priced products.
Manufacturing locally to save operational costs is one of the main business methods manufacturers employ in the global metal strips industry to support clients and expand the market sector. The metal strips industry has recently brought about some of the greatest medical advances. Major players in the Metal Strips market, including Aleris, Norsk Hydro, China Zhongwang, Aluminum Corporation of China, Jiangsu CAIFA Aluminum, Kaiser Aluminum, AMAG, Hulamin, and others, are attempting to increase market demand by investing in research and development operations.
Kaiser Aluminium Corp (Kaiser) produces and markets semi-fabricated aluminum products. The company's main areas of concentration include drawn, rolled, extruded, packaging, aerospace, and engineering aluminum products. Its product line consists of wires and rods, extrusion billets, forging stock, redraw rods, plates, sheets, and coils. Kaiser Select is the brand name under which the company markets its goods. Applications for the company's products can be found in the automotive, general engineering, electronics, electrical, mechanical, aerospace and defense, and special industrial sectors. Kaiser runs thirteen production plants in the United States and one in Canada. The third quarter 2023 results of Kaiser Aluminium Corporation (NASDAQ: KALU), a global supplier of semi-fabricated specialty aluminum products that provide highly-engineered solutions for packaging, general engineering, aerospace, and high-strength, automotive extrusions, and other industrial applications, were released in October 2023.
Aleris is a privately held company that leads the world in rolled aluminum products. Aleris, headquartered in Cleveland, Ohio, runs thirteen production locations across North America, Europe, and Asia. Some of the largest companies in the world in the transportation, building and construction, metal distribution, aerospace, and container and packaging sectors are among the company's main clients. These clients are served by Aleris's technically sophisticated, flexible, affordable, and well-located manufacturing facilities, with top-notch R&D backs. In April 2020, The Aditya Birla Group's clientele took a new turn with the addition of companies like Boeing, Airbus, and Bombardier due to Novelis Inc.'s $2.8 billion acquisition of the American manufacturer of aluminum rolled products, Aleris Corporation. American aerospace companies rely on Aleris as a significant supplier of metal sheets to construct aircraft bodies.
September 2023: The opening of its new HyForge foundry line in Rackwitz, Germany, was announced by Norsk Hydro ASA. The action satisfies demands from the automotive sector to reduce carbon emissions by utilizing recycled aluminum waste in the production of automobiles.
July 2022: Rio Tinto launched an 188 million-dollar investment plan for aluminium in Canada. The business hopes to produce 202,000 metric tonnes more aluminum billets with this expansion. At its Alma facility, the company plans to increase the capacity of its current casting center.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 212.75 billion |
| Market Size 2024 | USD 222.96 billion |
| Market Size 2032 | USD 324.43 billion |
| Compound Annual Growth Rate (CAGR) | 4.80% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Aleris, Norsk Hydro, China Zhongwang, Aluminum Corporation of China, Jiangsu CAIFA Aluminum, Kaiser Aluminum, AMAG, Hulamin, and others |
| Key Market Opportunities | · Growing use of renewable energy and manufacturing technological advancements |
| Key Market Dynamics | · Rising demand for the automotive industry, as well as infrastructure and construction development |
Metal Strips Market Highlights:
Frequently Asked Questions (FAQ) :
The Metal Strips Market size was valued at Significant value in 2023.
The global market is projected to grow at a CAGR of 4.80% during the forecast period, 2024-2032.
North America had the largest share of the global market
The key players in the market are Aleris, Norsk Hydro, China Zhongwang, Aluminum Corporation of China, Jiangsu CAIFA Aluminum, Kaiser Aluminum, AMAG, Hulamin, and others.
The aluminum-based category dominated the market in 2023.
The automotive had the largest share of the global market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
