U.S.: Sheet Metal Product Market 2024

Sheet Metal Product Market Size in the U.S.

The U.S. sheet metal product market was finally on the rise to reach $X in 2021, after two years of decline. The market value increased at an average annual rate of +2.2% over the period from 2013 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 9.8% against the previous year. Sheet metal product consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Sheet Metal Product Production in the U.S.

In value terms, sheet metal product production rose slightly to $X in 2021. The total output value increased at an average annual rate of +2.4% from 2013 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 9.9% against the previous year. Sheet metal product production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Sheet Metal Product Exports

Exports from the U.S.

After two years of decline, overseas shipments of sheet metal products increased by 30% to X tons in 2021. Overall, exports, however, recorded a noticeable decrease. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, sheet metal product exports expanded markedly to $X in 2021. In general, exports, however, showed a perceptible descent. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X tons) was the main destination for sheet metal product exports from the United States, with a 70% share of total exports. Moreover, sheet metal product exports to Canada exceeded the volume sent to the second major destination, Mexico (X tons), ninefold. Bahamas (X tons) ranked third in terms of total exports with a 4.4% share.

From 2013 to 2021, the average annual growth rate of volume to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-5.9% per year) and Bahamas (-0.6% per year).

In value terms, Canada ($X) remains the key foreign market for sheet metal products exports from the United States, comprising 46% of total exports. The second position in the ranking was taken by Mexico ($X), with a 15% share of total exports. It was followed by Bahamas, with a 3.2% share.

From 2013 to 2021, the average annual growth rate of value to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-3.8% per year) and Bahamas (+1.5% per year).

Export Prices by Country

In 2021, the average sheet metal product export price amounted to $X per ton, dropping by -11.8% against the previous year. In general, the export price, however, recorded modest growth. The pace of growth appeared the most rapid in 2014 an increase of 21%. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+19.8%), while the prices for the other major destinations experienced more modest paces of growth.

Sheet Metal Product Imports

Imports into the U.S.

In 2021, sheet metal product imports into the United States expanded significantly to X tons, surging by 14% against the year before. Over the period under review, total imports indicated a remarkable increase from 2013 to 2021: its volume increased at an average annual rate of +6.1% over the last eight years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -11.4% against 2018 indices. The growth pace was the most rapid in 2016 when imports increased by 77% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, sheet metal product imports soared to $X in 2021. Overall, imports posted a buoyant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 23% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

Canada (X tons), China (X tons) and New Zealand (X tons) were the main suppliers of sheet metal product imports to the United States, together comprising 65% of total imports.

From 2013 to 2021, the biggest increases were recorded for New Zealand (with a CAGR of +173.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X) constituted the largest supplier of sheet metal products to the United States, comprising 47% of total imports. The second position in the ranking was taken by South Korea ($X), with a 9.1% share of total imports. It was followed by China, with an 8.5% share.

From 2013 to 2021, the average annual growth rate of value from Canada totaled +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+12.2% per year) and China (+4.0% per year).

Import Prices by Country

The average sheet metal product import price stood at $X per ton in 2021, surging by 1.9% against the previous year. In general, import price indicated a temperate increase from 2013 to 2021: its price increased at an average annual rate of +3.1% over the last eight-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sheet metal product import price increased by +88.2% against 2016 indices. The pace of growth was the most pronounced in 2019 when the average import price increased by 40%. The import price peaked in 2021 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+13.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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