In this paper, a non-contact method of evaluating the thickness reduction in an aluminum sheet caused by corrosion and friction using SH-EMAT (shear horizontal, electromagnetic acoustic transducer) is described. Since this method is based on the measurement of the time-of-flight and amplitude change of guided waves caused from the thickness reduction, it provides information on the thinning defects. Information was obtained on the changes of the various wave features, such as their time-of-flight and amplitude, and their correlations with the thickness reduction were investigated. The interesting features in the dispersive behavior of selected guided modes were used for the detection of thinning defects. The measurements of these features using SH waves were performed on aluminum specimens with regions thinned by 7.2% to 29.5% of the total thickness. It is shown that the time-of-flight measurement provides an estimation of the thickness reduction and length of the thinning defects.