SAN FRANCISCO, Aug. 17, 2021 /PRNewswire/ -- The global metal stamping market size is anticipated to reach USD 270.32 billion by 2028, expanding at a CAGR of 3.8%, according to a new report by Grand View Research, Inc. The increasing production of automobiles is anticipated to drive the demand for metal stamping as it is used in manufacturing of car body panels, transmission components, and interior and exterior structural components.
Key Insights & Findings:
- The blanking segment is anticipated to progress at a CAGR of 3.2%, in terms of revenue over the forecast period owing to the increasing demand from the automotive industry on account of its precise and superior stamping ability
- The bending segment accounted for a revenue share of 16.7% in 2019. Products manufactured using this process ensure stability and durability, thus it is mostly used in auto components.
- Consumer electronics is the fastest-growing segment in terms of revenue with a CAGR of 4.3% over the forecast period. The growth is attributable to the increasing utilization of lightweight metal components to improve the durability of electronics.
- Industrial machinery accounted for a revenue share of 19.2% in 2019 owing to the growing demand for machinery and automation to improve the efficiency of the output
- North America is expected to witness a CAGR of 2.5% in terms of revenue and is anticipated to continue dominating the overall metal stamping market over the forecast period owing to the increasing production of automobiles and consumer electronics.
Read 120 page market research report, "Metal Stamping Market Size, Share & Trends Analysis Report By Process (Blanking, Embossing, Bending, Coining, Flanging), By Application, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
Automobile consumers are shifting their focus towards lightweight vehicles on account of rising concerns about environmental pollution. According to the Center for Automotive Research (CAR), the global light vehicles sales reached around 94 million in 2018 and are expected to reach nearly 110 million by 2026. The growing demand for lightweight vehicles is encouraging auto component manufacturers to increase their production capacities and engage in new product developments, which, in turn, is anticipated to augment market growth over the coming years.
Major automobile manufacturers that have in-house component manufacturing facilities are expanding their production capacities to meet the growing demand for automobiles. For instance, in February 2019, Ford Motor Company announced to invest USD 1 billion in Chicago assembly and stamping plants. With the investment, the company plans to add all-new stamping lines and all-new body shops and paint shops that are used to manufacture 2020 Ford Explorer, Police Interceptor Utility, and Lincoln Aviator. Thus, increasing production of these vehicles is anticipated to drive product demand over the coming years.
In Asia Pacific, increasing demand for consumer electronics such as mobile phones, computers, laptops, and headphones is likely to boost the demand for metal stamping as it is used in manufacturing metal frames such as metal headbands that are used in headphones. Change in consumer preferences towards enhanced audio experience along with a rapidly growing music industry, and advancement in VR technology are the major factors that are expected to drive the demand for headphones. This, in turn, is likely to propel market growth over the coming years.
The market is highly competitive with the presence of local as well as global market players including Alcoa Corporation; Kenmode Precision Metal Stamping; Lindy Manufacturing Co.; Acro Metal Stamping; Manor Tool and Manufacturing Company; D&H Industries; and Klesk Metal Stamping, Inc. These companies are focusing on long term agreements, capacity expansions, and mergers and acquisitions to meet the growing product demand from potential customers. For instance, in March 2017, Arconic signed a multi-year agreement with Toyota Motor Corp. to supply aluminum for its new Lexus RX. With this agreement, Arconic is the sole aluminum sheet supplier for Lexus RX.
Grand View Research has segmented the global metal stamping market on the basis of process, application, and region:
- Metal Stamping Process Outlook (Revenue, USD Billion, 2017 - 2028)
- Metal Stamping Application Outlook (Revenue, USD Billion, 2017 - 2028)
- Industrial Machinery
- Consumer electronics
- Electrical & Electronics
- Metal Stamping Regional Outlook (Revenue, USD Billion, 2017 - 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- List of Key Players of the Metal Stamping Market
- Acro Metal Stamping
- Manor Tool & Manufacturing Company
- D&H Industries, Inc.
- Kenmode, Inc.
- Klesk Metal Stamping Co
- Clow Stamping Company
- Goshen Stamping Company
- Tempco Manufacturing Company, Inc
- Interplex Holdings Pte. Ltd.
- Nissan Motor Co., Ltd
- AAPICO Hitech Public Company Limited
- Ford Motor Company
Browse through Grand View Research's coverage of the Global Advanced Interior Materials Industry:
- Automotive Metal Stamping Market – Automotive metal stamping market size was USD 70.42 billion in 2015. Automotive metal stamping is a process of converting sheet metal into shapes & sizes based on the end-user requirements.
- Metal Casing Market – The global metal casing market size was valued at USD 36.98 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 3.2% from 2020 to 2027.
- Aerospace Parts Manufacturing Market – The global aerospace parts manufacturing market size was estimated at USD 907.2 billion in 2019 and is expected to expand at a CAGR of 4.1% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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