The global metal stamping market size is anticipated to reach USD 273.7 billion by 2027, expanding at a CAGR of 2.8%, 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.
Automobile consumers are shifting their focus towards lightweight vehicles on account of rising concerns on environmental pollution. According to the Center for Automotive Research (CAR), the global light vehicles sales reached around 94 million in 2018 and is 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 are 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 it new Lexus RX. With this agreement Arconic is a sole aluminum sheet supplier for Lexus RX.
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Further key findings from the report suggest:
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 ensures 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.
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, 2016 - 2027)
Metal Stamping Application Outlook (Revenue, USD Billion, 2016 - 2027)
Electrical & Electronics
Metal Stamping Regional Outlook (Revenue, USD Billion, 2016 - 2027)
Central & South America
Middle East & Africa
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