Metal Stamping Market Growth & Trends
The global metal stamping market size is expected to reach USD 316.72 billion by 2030, registering a CAGR of 4.2% over the forecast period, 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 the 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 about environmental pollution. According to LMC Automotive, U.S. light vehicles sales reached around 14.5 million in 2020 and are expected to reach nearly 15.8 million by 2022. The growing demand for lightweight vehicles is encouraging auto component manufacturers to increase their production capacities and engage in new product developments.
This, 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. Moreover, the telecommunications industry is also projected to witness lucrative demand for stamped products owing to the growing investments in 5G technology. For instance, in November 2020, FAIST Precision Suzhou announced its investment in the installation of a new die casting machine, called the FRECH GDK3200T, which will be used to run 5G projects for mass production. In the 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, which 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 players including Alcoa Corp., Lindy Manufacturing Co., Tool & Manufacturing Company, and D&H Industries. 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 October 2021, Shiloh Industries completed the acquisition of two stamping plants fromBenteler for the automotive business. These plants are equipped with modern precision laser cutting and hot-formed steel stamping products for the production of chassis components.
Request a free sample copy or view report summary:
Metal Stamping Market Report
Metal Stamping Market Report Highlights
- Based on process, the blanking segment is anticipated to progress at a significant CAGR 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 over 16.0% in 2022. Products manufactured using this process ensure stability and durability, thus it is mostly used in auto components.
- Based on application, consumer electronics is projected to be the fastest-growing segment over the forecast period. The growth is attributed to the increasing utilization of lightweight metal components to improve the durability of electronics.
- Industrial machinery held the second-largest revenue share of the global market in 2023. The segment growth is attributable to the rising demand for machinery and automation to improve output efficiency.
- Asia Pacific held the largest revenue share of more than 36.0% in 2023 owing to increasing demand for cars and consumer electronics in the region
