Metal Stamping Market Size, Industry Share Forecast ...
Metal Stamping Market Size, Industry Share Forecast ...
Metal Stamping Market
The global metal stamping market was valued at USD 213.8 billion in 2023 and is projected to reach USD 257.1 billion by 2028, growing at 3.7% cagr during the forecast period. The market growth is driven by increasing use of metal stamped in the construction, medical and automotive industries as well as by their increasing demand in the electricals & electronics products. The industrial machinery is the second-largest end-use industry of metal stamping. The industrial machinery industry frequently uses metal stamping to produce a wide range of components crucial to the operation of heavy-duty machinery. Metal stamping is used in industrial machinery to make components, such as gears, bearings, housings, and brackets, of stainless steel, high-strength steel, or aluminum. Metal stamping has a significant advantage in the industrial machinery industry due to its ability to produce customized high-precision, high-strength components in large volumes quickly and cost-effectively.
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The metal stamping market is expanding due to technological advancements that have increased manufacturing efficiency, decreased costs, and increased precision and accuracy. For example, computer numerical control (CNC) machines are becoming increasingly common because they can perform tasks with excellent precision and accuracy, including drilling, milling, and turning. These computer-controlled machines can rapidly and effectively produce complex parts and components. Automation has supported the metal stamping industry by improving efficiency, lowering costs, and increasing productivity. It can also help improve consistency. The use of manual labour can be decreased, as automated stamping machines can carry out repetitive tasks quickly and accurately.
Raw material price fluctuations can be a considerable restraint for the metal stamping market, affecting the profitability and competitiveness of metal stamping companies. Metal stamping necessitates using various raw materials, including steel, aluminum, copper, and other metals, to produce stamped parts. When the cost of these raw materials increases, the cost of production increases. If metal stamping companies pass on these increased costs to their customers, they may lose business to competitors who can offer lower prices.
The use of metal stamping in the medical industry is significant and increasing rapidly. Metal stamping is widely used in the medical sector to produce precise and high-quality metal parts for medical devices, implantable devices, surgical tools, and diagnostic equipment. The rising demand for minimally invasive surgeries, the increasing geriatric population, the rising prevalence of chronic diseases, and the growing demand for medical implants drive the growth of the medical metal stamping market. The trend toward medical device miniaturization also drives the demand for metal stamping in the medical industry.
The lack of standardization can cause several challenges for producers and customers. For example, manufacturers struggle to ensure consistent quality across different parts and orders due to a lack of standardization in measuring the quality of stamped parts. Lack of standardized quality control procedures could result in inconsistent product quality, higher rejection rates, and ultimately lower customer satisfaction.
Blanking is a metal stamping process used to cut sheet metal into a desired shape or size. It is preferred because it allows for high accuracy, speed, material efficiency, versatility, and can be easily automated. Blanking minimizes scrap material, making it a cost-effective process for high-volume production runs.
Steel is used in almost every building and construction process due to its lightweight structure, cost efficiency, corrosion resistance, and energy efficiency. Steel is used in almost every type of manufacturing and construction, from surgical equipment to household items. Steel products have a lifespan of about 40 years and are 100% recyclable. Because the magnetic properties remain unchanged, this metal can be recycled continuously. Recycled steel can be used as an input for BF-BOF (Blast Furnace Basic Oxygen Route) and EAP (Electric Arc Furnace) methods, resulting in the production of a variety of new steel products. These factors make the steel most popular material in metal stamping industry.
Materials with thicknesses of ≤0.4 mm are also known as “thin-gauge materials” in metal stamping Thin-gauge materials combine strength, flexibility, and precision in these applications, making them ideal for manufacturing complex parts with high tolerances and strict dimensional requirements. In addition to being strong and flexible, thin-gauge materials are very cost-effective because they require less raw material. As a result, they are ideal for mass-production applications where cost-effectiveness is critical.
Mechanical presses are a versatile and efficient tool for a wide range of metal stamping applications. Mechanical presses are widely used in metal stamping applications due to their high efficiency and ability to apply significant force to the metal. Mechanical presses are commonly used in metal stamping for various operations such as blanking, piercing, forming, coining, embossing, and drawing. They are versatile and efficient tools that can apply significant force to metal and shape it into specific sizes and contours.
The manufacturing of medical devices, particularly implants, must be carried out with the utmost precision and care to prevent any contaminants or defects, given their use in delicate medical procedures. Due to their sensitive nature, medical devices are manufactured to exceptionally high standards. Metal stamping offers several advantages, such as high precision, fast production, and low cost, making it an attractive manufacturing method for producing medical components in high volumes. Components manufactured via metal stamping include implants, connectors, surgical devices, temperature probes, pump & motor components, equipment housings & sleeves, couplings, fittings, and prosthetics.
The demand for metal stamping is expected to be driven by new product development and product innovation initiatives by the market players in North America. The automotive segment is projected to be the largest end-use industry in the North America. The transition to EVs is gaining traction, with major automakers investing heavily in this area. North America has several major automakers, including General Motors, Ford, and Fiat Chrysler (now known as Stellantis). These companies have a significant presence in the region, with several manufacturing facilities and R&D centres. Aside from automakers, North America has a thriving auto parts manufacturing industry. Many of the world's leading auto parts manufacturers, including Magna International, Linamar, and Martinrea International, have facilities in North America.
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Metal stamping market comprises key manufacturers such as Gestamp Automoción, S.A. (Spain), Arconic Corporation (US), American Axle & Manufacturing Holdings, Inc. (US), CIE Automotive S.A. (Spain), Interplex Holdings Pte. Ltd. (Singapore), AAPICO Hitech Public Company Limited (Thailand), Clow Stamping Company (US), Wiegel Tool Works, Inc. (US), Harvey Vogel Manufacturing Co. (US), ACRO Metal Stamping (US), Boker’s, Inc. (US), and Kenmode, Inc. (US) and others. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the metal stamping market. Major focus was given to the new product development due to the changing requirements of transportation and electronics product consumers across the world.
Report Metric
Details
Market Size Value in 2023
USD 213.8 billion
Revenue Forecast in 2028
USD 257.1 billion
CAGR
3.7%
Years Considered
2021–2028
Base year
2022
Forecast period
2023–2028
Unit considered
Value (USD Billion)
Segments
By Process, Material, Material Thickness, Press Type, End-Use Industry and Region.
Regions
North America, Europe, Asia Pacific, South America and Middle East & Africa.
Companies Covered
Gestamp Automoción, S.A. (Spain), Arconic Corporation (US), American Axle & Manufacturing Holdings, Inc. (US), CIE Automotive S.A. (Spain), Interplex Holdings Pte. Ltd. (Singapore), AAPICO Hitech Public Company Limited (Thailand), Clow Stamping Company (US), Wiegel Tool Works, Inc. (US), Harvey Vogel Manufacturing Co. (US), ACRO Metal Stamping (US), Boker’s, Inc. (US), and Kenmode, Inc. (US) and others are covered in the metal stamping market.
This research report categorizes the global metal stamping market on the basis of process, material, material thickness, press type, end-use industry and region.
The market has been further analyzed for the key countries in each of these regions.
What are the major drivers driving the growth of the metal stamping market?
The metal stamping market is expected to witness significant growth in the future due to the growing demand for lightweight materials, growing adoption of automation, technological advancements and growing demand for high-quality, precision parts in end-use industries.
What are the major challenges in the metal stamping market?
The major challenges in the metal stamping market are issues caused by lightweight material usage, global semiconductor shortage, lack of standardization and poor-quality stamping and tool wear.
What are the restraining factors in the metal stamping market?
The major restraining factor faced by the metal stamping market fluctuating raw material prices and trade policies and tariffs.
What is the key opportunity in the metal stamping market?
Industrialization and urbanization in emerging economies and increasing scope of metal stamping in medical industry are key opportunity in the metal stamping market. If you want to learn more, please visit our website Aomate.
What are the end-use industries where metal stamped components are used?
The metal stamped components are majorly used in automotive, industrial machinery, construction, electricals & electronics, aerospace, telecommunication and medical. .
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Attractive Opportunities in the Metal Stamping Market
Metal Stamping Market Dynamics
Driver: Technological advancements and growing adoption of automation are the major drivers of the metal stamping market.
Restraint: Fluctuating raw material prices
Opportunities: Increasing scope of metal stamping in medical industry
Challenges: Lack of standardization
Metal Stamping Market Ecosystem
By Process, Blanking process accounted for the highest CAGR during the forecast period
By Material, Steel material accounted for the highest CAGR during the forecast period
By Material thickness, ≤0.4 mm accounted for the highest CAGR during the forecast period
By Press type, Mechanical press accounted for the highest CAGR during the forecast period
By End Use Industry, medical accounted for the highest CAGR during the forecast period
North America is projected to account for the highest CAGR in the metal stamping market during the forecast period
Metal Stamping Market Players
Metal Stamping Market Report Scope
Metal Stamping Market by Process
Metal Stamping Market by Material
Metal Stamping Market by Material Thickness
Metal Stamping Market by Press Type
Metal Stamping Market by End Use
Metal Stamping Market by Region
Recent Developments
Frequently Asked Questions (FAQ):
Metal Stamping Market Size Worth USD 329.1 Bn by 2032 |
New York, July 11, 2023 (GLOBE NEWSWIRE) -- Global Metal Stamping Market size accounted for USD 228.8 Bn in 2022. It is projected to surpass around USD 329.1 Bn by 2032, and it is poised to reach a CAGR of 3.8% from 2023 to 2032.
Metal stamping is a manufacturing procedure used to alter flat metal sheets into particular shapes. It is a difficult method that can include various metal forming techniques such as punching, blanking, and blending & piercing. Metal stamping provides three-dimensional shapes to sheet metals such as zinc, aluminum, copper, and stainless steel. Metal stamping is extensively used in automobile manufacturing, finding its uses in side panels, hangers, and others.
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Key Takeaway
- By process, the blanking segment leads the market with the highest revenue share of 28%.
- By application, the automotive sector dominates the segment with a revenue share of 34% in the account.
- Asia-Pacific held a significant revenue share of 35.9% in 2022.
- Europe is anticipated to grow at a high CAGR during the forecast period.
Metal stamping plays a significant role in vehicle development programs due to rapid and continuous technological development. The rising demand for mobile and mobile accessories such as earphones and headphones, controllers, and speakers may fuel the market growth.
Factors Affecting the Growth of the Metal Stamping Market
Several factors can affect the growth of the metal stamping market. Some of these factors include:
- Emergence of Subsequent-Generation Stamping Technology: The increase of stamping technology of the next generation is a significant factor in the expansion of the metal stamping market.
- Growing Automotive Sector: Metal stamping is increasing rapidly owing to the prospering automotive industry. In response to the rising demand for automobiles, manufacturers are turning to metal stamping as a dependable means of manufacturing.
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Top Trends in Global Metal Stamping Market
Growing Technological Developments:
Technological advancements and innovations in the automotive sector increase the requirement of metal stamping, which is a key driver for the market. The launch of new generation technologically advanced products is the global trend in the metal stamping market. Changes in customers' preferences towards enhanced audio experience, rapidly growing music industries, and advancements in VR technology are fueling market growth.
Market Growth
The development of novel materials, such as innovative high-asset steels, has increased the demand for metal stamping as they are working in sheet metal stamping. The increasing demand for lightweight materials, high quality, and precision parts in the automotive and aerospace industries are the major factors that propel the market growth.
Regional Analysis
The Asia-Pacific region leads the market by accounting for a significant revenue share of 35.9% due to several key factors, including skilled labor, technological advancements, and cost-effectiveness. Countries like China and Vietnam possess a competitive advantage in terms of labor and production costs. Experienced workers in Asia Pacific can operate stamping equipment at lower wages related to their counterparts in other regions.
This cost advantage has attracted numerous multinational companies, stimulating them to outsource their metal stamping requirements to Asia Pacific, thereby further solidifying the region's dominance. Additionally, Asia Pacific's increasing domestic and international market demand for metal-stamped products has significantly contributed to its dominance.
Europe is expected to grow at a high growth rate over the forecast period due to the established automotive industry and the increasing consumer electronics industry. The rising demand for electric vehicles is projected to drive the region's growth.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include CIC Automotive SA, Tower International, Inc., Shiloh Industries, Inc., Interplex Holdings Ltd, Oberg Industries LLC, Suzhou Cheersson Precision Metal Forming Co. Ltd., Clow Stamping Company Inc., Kenmode Tool & Engineering Inc., etc.
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Scope of Report
Report AttributeDetailsMarket Value (2022)USD 228.77 BnMarket Size (2032)USD 332.18 BnCAGR (from 2023 to 2032)3.8%Asia-Pacific Revenue Share35.9%Historic Period2016 to 2022Base Year2022Forecast Year2023 to 2032Market Drivers
- Increasing Production of Automobiles
The increase in the production of automobiles is projected to drive the market growth. Technological advancements are a major factor in obtaining popularity in the metal stamping market. Automation has supported the metal stamping industry by improving efficiency, increasing productivity, and lowering costs. The increasing use of sheet metal in the production of automotive transmission and structural components has become a major market driver for metal stamping.
- Impact of the expanding automotive sector
With the rising demand for automobiles, manufacturers are turning to metal stamping as a dependable means of manufacturing a variety of vehicle components. This increase in requirement has resulted in the extensive adoption of metal stamping technology, making the automotive industry one of the largest consumers of metal-stamped components.
Market Restraints
- Fluctuating Raw Material Prices
Raw materials are an integral element of the process. The volatile cost of raw materials, such as steel, aluminum, and copper, negatively impacts manufacturers' profitability. The fluctuating price of raw materials is a significant factor restraining the metal stamping industry. Additionally, various factors influence raw material charges, including political variability, economic changes, supply chain disruptions, and environmental regulations.
Market Opportunities
- Rising Scope of Metal Stamping in the Medical Industry
Metal stamping is widely used in the medical sector to produce precise and high-quality metal parts for medical devices. The increasing geriatric population and rise in demand for minimally invasive surgeries provide lucrative opportunities for the market.
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Report Segmentation of the Metal Stamping Market
By Process Insight
Blanking leads the process segment by accounting for a major revenue share of 28% in 2022. The segment growth is due to the emergence of new technologies and an increase in demand for stamped metal products. The metal stamping market has expanded significantly over the past few years. Typically, blankings are used to manufacture components with simple and precise geometries, such as washers, industrial gaskets, and fasteners. Blanking is a metal stamping process involving the cutting and forming of flat metal sheets using a die and press.
By Application Insight
The automotive sector segment is expected to lead the application segment. The automotive components manufactured by metal stamping are renowned for their dependability, sturdiness, and accuracy, all of which are essential for the automotive industry. The automotive industry is one of the major consumers of metal-stamped products, accounting for a substantial portion of the metal-stamping market. Additionally, advances in manufacturing technology have led to more efficient and automated processes, which will continue to drive the growth of the automotive segment in the metal stamping market.
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Market Segmentation
By Process
- Blanking
- Embossing
- Bending
- Other Process
By Application
- Automotive
- Aerospace
- Consumer Electronics
- Industrial Machinery
- Other End-Users
Key Regions
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The global Metal Stamping market is highly competitive, and major market players have a prominent presence. The market is leading with several key players. ARO Metal Stamping is headquartered in Ontario, Canada, and specializes in delivering high-quality stamped metal parts to clients in various industries, such as the automotive, aerospace, medical, and consumer goods industries. The company is highly respected for its dedication to quality and commitment to meeting customer wants.
- CIE Automotive SA
- Tower International, Inc.
- Shiloh Industries, Inc.
- Interplex Holdings Ltd.
- Oberg Industries LLC
- Suzhou Cheersson Precision Metal Forming Co. Ltd.
- Clow Stamping Company Inc.
- Kapco Inc.
- Kenmode Tool & Engineering Inc.
- Manor Tool & Manufacturing.
- Other Key Players
Recent Development of the Metal Stamping Market
- In December 2022: Gestamp Automocion S.A. achieved a 33% strategic stake in Gescrap Group to improve its Environmental, Governance, and Social plans.
- January 2021: Interplex has achieved OCP Group, Inc., a Custom connector and cable meeting strategy and company base in San Diego.
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