Metal Stamping Market to Reach a Valuation of USD 257.1 Billion by 2028 Globally, at a CAGR of 3.7%, says MarketsandMarkets™
Chicago, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The Metal Stamping Market is expected to grow from USD 213.8 billion in 2023 to USD 257.1 billion by 2028, at a CAGR of 3.7% during the forecast period, as per the recent study by MarketsandMarkets™. The growth is supported by the growing demand for metal-stamped components from manufacturers of electric vehicles, medical devices, and industrial machinery. The growing demand for lightweight materials such as aluminum and titanium is a key market driver. Due to their increased performance, decreased carbon emissions, and increased fuel efficiency, lightweight materials find high demand in industries like automotive and aerospace. These materials have high strength-to-weight ratios and can produce lightweight parts and components through metal stamping, making them ideal in applications where weight reduction is crucial.
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Browse in-depth TOC on "Metal Stamping Market”
145- Market Data Tables
List of Key Players in Metal Stamping Market:
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)
Kenmode, Inc. (US)
Drivers, Restraints, Opportunities and Challenges in Metal Stamping Market:
Drivers: Technological advancements and growing adoption of automation are the major drivers of the metal stamping market.
Restraints: Fluctuating raw material prices
Opportunity: Increasing scope of metal stamping in medical industry
Challenges: Lack of standardization
Key Findings of the Study:
By process, Blanking accounted for the largest share in 2022.
By material, Steel accounted for the largest share in 2022.
By material thickness, ≤0.4 mm material thickness to be the fastest growing during the forecast period.
By press type, mechanical press accounted for the largest share in 2022.
By end-use industry, automotive accounted for the largest share in 2022.
By region, Asia Pacific accounted for the largest share in 2022.
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Based on process, the blanking segment is projected to lead the market due to the increased use of metal-stamped components in the automotive industry. Blanking is a metal stamping process in which a flat shape is cut from a larger sheet or coil of metal material. This is done with a blanking die, a specialized tool consisting of a punch and a die that work together to cut through the metal cleanly. This cutting process is done by applying a shearing force to a material sheet.
Based on material, steel material is the fastest growing in metal stamping market during the forecast period. The growth of this material is due to their high strength and low cost. Carbon and stainless steel are two of the most used ferrous metals in manufacturing stamped components. Carbon steel’s versatility is reflected in its exceptional malleability and ductility properties. Carbon steel can be formed into various shapes as a metal-stamped component. It is beneficial for automotive and construction applications. Significant applications for carbon steel stamping include building components, automobile components, and industrial tubing and pipes.
Based on material thickness, the >0.4 mm thickness segment accounted for the largest market share in 2023. These are thick-gauge materials used to create larger, stronger, and more durable parts, mainly from high-strength alloys like steel, brass, or copper. Thick-gauge materials are used in the automotive industry for structural components like body chassis, panels, and suspension components; the construction industry for beams, columns, and brackets; the agriculture industry for machinery and equipment, such as harrows, plows, and cultivators; and in the energy and power generation industries for boilers, and turbines.
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Based on press type, the mechanical press type dominated the overall metal stamping market. The increasing use of steel and aluminum is expected to drive the use of the mechanical press in metal stamping. A mechanical press uses extreme force to form, shape, or cut materials, or compress solids. Mechanical presses range from small hand-operated units to large powered industrial units used in production and assembly line application.
Based on the end-use industry, the automotive end-use industry accounted for the largest market share in 2022. Metal stamping is widely used in the automotive industry to manufacture brackets, structural supports, body panels, and engine components. It is also used to manufacture body panels, such as doors, hoods, roofs, and fenders, and engine & transmission components. One of the primary benefits of metal stamping in the automotive industry is its capacity to generate large volumes of components rapidly and cost-effectively.
Based on region, Asia Pacific is expected to lead the metal stamping market in 2023, with China being the largest market in the region and India being the fastest-growing market during the forecast period. The increasing disposable income of consumers in developing countries such as India and China has led to a rise in demand for automobile products, which positively influences growth of the metal stamping market.
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Synthetic Leather MarketBy process, Blanking accounted for the largest share in 2022.By material, Steel accounted for the largest share in 2022.By material thickness, ≤0.4 mm material thickness to be the fastest growing during the forecast period.By press type, mechanical press accounted for the largest share in 2022.By end-use industry, automotive accounted for the largest share in 2022.By region, Asia Pacific accounted for the largest share in 2022.