July 11, 2023 08:18 ET | Source: MarketResearch.biz MarketResearch.biz
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. Galvanized Sheet Metal Box
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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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:
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Top Trends in Global Metal Stamping Market
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.
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.
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.
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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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.
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.
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.
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
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.
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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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.
Recent Development of the Metal Stamping Market
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