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ResearchAndMarkets, Dublin, has released the report, “Metal Stamping Market By Process, Material, Application, And Geography - Global Forecast To 2023,” which predicts the global metal stamping market will grow at a CAGR of 3.9 percent from 2018 to reach $289.2 billion by 2023.
Factors such as rising urbanization and industrialization, the growing automotive industry, increasing demand from the aerospace and aviation industry, and a rise in technological advancements are driving the growth of the market, says the report. And while the rising use of sheet metal across manufacturing industries and rising investments into metal stamping facilities support the growth of this market, the emergence of plastics and composite materials will be a hindrance.
The blanking process dominated the global metal stamping market in 2017, mainly because it can produce precise, superior-quality metal workpieces in large volumes at low costs, the report states. Demand for blanking also has increased because of its ability to provide excellent dimensional control during mass production, and because of the growing number of large manufacturing chains in the automotive, aerospace and aviation, and consumer electronics sectors.
The metal stamping market for automotive application commanded the largest share of global market in 2017, with huge and growing automobile production in developing markets, especially China and India; technological advancements in the automotive industry; and of large number of automotive metal stamping companies.
The Asia-Pacific region commanded the largest share of the global metal stamping market in 2017, followed by Europe and North America. The large share of this region is mainly attributed to factors such as the shift of manufacturing from North America and Europe to the Asia-Pacific region, rising industrialization, significant growth in the automotive and aerospace and aviation industries, infrastructural developments, and rising private and government investments in the manufacturing sector.
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