• Stacy Lawlor

Global Metal Forming Market Size to grow by US$ 215.13 Bn in 2030

The Global Metal Forming Market is projected to grow from USD 175.2 billion in 2021 to USD 215.13 billion by 2030 at a CAGR of 3.2% during the forecast period.


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Metal is plastically deformed during the metal-forming process to create the appropriate geometry and shape. The metal is subjected to a force that is greater than its yield strength and causes it to flex plastically without undergoing any transient modifications. This force gives the metal the rigid, specific, and desired shape and appearance. There are various types of metal forming processes, including roll forming, stamping, stretch forming, and others. English wheels, louver presses, and other devices are employed as tools in the metal forming processes. Numerous industries, including aerospace engineering, manufacturing, construction, and the automobile industry, use metal shaping in various ways.


In Q1 2020, major metal forming suppliers experienced revenue loss. Due to the severity of the pandemic, particularly in the US and key European countries, the restart of car manufacturing is unlikely in the near future, and tier 1 players anticipate a further decrease in income in the remaining quarters of 2020.


For instance, Magna's overall revenue in the first quarter of 2020 decreased by 18% compared to the Q1 result in 2019. The company claims that with the anticipated 18 percent to 44 percent decline in global light car manufacturing in 2020, the situation could get worse. Production was halted first in China, then in North America, then in Europe. As nations go into lockdown to stop the disease's spread, metal forming companies are seeing interruptions in their supply chains. As a result, it is predicted that the metal forming market will enter a falling phase in 2020.


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Production efficiency in the industry is anticipated to be a result of the growing trend toward cutting-edge digital technologies. In addition, the fourth industrial revolution has a number of advantages, including better productivity, resource optimization, improved flexibility, increased collaborative working, and lower operating costs. Additionally, the industry for metal forming is placing a lot of emphasis on preventative maintenance. Predictive maintenance is becoming more prevalent in the metal forming tools sector as a result of the growing desire from manufacturers to forecast failures before they happen in order to cut downtime and machine maintenance costs. Predictive maintenance, according to several sources, boosts equipment availability and uptime by 10%–20%. The popularity of metal forming tools is also anticipated to increase over the course of the projection period as a result of cloud-based inventory managed solutions.

The need for fabricated metals is increasing across a variety of industries, including aerospace, automotive, and consumer electronics. The wide range of uses for metal fabrication, including everything from paper clips to airplane parts, is anticipated to further fuel industry expansion. Due to the increased industrial activity in developing nations like China and India, the steel fabrication industry has seen tremendous expansion over the last few years.


The increase in building activity has led to an increase in the use of steel fabrication for a variety of applications, including pipe and structure steel. The market for construction is being driven by construction initiatives taken by governments of various nations. For instance, the development of several infrastructure projects, including ports, utilities, motorways, metropolitan areas, and airports, is part of the Belt and Road plan, which was introduced in 2013 by the Chinese president. Additionally, the development of the building sector in industrialized countries is anticipated to benefit the sector.


North America region is dominating the market share of global metal forming market owing to the technological improvements, revenues, profitability, and government and international body participation. Due to its rapid urbanization, rising GDP, and higher expenditure in the automotive industry, North America is anticipated to have significant growth throughout the projection period. The presence of cutting-edge manufacturing facilities and significant automotive industry participants propel market growth.


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KEY INDUSTRY DEVELOPMENTS:


In March 2021, to support expansion in the metal stamping and fabrication industries, Miro Manufacturing, Inc. purchased additional Waukesha-based facilities. It is anticipated that the expansion of manufacturing facilities would increase its market presence in the metal fabrication industry.


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