Global metal stamping market forecast
The global metal stamping market 2019-2023 is expected to post a CAGR of nearly 5% during the forecast period, according to the latest market research report by Technavio. Precision metal stamping is generally used to produce large volumes of metal products. The automated process reduces labour and enables the production of precise parts with tight tolerances at high accuracy.
Precision metal stamping can also be automated to include secondary operations in both die and press. This process is also suitable for several customised applications. Hence, the increasing demand for precision metal parts from end-user industries has increased the adoption of precision metal stamping. This is one of the key drivers that will fuel the growth of the global metal stamping market during the forecast period, according to the analyst.
According to Technavio, the emergence of 3D printing and additive fabrication will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global metal stamping market 2019-2023 research report also analyses other important trends and market drivers that will affect market growth over 2019-2023.
“Additive fabrication can produce complex shapes and reduce the wastage of raw materials. This process can manufacture different parts and reduces the need for other tools. Additive fabrication can also be integrated with existing manufacturing processes to reduce time and production costs. Further improvements in 3D print technology and its increased adoption will increase the adoption of additive fabrication. Hence, the advent of 3D printing and additive fabrication is expected to positively impact the growth of the global metal stamping market,” commented the analyst.
“Increasing growth in the automobile sector, coupled with favourable trade policies among many countries, are factors that will further drive the global metal stamping market over the forecast period.”
APAC led the market in 2018, added Technavio, followed by Europe, North America, South America and MEA respectively. The dominance of APAC can be attributed to the growth of the automotive manufacturing industry and the expanding consumer base, it told ISMR. For further details, see www.technavio.com