Metal stamping market trends
The global metal stamping market is expected to grow at a CAGR of 3.9% from 2018 to reach US$ 289.2 billion by 2023, according to a new report from ResearchAndMarkets.com. Factors such as rising urbanisation and industrialisation, the growing automotive industry, increasing demands from the aerospace and aviation sectors and a rise in technological advancements are driving growth of global metal stamping markets.
“The rising use of sheet metal across manufacturing industries and increasing investments in metal stamping facilities further supports the growth of this market. However, the emergence of plastics and composite materials also hinders market growth,” added the report.
“The blanking process dominated the global metal stamping market in 2017, mainly due to its ability to produce precise metal workpieces in large volumes at low costs. Moreover, its ability to provide excellent dimensional control during mass production, coupled with the growing number of large manufacturing chains across automotive, aerospace & aviation and consumer electronics sectors, further supports the growing demand for metal blanking,” it continued.
The metal stamping market for automotive applications commanded the largest share of global market in 2017 with huge and growing automobile production in developing markets, especially China and India. Asia Pacific commanded the largest share of the global metal stamping market in 2017, followed by Europe and North America. The large share in this region is mainly attributed to factors such as the shift of manufacturing from North America & Europe to the Asia-Pacific region, rising industrialisation, the growing automotive and aerospace/aviation industry, infrastructure developments and rising private and government investments in the manufacturing sector.
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