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Metal Forming Market: By Technique (Rolling, Deep drawing, Stretching, Extrusion, Stamping, and Forging), By type (Hot and Cold), By end use (Automotive, Aerospace engineering, Construction and Industrial equipment & machinery), And Region - Global Analysis of Market Size, Share & Trends for 2019-2020 And Forecasts to 2031
Global Metal Forming to surpass USD 211.3 billion by 2031 from USD 147.3 billion in 2021 at a CAGR of 3.7% in the coming years, i.e., 2021-31.
Metal forming is the process of deforming metal via plastic deformation to reach the desired geometry & shape. The metal is subjected to a force that is greater than its yielding strength, causing it to undertake plastic deformation without revealing any transient alterations. This force gives the metal a hard, tailored, and desired shape and appearance. There are several types of metal forming processes, including roll forming, stamping, stretched forming, and others. English wheels, louvre presses, plashing hammer, and other equipment are used in metal forming procedures. Metal forming is used in a variety of industries, including automotive, industrial, construction, and aerospace engineering.
Global Metal Forming market is expected to project a notable CAGR of 3.7% in 2031.
Global Metal Forming to surpass USD 211.3 billion by 2031 from USD 147.3 billion in 2021 at a CAGR of 3.7% in the coming years, i.e., 2021-31. Metal forming tools industry revenue is being driven by the increase in heavy equipment manufacturing. Customers are eager to embrace digitization in order to increase product value across the board. The smart systems are resulting in the development of internet of things (IoT) enabled devices, which provide chances for increased human-machine connection and, as a result, are becoming one of the metal-forming tool industry trends.
Global Metal Forming Market: SegmentsCold forming segment to grow with the highest CAGR during 2021-31
Cold forming is projected to continue its position in the automotive metal forming market. As cold forming is among the most used production processes, components are created at room temperature using various forming techniques and also don't require any further processing or transportation. As a result, the cold forming method has a lower total cost than the hot forming technique. Cold forming is indeed the preferred method of manufacture for OEMs all over the world because to its economic advantages.
Stamping segment to grow with the highest CAGR during 2021-31
In the automotive sector, stamping is among the most popular forming procedures. The stamping technique is used to make numerous structural components in the automotive industry. Shutdowns (doors, hood, & truck) as well as BIW components including the A-pillar, B-pillar, crossing beam, as well as roof liner are included. Stamping is predicted to have the largest market because to its wide application and the fact that it is the most cost effective forming technology.
Market DynamicsIncreasing demand of industrialization and Manufacturers
Rapidly increasing industrialization in both developed and emerging nations, as well as an increase in the number of manufacturers in developing countries and increased construction & reconstruction activities around the world, are expected to propel the world wide metal forming market forward. Furthermore, rising demand for automation in manufacturing processes, as well as increased usage of metal forming by vehicle manufacturers to reduce vehicle weight, are projected to enhance worldwide market growth to some extent.
Deployment of metal forming in aerospace engineering
Over the forecast period, key companies' technological improvements in order to boost the deployment of metal forming in aeronautical engineering & industrial equipment and materials are likely to provide new revenue possibilities for businesses that operate in the target market. In addition, growing expansion activities by manufacturers functioning in the target market through strategic acquisitions and mergers is projected to assist worldwide market growth to some extent.
Use of plastic in the automobile production
The automotive industry is focusing on reducing weight by using composite materials and polymers to replace some metal-formed components. OEMs are using novel materials to lower overall vehicle weight in order to meet regulatory standards and improve fuel efficiency. Bumpers, side fender, and trunk closures, for example, were made with metal sheets and forming procedures. Plastics and composites are being used in their production. This trend act as a restraining factor on the automotive metal forming market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Metal Forming market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In terms of revenue, the Asia Pacific market is predicted to lead the global market, and this dominance is anticipated to remain over the projection period. This can be ascribed to the growing number of manufacturing units in the region, expanding vehicle sales, and the presence of major firms operating in emerging economies.
The metal market, that is already cash strapped & asset-heavy, has been devastated by COVID -19.Metal makers must enhance forecasts and respond quickly to market dynamics due to slackening demand and extended lead times to resume operations. Furthermore, an excess of inventory can result in a price decline. Manufacturers were under pressure to increase efficiencies while lowering prices, and some are considering shutting down plants to minimize overproduction and inventory build-up. As per the National Association Organization of Manufacturers, manufacturers anticipate a financial impact from the epidemic.
Metal Forming Market Report Scope and Segmentation
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Report Attribute |
Details |
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Market size value in 2021 |
USD 147.3 billion |
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Revenue forecast in 2031 |
USD 211.3 billion |
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Growth Rate |
CAGR of 3.7% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Type, Technique, End use and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
Benteler, Tower International, Magna International, Toyota Boshoku , Aisin Seiki, Kirchhoff, CIE Automotive , Mills Products , VNT Automotive, Hirotec and Other Prominent Players. |
Metal Forming market size was estimated at USD 147.3 billion in 2021 and is expected to reach USD 211.3 billion in 2031.
Metal forming is the process of deforming metal via plastic deformation to reach the desired geometry & shape. The metal is subjected to a force that is greater than its yielding strength, causing it to undertake plastic deformation without revealing any transient alterations.
Cold forming and Stamping segment accounted for the largest Metal Forming market share.
Key players: Benteler, Tower International, Magna International, Toyota Boshoku , Aisin Seiki, Kirchhoff, CIE Automotive , Mills Products , VNT Automotive ,and Hirotec are the key players in the Metal Forming market.
The industry's growth is being fueled by the Increasing demand of industrialization and Manufacturers and Deployment of metal forming in aerospace engineering.
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