August 21, 2019 by freemexy
Global Metal Stamping Market Forecast 2018-2023
The global metal stamping market is expected to grow at a CAGR of 3.9% from 2018 to reach USD 289.2 billion by 2023.
The factors such as rising urbanization and industrialization, growing automotive industry, increasing demand from aerospace and aviation industry, and rise in technological advancements are driving the growth of global metal stamping market. Moreover, rising use of sheet metal across manufacturing industries and rising investments into metal stamping facilities further supports the growth of this market. However, emergence of plastics & composite materials hinders the growth of this market.precision stamping parts
Blanking process dominated the global metal stamping market in 2017, mainly due to its ability to produce precise and superior quality metal work pieces in large volumes at low costs. Moreover, its ability to provide excellent dimensional control during mass production and growing number of large manufacturing chains across automotive, aerospace & aviation, and consumer electronics sector further supports the growing demand for metal blanking.
The metal stamping market for automotive application commanded the largest share of global market in 2017 with huge and growing automobile production in developing market, especially China and India; technological advancements in automotive industry; and presence of large number of automotive metal stamping companies.
Asia Pacific 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 the factors such as shift of manufacturing from North America & Europe to Asia-Pacific region, rising industrialization, significantly growing automotive and aerospace & aviation industry, infrastructural developments, and rising private & government investments in the manufacturing sector.