Global Metal Forming Market Analysis 2024 – Estimated Market Size And Key Drivers

The Metal Forming Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Metal Forming Global Market Report 2024, The metal forming market size has grown steadily in recent years. It will grow from $192.54 billion in 2023 to $201.15 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to automotive industry growth, materials innovation, demand for lightweight materials, globalization of manufacturing, energy and power industry expansion, replacement and upgradation cycles..

The metal forming market size is expected to see steady growth in the next few years. It will grow to $233.91 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to rise of electric vehicles (evs), sustainable manufacturing practices, demand for high-strength materials, renewable energy infrastructure projects, global supply chain resilience.. Major trends in the forecast period include industry 4.0 integration, advanced materials and alloys, microforming technologies, digital twin technology, customization and flexible manufacturing, human-robot collaboration.

Rise in the automotive industry is expected to propel the growth of the metal-forming market going forward. The automotive industry refers to the businesses involved in the manufacture, distribution, retail, and upkeep of automobiles. Metal forming in the automotive industry is used to manufacture a wide range of components and parts such as body and chassis components, engine components, suspension components, and exhaust system components. For instance, in November 2022, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association of motor vehicles, UK’s car production has risen to 7.4% to 69,524 units as compared to the previous years. Additionally, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021. Chinese automakers produced 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the rise in the automotive industry is driving the growth of the metal-forming market.

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The metal forming market covered in this report is segmented –
1) By Forming Type: Cold Forming, Hot Forming, Warm Forming
2) By Material Type: Steel, Aluminum, Magnesium, Other materials
3) By Technique: Roll Forming, Stretch Forming, Stamping, Deep Drawing, Hydroforming, Other Technologies
4) By Application: Body in White (BIW), Chassis, Closures, Other Applications
5) By End-User: Automotive, Transportation, Industrial Machinery, Construction, Precision Engineering, Other End-users

Technological advancements are a key trend gaining popularity in the metal forming market. Major companies operating in the metal forming market are adopting new technologies to sustain their position in the market. For instance, in September 2022, Desktop Metal, a US-based technology company that designs and markets 3D printing systems, introduced Figure G15 to offer a high-quality surface finish in metal sheet forming. Desktop Metal’s Figure digital sheet forming (DSF) technology offers high precision with a flexible, incremental forming approach via a patented build box design that lowers force distribution over the sheet during the build. This approach will allow sheet metal manufacturers to reap the benefits of digitization and helps to remove high startup costs and long lead times. Additionally, using this technology manufacturer in the automotive, aerospace, appliance, and other industries can completely metal-formed part in less than an hour with no significant time or financial commitment.

The metal forming market report table of contents includes:
1. Executive Summary
2. Metal Forming Market Characteristics
3. Metal Forming Market Trends And Strategies
4. Metal Forming Market – Macro Economic Scenario
5. Global Metal Forming Market Size and Growth
31. Global Metal Forming Market Competitive Benchmarking
32. Global Metal Forming Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Metal Forming Market
34. Metal Forming Market Future Outlook and Potential Analysis
35. Appendix

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