Pune India, June 20, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Metal Forming market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Metal Forming market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the product category, application, technology, end-users and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Metal Forming market are Bradbury Group, Formtek Moulding Solutions, Mestek Machinery, Avic Manufacturing Technology Institute, VNT Automotive GmbH, Westway Machinery, Benteler International AG, Toyota Boshoku Corporation, Magna International Inc., Hirotec Corporation and others. To achieve a substantial market share in the worldwide metal forming market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Formtek Moulding Solutions is one of the most significant manufacturers and distributors present in the global metal forming market.
Metal forming is a large set of manufacturing processes that comprises of drawing, forging, rolling, and bending. The process of metal forming enables bending or deforming of a metal work piece into a desired geometric shape. As per the requirement of strength and mechanical properties for the application, commonly metals such as stainless steel, aluminum, brass, galvanized steel, and copper among other materials are used for metal forming.
The increased industrialization coupled with the infrastructure development in developing and developed nations has driven growth of the global metal forming market. For instance, the industrialized economies in Asia-Pacific such as Hong Kong, Singapore, South Korea, and Taiwan are attracting world-wide attention with significant investment in industrial manufacturing sector. This has significantly boosted growth of the global metal forming market.
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Scope of Metal Forming Market Report
| Report Metric | Information |
| Study Period | 2018-2028 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Technique Type, Forming Type, and End User |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | Bradbury Group, Formtek Moulding Solutions, Mestek Machinery, Avic Manufacturing Technology Institute, VNT Automotive GmbH, Westway Machinery, Benteler International AG, Toyota Boshoku Corporation, Magna International Inc., Hirotec Corporation |
Segmentation Analysis
Stamping segment is expected to be the fastest growing segment in 2021.
The components segment includes roll forming, stretch forming, stamping, deep drawing, hydroforming, and others. Stamping segment is expected to witness highest growth rate during the forecast period. This growth is mainly attributed to increasing adoption of stamping technique in automotive industry for the manufacture of structural components such as closures (hood, doors, and truck) and components of BIW such as A pillar, B pillar, roof liner, and cross beam. In addition, this type of metal forming is most cost-effective among of other techniques. This factor has further boosted growth of the segment.
Hot forming segment is expected to be the fastest growing segment in 2021.
The forming type segment includes cold forming, hot forming, and warm forming. Hot forming is anticipated to witness highest CAGR during the forecast period. The rising preference to hot forming by car manufacturers has primarily driven growth of this segment. This type of forming enables production of more complex shapes, offers enhanced dimensional stability due to low residual stress, and needs only low forming forces. Such factors has pushed demand for hot forming.
Construction segment is expected to be the fastest growing segment in 2021.
The end user segment includes automotive, aerospace engineering, construction, and industrial equipment & machinery. Construction segment is expected to witness highest CAGR during the forecast period. Booming construction industry across the residential, commercial, and public sectors has primarily driven demand for metal forming. In addition, the new government spending on infrastructure development across countries such as China and India has boosted growth of the metal forming market.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Metal Forming include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Asia-Pacific region has registered highest value for the year 2021. The factors such as increasing automotive sale, growing presence of manufacturing units, and presence of leading players operating in this region has primarily driven growth of the Asia-Pacific metal forming market. North America region is anticipated to contribute considerable share to the global metal forming market. Growth of the market in this region is mainly driven by significant presence of major automotive manufacturers along with growing construction and reconstruction activities.
Country Analysis
Germany
Germany metal forming market size was valued at USD 31.33 billion in 2021 and is expected to reach USD 36.88 billion by 2029, at a CAGR of 2.1% from 2022 to 2029.
Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries. For instance, according to the World Bank collection of development indicators, manufacturing sector value added 18.17% GDP share in Germany in 2020. This growth of the manufacturing sector is Germany fueling growth of the metal forming market.
On the other hand, significant growth of the automotive sector is opportunistic for growth of the Germany metal forming market. For instance, according to the Capgemini “COVID -19 and the automotive consumer” study in 2020, interest in car ownership amongst under 35-year-olds is on the rise in the country. This trend of car ownership is creating demand for metal forming.
China
China metal forming market size was valued at USD 57.85 billion in 2021 and is expected to reach USD 67.56 billion by 2029, at a CAGR of 2.0% from 2022 to 2029. According to the World Bank data, China reported manufacturing sector with the 26.18% of GDP share in 2020. In addition, according to the Fitch Solutions Infrastructure Report, China is the largest construction market across the globe and is expected to grow at annual average of 8.6% between 2022 and 2030. Hence, growth of the manufacturing and construction sector in the country is fueling growth of the market.
Furthermore, China is the world’s largest light vehicle manufacturer. In addition, the country has seen a growing demand for luxury electric cars in recent years as it is a vastly populous nation and attracts significant investments from worldwide carmakers. Such investments are opportunistic for growth of the global market.
India
India metal forming market size was valued at USD 21.69 billion in 2021 and is expected to reach USD 25.94 billion by 2029, at a CAGR of 2.3% from 2022 to 2029.
India is one of the strongest growing economies in Asia. In addition, the emerging growth of automotive sector in this country is expected to create lucrative growth opportunities for metal forming market. In addition, the various factors such as rising preference to pre-engineered buildings and components, surge in demand for metal forming in manufacturing sector, and infrastructure development initiatives by government are altogether boosting growth of the metal forming market.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, automobile, etc. The demand for metal forming has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of Metal Forming were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for Metal Forming significantly decreased.
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