New York, May 22, 2023 (GLOBE NEWSWIRE) -- The metal stampings, forgings, and castings market is projected to be valued at US$ 818 billion by 2033. It is likely to surpass 5.7% CAGR during 2023 to 2033, as per Persistence Market research (PMR). The market was valued at US$ 442.2 billion in the historical period 2022.
Based on product, metal stampings division is likely to monopolize the global market during the forecast period. It is expected to increase at 5.4% CAGR during 2023 and 2033.
The development of new technologies in the metal stampings sector, the expansion of the aerospace sector, and the advantages of precision metal stampings are some of the primary factors propelling this market's expansion.
Strong growth rates of the metal stampings sector may be attributed, in part, to the proliferation of innovative technologies employed to enhance the production process. These technologies include, among others, artificial intelligence (AI), robotic assembly, and 3D printing. With these technologies, manufacturers are more equipped than ever to make components with customized stampings rapidly and effectively.
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Growing demand for stamped components created to order is one of the main drivers of the metal stampings industry's growth. Customers want distinctive, one-of-a-kind items that satisfy their demands. Producers are creating more stamped components with personalized designs to meet niche requirements.
Another factor driving demand is the desire to improve fuel efficiency and reduce emissions. Light components reduce the overall weight of an aircraft. It leads to low fuel consumption and emission during flight. It also helps in increasing the payload capacity, enabling airlines to transport more passengers or cargo.
Increased focus on performance and safety will positively fuel the market expansion. The aerospace industry requires components with high strength to withstand the extreme forces and conditions experienced during flights.
In terms of revenue, the Asia Pacific dominates the global market for metal stampings, forgings, and castings. The region is anticipated to rise significantly as a result of increased demand from end-use sectors including aerospace & military, automotive, and electronics, among others.
Due to its extensive steel manufacturing base and other considerations including its affordable labor, China has emerged as one of the region's leading manufacturers and users of these goods.
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Key Takeaways from the Metal Stampings, Forgings and Castings Market Report:
- The global metal stampings, forgings, and castings market was accounted to hold a valuation of US$ 442.2 billion in the year 2022.
- The global metal stampings, forgings, and castings market is expected to reach US$ 470.5 billion in 2023.
- In 2033, the revenue generated from the sales of metal stamping, forgings, and castings is anticipated to top US$ 818 billion.
- By product, metal stamping segment is poised to dominate global market and expand at 5.4% CAGR between 2023 and 2033.
- By material, steel segment is predicted to propel at 5.2% CAGR during the forecast period.
“Rising popularity of 3D printing technology and artificial intelligence is likely to provide positive opportunities in the market. Manufactures are focusing on creating high-precision stamped components with personalized designs to expand their market share.” – says a lead analyst at Persistence Market Research (PMR)
Competitive Landscape:
Alcoa Corporation, Bharat Forge Limited, Aludyne, Inc., Sumitomo Corporation, Doncasters Group, Georg Fischer Ltd., Magna International Inc., SeAH Besteel Corporation, Worthington Industries, DAYTON Lamina Corporation, Interplex Holdings Pte. Ltd., Shiloh Industries Inc., Precision Castparts Corp., Voestalpine AG are some leading manufacturers in the global market
These companies are focusing on cost-cutting measures and efficiency improvements to remain competitive in the global market. Adopting advanced technology and streamlining production processes is helping players offer value-added services to customers.
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Recent developments:
- In August 2021, Bharat Forge Ltd. announced that it will acquire Specialized Forgings LLC, a US business that produces premium forgings for the aerospace and military sectors.
- In July 2021, ATI Ladish Forging has announced the launch of a new range of high strength and toughness forged materials for usage in the aerospace and military industries.
- In October 2021, Orlando Spring Corporation disclosed its purchase of Advanex Americas' metal stamping assets, considerably boosting Orlando Spring's stamping capabilities.
More Insights Available
Persistence Market Research (PMR), in its offering, provides an analysis on the metal stampings, forgings, and castings market containing historical data (2018 to 2022) and expected data for the forecast period from 2023 to 2033.
The study provides future predictions on the basis of product (metal stampings, forgings, and casting), material (steel, aluminum, iron, brass, and others), application (automotive, aerospace, construction, oil & gas, consumer goods, industrial machinery, and others), end-use industry (automotive, aerospace & defense, construction, industrial machinery, oil & gas, consumer goods, electronics, medical devices, and others) across several regions.
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