Metal Forming Market Growth Drivers, Opportunities, Share Report And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Metal Forming Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

Benteler International AG; Toyota Boshoku Corporation; Magna International Inc.; Hirotec Corporation; Tower International; Aisin Corporation; CIE Automotive; Bradbury Group; Formtek Moulding Solutions; Mestek Machinery; VNT Automotive GmbH; Westway Machinery; AES Automotive Company Pvt. Ltd.; Samco Machinery; Mills Products Inc.; Luxfer Group; PMF Industries Inc.; PECTEC Corporation; Corrugated Metals Inc.; Paramount Roll & Forming Inc.; Miro Manufacturing Inc.; BROT Incorporated; Jorgenson Metal Rolling & Forming Inc.; Southern Metal Fabricators Inc.; Delta Steel Inc.; Metalspun Products Co. Inc.; SEPAC Inc.; Roderick Industries Inc.; QCMI Corp.; O'Neal Manufacturing Services; BTD Manufacturing Inc.

Metal Forming Market 2024 Key Insights:

• The metal forming market size will grow to $233.91 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%.
• The Impact Of Automotive Industry Growth On The Metal-Forming Market
• Revolutionizing Metal Forming Through A Spotlight On Technological Advancements In The Industry
• Asia-Pacific was the largest region in the metal forming market in 2023

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