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Global Metal Stamping Market: Opportunities and Forecast 2024
Metal Stamping Market Size
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According to The Business Research Company's, The metal stamping market size has grown steadily in recent years. It will grow from $202.43 billion in 2023 to $210.65 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to increasing industrial manufacturing of metal components, strong economic growth in emerging markets, increased use of recycled metal, increasing government initiatives and increased healthcare expenditure.
The metal stamping market size is expected to see steady growth in the next few years. It will grow to $243.25 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to rapid industrialization, metal consumption by the aerospace sector, rise in urban populations and growth in the medical equipment industry. Major trends in the forecast period include focusing on technological advances for providing comparable or even superior products and technologies, considering strategic investments to expand and build new metal stamping facilities, focusing on partnerships and collaborations to expand product portfolio and geographic presence and improving research and development (r&d) activities for the development of new solutions for metal stamping.
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Market Drivers and Trends:
The growing demand for the automotive industry is expected to boost the growth of the metal stamping market. The automotive sector is one of the most important economic drivers, with a high level of involvement in global value chains. This sector's expansion has been fueled by significant government support, which has allowed it to create a distinct route among manufacturing industries. This expansion increases the production of related automotive components, metal stamping equipment, and tools used in automotive manufacturing. For instance, in May 2023, according to a report published by the European Automobile Manufacturers' Association (ACEA), in 2022, 85.4 million motor vehicles were produced worldwide, a 5.7% increase over 2021. Moreover, according to the International Organization of Motor Vehicle Manufacturers, a 36-national trade association, the total production of cars and commercial vehicles in 2021 was 80,145,988, which increased to 85,016,728 in 2022. Therefore, the increasing demand for the automotive industry is expected to boost the metal stamping market during the forecast period.
New technology development is used in the metal stamping industry providing comparable or even superior products and technologies compared to older versions. The rise of new technologies will result in the development of new product alternatives, and new surveillance procedures with high a success rate for products. For example, in September 2022, Desktop Metal, Inc., a US-based provider of additive manufacturing technologies for mass production, announced the launch of Figur G15, the first commercial platform to shape standard sheet metal on demand directly from a digital design file using all-new, patent-pending Digital Sheet Forming (DSF) technology, no stamping tools, molds, dies, or presses required.
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Major Key Players of the Market:
Rolex SA, Apple Inc, Compagnie Financiere Richemont SA, The Swatch Group Ltd, LVMH, Kering Group, Fossil Group Inc, Citizen Watch Co. Ltd, Hermes International SA, Movado Group Inc, Corum, Jaeger-LeCoultre, IWC, Seagull watch, Beijing, Shanghai, FIYTA, Memorigin, Peacock Watches, Longio watches, Tian Wang, Montres NORQAIN SA, Audemars Piguet Holding SA, Bell and Ross, Ethos Watches, Girard-Perregaux SA, Ulysse Nardin SA, Watches of Switzerland, LVMH Moët Hennessy Louis Vuitton, Copernicus Watch SP, Polpora Manufaktura, Tiffany & Co., Vortic, DuFrane, Weiss Watch Company, RGM, VAER, Shinola, Pelton, Kobold, Lange Söhne, International Time Group S. A., SEIKO Watch of America LLC, Audemars Piguet, Omega, Vacheron Constantin, Cartier, Chopard, Hublot, Breitling, Breguet, Franck Muller, Patek Philippe
Metal Stamping Market 2024 Key Insights:
• The metal stamping market size is expected to see steady growth in the next few years. It will grow to $243.25 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%.
• Automotive Industry Expansion Drives Growth In The Metal Stamping Market
• Innovative Technological Advancements Revolutionizing Metal Stamping Industry
• Asia-Pacific was the largest region in the metal stamping market in 2023, and it is also expected to be the fastest-growing region in the forecast period
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