Metal Stamping Market Focuses on Growth Factors, Technological Innovation, Growth and Forecast 2030

Posted on 2022-12-29 by researchinsights in Industrial // 0 Comments

Metal Stamping Industry Overview

The global metal stamping market size was valued at USD 206.01 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030.

The growing consumer electronics industry is likely to remain a key driving factor on account of the application of metal frames in mobile phones, headphones, speakers, and gamepads & controllers. In mobile phones, metal stamping is used in manufacturing antennas, chassis, and camera lens holders as it offers high tolerance, corrosion resistance, electrical conductivity, and a smooth finish. According to GSM Association, the global number of unique mobile subscribers was 5.31 billion in January 2021 and this number is growing at a rate of 1.8% per annum.

Gather more insights about the market drivers, restrains and growth of the Global Metal Stamping Market

This is likely to propel the demand for mobile phones and eventually metal stamping in the coming years. The U.S. is among the prominent players in the industry. However, the emergence of COVID-19 and subsequent temporary lockdown measures countrywide impacted the operations of the industry. The downstream demand from key sectors including automotive, aerospace, industrial machinery, and others was largely disrupted owing to the challenges in the supply chain and dried-up demand from end-use customers. The situation has normalized as the rate of vaccination has picked up pace. The growing demand for metal stamping in the U.S. has compelled manufacturers to expand their facilities.

For instance, in December 2020, General Motors Co. announced its plans about investing USD 6 million in its metal stamping facility in Parma, Ohio, U.S. The investment will be used to construct four new metal assembly cells to support the increasing production of Chevrolet Silverado and GMC Sierra pickup trucks. According to the International Energy Agency (IEA), global Electric Vehicle (EV) sales surpassed 3.4 million, out of which, China accounted for over 50% in 2021. Government initiatives, such as electric car subsidies to local manufacturers to support the growth of EVs are major factors responsible for the increased production. This is likely to boost the usage of sheet metal during the production of auto components.

These components include chassis, interior and exterior structural, and transmission components. This, in turn, is expected to drive market growth during the forecast period. The market growth can be hindered as automobile manufacturers are replacing metals with plastic and carbon fiber as they assist in the weight reduction of vehicles. A 10% reduction in the weight of the vehicle results in a 5% to 7% increase in fuel efficiency. The increasing production of lightweight vehicles owing to the stringent government regulations in various countries is anticipated to drive the demand for substitute products. For instance, in the U.S., developments in the Corporate Average Fuel Economy (CAFE) regulations to enhance fuel efficiency are encouraging the use of these substitute products in automobiles, which, in turn, is likely to hamper the market for metal stamping.

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