Metal Stamping Market Is Expected To Witness Robust Growth Due To Rising Aerospace And Aviation Industries Till 2025
According to a report by Grand View Research, Inc.; the global metal stamping market was valued at USD 204.60 billion in 2016 and is projected to rise to USD 299.6 billion by 2025. Metal stamping is a metal forming process involving punching or pressing of a metal sheet by a die to obtain the desired metal shape. The process of punching or pressing can be automatic or manual depending on the requirement. Metals used in the process include stainless steel, brass, copper, aluminum, and steel.
The market is anticipated to exhibit a CAGR of 4.3% between 2017 and 2025. Robust growth of the aerospace and aviation industries can support the growth of the market. Manufacturing of several airplane parts such as landing gears, thrust fittings, engine components, and nacelles require sheet metal forming and metal stampings. Apart from this, assembly equipment and industrial machinery are made up of durable and high strength metal sheets. They are highly dependent on precision stamping to shape components into desired geometrics and ensure their high efficiency.
Rising utilization of sheet metal in the consumer electronics and automotive industries is likely to augment the market. Demand for metal stamping in automotive applications is expected to account for 33.2% of the overall market revenue by 2025. In this sector, the process finds application in the manufacturing of roofs, bonnets, panels, hangers, and brackets. The consumer electronics segment is poised to witness a CAGR of 6.0% over the same period. Declining prices of raw materials can accentuate the use of lightweight corrosion resistive metal in consumer electronics and electrical and electronic products.