The new metal stamping market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Metal Stamping Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the benefits of precision metal stamping," says a senior analyst for Industrials at Technavio.
Metal stamping enables the quick and cost-efficient production of precision metal parts, required in many end-user industries. It is an automated process that reduces labor costs, especially as production volumes increase. Moreover, it offers a high degree of design flexibility to define and implement small features with tight tolerance and unique configurations. As a result of these benefits, the demand for metal stamping is increasing rapidly among end-user sectors.
As the markets recover Technavio expects the metal stamping market size to grow by USD 28.41 billion during the period 2020-2024.
Metal Stamping Market Segment Highlights for 2020
- The metal stamping market is expected to post a year-over-year growth rate of 1.49%.
- Factors such as the increasing demand for passenger cars, growing preference for electric vehicles/hybrids over internal combustion engines (ICE), and rising adoption of hot stamping technology are expected to drive the demand for metal stamping parts in the automotive industry during the forecast period.
- In addition, factors such as increased spending on new production facilities in emerging markets and rising investments in major car-producing countries like China, Japan, and India are expected to fuel the demand for motor stamped parts in the automotive industry during the forecast period.
Regional Analysis
- 40% of the growth will originate from the APAC region.
- Factors such as the expanding consumer base will significantly drive metal stamping market growth in this region over the forecast period.
- China and Japan are the key markets for metal stamping in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The metal stamping market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
- The metal stamping market is segmented by End-user (Automotive, Industrial machinery, Consumer electronics, Aerospace and defense, and Others) and Geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including American Axle Manufacturing Inc., American Industrial Co., CIE Automotive SA, Kenmode Precision Metal Stamping Co., Klesk Metal Stamping Co., Magna International Inc., Nelson-Miller Inc., Tempco Manufacturing Co. Inc., thyssenkrupp AG, and Wiegel Tool Works Inc.
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