February 26, 2020 02:00 ET | Source: Fior Markets Fior Markets
Newark, NJ, Feb. 26, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global metal forming market is expected to grow from USD 233.27 billion in 2017 to USD 286.45 billion by 2025 at a CAGR of 1.98% during the forecast period from 2018-2025.
Deep drawing is one of the most common metal forming processes used to produce a cylindrical cup-shaped component by drawing an empty radial metal into the mold cavity with the help of a punch. Metal forming processes include a wide range of processes that distort metal or tubular sheets to form a component with the required engineering. Deep drawing is one of the most common metal forming processes used in the production of a cylindrical cup-shaped component by drawing an empty metal radius into the mold cavity with the help of a punch. The cup-shaped part produced thus has a greater radius. The change in cross-section is achieved by the plastic deformation of the initial blank. Commercial applications of the metal shaping process often include complex engineering with straight sides and radius. In such a case, the term seal is used to distinguish the components of deep drawing (transverse tensile radial pressure) and the components of stretch and curvature (along the straight sides).
The manufacturing process in which raw materials are used with forces for deformation in the desired shape is known as metal forming. Here friction is applied to workpiece and tools. The increasing trend of lightweight vehicles has increased the metal forming market. It provides superior products to the end-user industry.
The key contributing factor for the market growth are rising demand globally for vehicle production and commercial vehicles, stringent emission and fuel economy regulations have increased demand for lightweight materials, and expanding automation activities in the manufacturing process are the key driving factors for the metal forming market. In addition, an increase in industrial and industrial activities in the Asia Pacific region will complement market progress However, the increasing use of composite materials in automotive applications may limit market growth. Rising sales of the electric and hybrid vehicles and growing recognition of hydroforming techniques will create new opportunities that will lead to the growth of the metal forming market in a couple of years.
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Key players in the metal forming market are Bradbury Group, Toyota Boshoku Corporation, Formtek Moulding Solutions, Samco Machinery, Mestek Machinery, Aisin Seiki Co. Ltd, Avic Manufacturing Technology Institute, Heck Industries, VNT Automotive GmbH, DMG Fabrication & Welding, Westway Machinery, Wuhan Huagong, Benteler International AG, Schuler India Private Ltd., AES Automotive Company Pvt. Ltd., among others. To enhance their market position in the global metal forming market, the key players are now focusing on adopting strategies such as recent developments, product innovation, joint ventures, mergers & acquisitions, collaborations, and partnerships. Major firms are increasingly investing in research and the development activities and development of newer products.
The aluminum segment valued around USD 88.48 billion in 2017
The material type segment is divided into steel, aluminum, and others. Due to the lightweight, aluminum is majorly used in lightweight vehicles. The technique segment divided into rolling, stretching, forging, hydroforming, stamping, deep drawing, and others.
Stamping segment held the highest market share of 26.57% in 2017
The technique segment is classified as rolling, stretching, forging, hydroforming, stamping, deep drawing, and others. The stamping segment is dominated by the largest market value in the global metal forming market with USD 61.98 billion in 2017. Stamping is a cost-effective forming method used in the automotive industry.
Cold forming segment valued around USD 125.29 billion in 2017
The forming type segment covers hot forming and cold forming. The cold-forming segment held the highest market share of 53.71% in 2017. Cold forming enables to use of different types of forming techniques at room temperature and requires less cost than the hot forming process.
The Automotive segment is anticipated to grow with the highest CAGR 3.04% during the forecast period
The application segment is classified as automobile, industrial equipment, machinery, space, power and energy, electronics, and construction. The automotive segment is expected to hold the largest share of 24.38% during the forecast period. The increasing production of light-weight vehicles and the use of composite materials and plastic, as well as the adoption of new material to reduce the overall weight of the vehicles, the market share of the automotive sector increased in the global metal forming market.
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Regional Segment Analysis of the metal forming market
The market is analyzed on the basis of five regions namely North America, Asia Pacific, Europe, South America, and Middle East & Africa. Asia Pacific held the largest market share of approximately 36.52% in 2017. The Asia Pacific region is a major manufacturing hub owing to the increasing research and development activities, growth of the construction and automotive sector, and adoption of electric vehicles are some of the factors that led to the growth of the market in this region.
The global metal forming market is analyzed on the basis of value (USD Billion), volume (Mn Tons), imports (Mn Tons) and exports (Mn Tons). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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