The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, March 20, 2023 /PRNewswire/ — As per The Business Research Company’s Metal Stamping Global Market Report 2023, the global metal stamping market size will grow from $198.4 billion in 2022 to $208.7 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%. The metal stamping market value is expected to grow to $254.7 billion in 2027 at a CAGR of more than 5%.
The metal stamping market is highly fragmented, with a large number of small players. Gestamp Automoción S.A was the largest competitor with 0.7% share of the metal stamping market, followed by Shiloh Industries Inc, Clow Stamping Company Inc., Kenmode Precision Metal Stamping, D&H Industries, Inc. with, Sertec Group Ltd, Acro Metal Stamping, Interplex Holdings Pte. Ltd., Goshen Stamping Company with, and Harvey Vogel Manufacturing Co. with 0.007%.
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Top three drivers encouraging major players to invest in the metal stamping market are:
1. Growth In The Medical Equipment Industry
Metal stamping is used for a wide range of medical applications. Some of the common medical parts and components made from metal stamping include surgical instruments, medical device enclosures, medical equipment housings, imaging equipment, thermometer probe covers, oxygen tank subcomponents, pump components and others. It is estimated that the global medical equipment market is expected to grow from $647.4 billion in 2022 to $963.1 billion in 2027. Therefore, growth in the medical equipment market will drive the metal stamping market going froward.
2. Increasing Metal Consumption By The Aerospace Sector
During the forecast period, metal consumption by the aerospace sector will support the growth of the metal stamping market. Aircraft engineers acknowledge steel for its durability, hardness, and resistance to high temperatures. In April 2021, according to Boeing, a US-based corporation that develops, produces and markets missiles, satellites, rockets, rotorcraft, rocket boosters and telecommunications equipment, around 42,730 new jets, valued at $6.3 trillion, will be required over the next 20 years, to accommodate increasing passenger demand and impending jet retirements. This will involve major metal consumption, especially in aluminum.
3. Rise In Urban Population And Demand For Infrastructure
Many people in rural areas are relocating to urban regions in search of a better quality of life. The need for infrastructure and housing is anticipated to rise as a result propelling the growth of the metal stamping industry. In Asian nations like China, India, Vietnam and the Philippines, demand for infrastructure is anticipated to rise sharply. For example, in October 2022, according to the World Bank, globally, over 50% of the population lives in urban areas. By 2045, the world’s urban population will increase by 1.5 times to 6 billion. Therefore, the urban populations will generate demand for automobiles, modern electronics and other products, driving the metal stamping market growth.
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According to the metal stamping market analysis, market-trend-based strategies that metal stamping market companies can adopt 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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