The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Overview

The metal forming market has shown consistent growth over recent years. In 2023, it reached a size of $192.54 billion and is projected to grow to $201.15 billion in 2024, reflecting a compound annual growth rate (CAGR) of 4.5%. This growth is attributed to several key factors:

• Automotive Industry Growth: Increased production and sales in the automotive sector drive demand for metal forming.
• Materials Innovation: The development of new, lightweight materials enhances metal-forming applications.
• Global Manufacturing: Expansion of manufacturing facilities globally supports market growth.
• Energy and Power Sector: Expansion in this sector necessitates more metal forming for infrastructure.
• Upgrade Cycles: Regular replacement and upgrades of existing infrastructure contribute to steady market demand.

Future Growth Projections

Looking ahead, the metal forming market is expected to continue its upward trajectory, reaching $233.91 billion by 2028 with a CAGR of 3.8%. This growth will be driven by:

• Electric Vehicles (EVs): Rising adoption of EVs increases demand for metal-formed components.
• Sustainable Manufacturing: Emphasis on sustainable practices boosts demand for eco-friendly metal forming processes.
• High-Strength Materials: Increased use of high-strength materials in various industries.
• Renewable Energy Projects: Growth in renewable energy infrastructure spurs demand for metal forming.
• Supply Chain Resilience: Efforts to strengthen global supply chains enhance market stability.

Read The Full Metal Forming Market Report Here:
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Major Trends Shaping the Market

Several key trends are expected to shape the metal-forming market during the forecast period:

• Industry 4.0 Integration: Adoption of advanced technologies like IoT and AI for smart manufacturing.
• Advanced Materials and Alloys: Development of new materials that offer better performance and sustainability.
• Micro-forming Technologies: Precision forming techniques for creating very small metal parts.
• Digital Twin Technology: Use of digital twins for better simulation and efficiency in manufacturing processes.
• Customization and Flexible Manufacturing: Increased demand for customized and flexible production capabilities.
• Human-Robot Collaboration: Enhanced collaboration between human workers and robots to improve productivity.

Automotive Industry’s Impact on Metal Forming
The automotive industry significantly impacts the metal forming market. Metal forming is essential in manufacturing various automotive components such as:

• Body and Chassis Components
• Engine Components
• Suspension Components
• Exhaust System Components

Recent Automotive Industry Highlights:

• UK Car Production: Increased by 7.4% in November 2022, reaching 69,524 units.
• US Car Sales: Passenger car sales increased to 11.9 million units in 2021.
• Chinese Vehicle Production: Increased by 7.1% in 2021, with 20.7 million vehicles produced.
• Global Car Production: Rose by 2.7% to 63.2 million units in 2021.

These figures underscore the automotive industry’s crucial role in driving demand for metal forming.

Technological Advancements Revolutionizing Metal Forming
Technological innovations are transforming the metal forming industry. Companies are leveraging new technologies to stay competitive and meet evolving market demands.

Notable Technological Advancements:

• Desktop Metal’s Figure G15: Introduced in September 2022, this digital sheet forming technology offers high precision and flexibility, reducing startup costs and lead times.
• 3D Printing: Enhances the production of complex metal parts with greater efficiency and lower costs.
• Smart Manufacturing: Integrates advanced sensors and AI to improve process monitoring and optimization.

Strategic Acquisitions in the Metal Forming Industry
Strategic acquisitions are pivotal for growth and technological advancements in the metal forming market.

Recent Acquisition:

• Torque Capital Group and Metal Forming & Coining Corporation: In December 2022, Torque Capital Group acquired MFC Netform, aiming to invest in new technologies and capabilities to enhance its market offerings.

Market Segmentation
The metal forming market is segmented based on various criteria:

• Forming Type: Cold Forming, Hot Forming, Warm Forming
• Material Type: Steel, Aluminum, Magnesium, Other materials
• Technique: Roll Forming, Stretch Forming, Stamping, Deep Drawing, Hydroforming, Other Technologies
• Application: Body in White (BIW), Chassis, Closures, Other Applications
• End-User: Automotive, Transportation, Industrial Machinery, Construction, Precision Engineering, Other End-users

Regional Insights

• Asia-Pacific: Dominated the market in 2023 and is expected to be the fastest-growing region during the forecast period, driven by rapid industrialization and automotive production.

Conclusion
The metal forming market is poised for steady growth, driven by advancements in technology, increased automotive production, and expanding applications in various industries. As the market evolves, companies that embrace innovation and strategic investments will lead the way in shaping the future of metal forming.

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The Metal Forming Global Market Report 2024  provides an overview of the metal forming market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The metal forming market forecast analyzes metal forming market size, metal forming market share, leading competitor and their market positions.

The Table Of Content For The Metal Forming Market Include:
1. Metal Forming Market Executive Summary
2. Metal Forming Market Segments
3. Metal Forming Market Size And Metal Forming Market Growth Rate
4. Key Metal Forming Market Trends
5. Major Metal Forming Market Drivers
……
25. Key Mergers And Acquisitions In The Metal Forming Market
26. Top Metal Forming Companies
27. Metal Forming Market Opportunities And Strategies
28. Metal Forming Market, Conclusions And Recommendations
29. Appendix

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