Metal Forming Global Market Report 2023
Major players in the metal forming market are Benteler International AG, Toyota Boshoku Corporation, Magna International Inc., Hirotec Corporation, Tower International, Aisin Corporation, CIE Automotive, Bradbury Group, Formtek Moulding Solutions, Mestek Machinery, VNT Automotive GmbH, Westway Machinery, AES Automotive Company Pvt.
New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metal Forming Global Market Report 2023" - https://www.reportlinker.com/p06479805/?utm_source=GNW Ltd., Samco Machinery, Mills Products, VNT Automotive, and Superform Aluminum.The global metal forming market is expected to grow from $183.58 billion in 2022 to $192.54 billion in 2023 at a compound annual growth rate (CAGR) of 4.88%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The metal forming market is expected to reach $223.55 billion in 2027 at a CAGR of 3.8%.The metal forming market includes revenues earned by entities by providing prototyping, punching, bending, welding, forging, casting and rotary swaging.The market value includes the value of related goods sold by the service provider or included within the service offering.Only goods and services traded between entities or sold to end consumers are included.Metal forming refers to the process in which metals are formed and shaped using compressive forces to change their physical and chemical properties and achieve the desired size and shape. It is used to create metal parts and elements for a variety of industries.Asia-Pacific was the largest region in the metal forming market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in metal forming report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main types of metal forming are cold forming, hot forming, and warm forming.Cold forming refers to a high-speed forging process wherein the working metal is precisely sheared to length from coiled wire that is at room temperature, and then moved through a series of tool and die cavities to change its diameter, length, or to remove small amounts of material by trimming or piercing and it is used to shape metal materials at near room temperature, to enhance the tensile strength of the material while still allowing high levels of intricate manipulation.The major materials used are steel, aluminum, magnesium, and others using various techniques such as roll forming, stretch forming, stamping, deep drawing, hydroforming, and others that are applied in the body in white (BIW), chassis, closures, and others. These are used in various end-users such as automotive, transportation, industrial machinery, construction, precision engineering, and others.Rise in the automotive industry is expected to propel the growth of the metal-forming market going forward.The automotive industry refers to the businesses involved in the manufacture, distribution, retail, and upkeep of automobiles.Metal forming in the automotive industry is used to manufacture a wide range of components and parts such as body and chassis components, engine components, suspension components, and exhaust system components. For instance, in November 2022, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association of motor vehicles, UK’s car production has risen to 7.4% to 69,524 units as compared to the previous years. Additionally, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Chinese automakers produced 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the rise in the automotive industry is driving the growth of the metal-forming market.Technological advancements are a key trend gaining popularity in the metal forming market.Major companies operating in the metal forming market are adopting new technologies to sustain their position in the market.For instance, in September 2022, Desktop Metal, a US-based technology company that designs and markets 3D printing systems, introduced Figure G15 to offer a high-quality surface finish in metal sheet forming.Desktop Metal’s Figure digital sheet forming (DSF) technology offers high precision with a flexible, incremental forming approach via a patented build box design that lowers force distribution over the sheet during the build.This approach will allow sheet metal manufacturers to reap the benefits of digitization and helps to remove high startup costs and long lead times. Additionally, using this technology manufacturer in the automotive, aerospace, appliance, and other industries can completely metal-formed part in less than an hour with no significant time or financial commitment.In December 2022, Torque Capital Group, a US-based private equity firm acquired Metal Forming & Coining Corporation (MFC Netform) for an undisclosed amount.Through this acquisition, Torque will enable Metal Forming & Coining Corporation to make new investments in technology, people, and capabilities to improve and grow its solution offers in the metal forming market.Metal Forming & Coining Corporation (MFC Netform) is a US-based manufacturer of advanced metal-formed components.The countries covered in the metal forming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The metal forming market research report is one of a series of new reports that provides metal forming market statistics, including metal forming industry global market size, regional shares, competitors with a metal forming market share, detailed metal forming market segments, market trends and opportunities, and any further data you may need to thrive in the metal forming industry. This metal forming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06479805/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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