The global market for metal stampings, forgings, and castings is anticipated to reach US$ 818 billion by 2033, growing at a CAGR of 5.7%, according to Future Market Insight. This is a significant increase from its 2023 present value of US$ 470.5 billion.
The automotive and aerospace industries have extremely high demand for lightweight and high-strength materials. This stimulates demand in these industries for metal castings, forgings, and stampings. The usage of metal components in building is also being boosted by growing industrialization and infrastructural development.
The rising focus on renewable energy sources is creating opportunities for metal forgings and castings in the energy sector. Advancements in manufacturing technologies and processes are enhancing the efficiency and quality of metal stampings, forgings, and castings.
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Fluctuating raw material prices can potentially pose challenges on the market. Stringent environmental regulations and sustainability concerns necessitate adopting cleaner and greener production methods. This could result in increased costs that can limit market expansion.
An increase in the adoption of automation and robotics in these processes is likely to improve efficiency. It could also reduce labor costs and enhance product consistency. Moreover, the integration of Internet of Things technology in metal components is enabling real-time monitoring, predictive maintenance, and performance optimization. These factors are likely to open up future growth potential to market players.
Growing demand for customized metal components is driving the development of advanced manufacturing techniques in the market. There is also a rising focus on sustainability and recycling in the industry. This leads to the development of eco-friendly materials and processes, creating growth potential.
Demand for electric vehicles is surging rapidly across the world. This is likely to present significant opportunities as these components are crucial for electric vehicle manufacturing. Infrastructure development projects offer a substantial market for metal components used in construction. The ongoing shift toward renewable energy sources is also projected to open up avenues for metal stampings, forgings, and castings.
Key Takeaways:
- The metal stampings, forgings, and castingsindustry recorded US$ 442.2 billion in revenue in 2022, exhibiting a CAGR of 6.8%.
- The metal stampings, forgings, and castingsindustry in the United States is predicted to reach US$ 157.3 billion by 2033.
- The metal stampings, forgings, and castingsindustry in the United Kingdom is estimated to expand at a CAGR of 5.3% between 2023 and 2033.
- During the forecast period, the metal stampings, forgings, and castingsindustry in China is expected to reach a market valuation of US$ 198.7 billion.
- The metal stampings, forgings, and castingsindustry in Japan is predicted to boom at a 5.5% CAGR through 2033.
- South Korea’s metal stampings, forgings, and castingsindustry is predicted to achieve a market revenue of US$ 39.5 billion by 2033.
- With a CAGR of 5.4% from 2023 to 2033, the metal stamping segment is expected to dominate the metal stampings, forgings, and castingsindustry.
- With a CAGR of 5.2%, the steel material segment is expected to dominate the metal stampings, forgings, and castingsindustry until 2033.
Competitive Landscape:
Key players in the metal stampings, forgings, and castings market employ different strategies to maintain competitiveness. They implement these strategies to address evolving customer needs. They heavily invest in research and development to develop new products. They also engage in improving the quality of their existing product. They are also dedicated to streamlining manufacturing processes, embracing pioneering technologies, and adopting sustainable practices. Moreover, these market players highly prioritize strategic partnerships, mergers, and acquisitions to broaden their market reach.
Recent Developments:
- Alcoa Corporation announced in September 2022 that their C611 EZCastTM alloy received an international award from the North American Die Casting Association. C611 EZCastTM is a high-performance alloy. It does not require a dedicated heat treatment.
- Bharat Forge Ltd. announced in August 2021 that it is going to acquire Specialized Forgings LLC. The target company, based in the United States, specializes in producing top-notch forgings for the aerospace and defense sectors.
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Market Segmentation:
By Product:
- Metal Stampings
- Forgings
- Castings
By Material:
- Steel
- Aluminum
- Iron
- Brass
- Others
By Application:
- Automotive
- Aerospace
- Construction
- Oil & Gas
- Consumer Goods
- Industrial Machinery
- Others
By End-use Industry:
- Automotive
- Aerospace & Defense
- Construction
- Industrial Machinery
- Oil & Gas
- Consumer Goods
- Electronics
- Medical Devices
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa(MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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