Metal forming market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Metal forming is a process in which plastic deformation of metal takes place to achieve the desired geometry and shape. A force is applied to the metal such that it exceeds the metal’s yielding strength to undergo plastic deformation without showing any temporary changes. This force provides rigid, customized, and required shape and look to the metal. The metal forming process is of different types such as roll forming, stamping, stretch forming, and others. The tools used for metal forming processes are English wheels, louver presses, planishing hammers, and others. Metal forming has a wide range of applications in automotive, manufacturing, construction, aerospace engineering, and others.    

COVID-19 Scenario analysis:

• COVID-19 pandemic has shut-down the production of various products in the metal forming industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of metal forming market significantly from last few months, as is likely to continue during 2020.
• COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year. 
• The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
• Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
• Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.

Drivers, restraints, and opportunities

Rapid industrial activity and manufacturing in Asia-Pacific region are expected to fuel the growth of the metal forming market. Moreover, the growing need for automation in manufacturing industries will boost the demand for metal forming in the future. Large-scale production and increasing preference for lightweight vehicles is a factor that is expected to propel the growth of the metal forming market. However, high cost of the metal forming equipment is a factor that is hampering the growth of the metal forming market. Besides, growing applications of metal forming in industries like automotive, aerospace engineering, and others will provide lucrative opportunities for the market players during the forecast period.

Trends in metal forming market

Rapid industrial activity and manufacturing in different countries

According to statistics provided by the International Organization of Motor Vehicles Manufacturers in countries like China and Japan were the largest producers of automobiles in 2018. Exact figures show that China, the largest producer of automobiles in the world manufactured 23,529,423 vehicles, whereas Japan, being the second-largest producer of automobiles in the world manufactured 8,358,220 vehicles. Large vehicle production in the countries of Asia can ensure a promising positive growth in the upcoming years also, thus providing lucrative growth opportunities for the metal forming market.

New light-weight materials for automobiles

Large-scale production and increasing preference for lightweight vehicles is one of the factors that is expected to propel the growth of the metal forming market. With increasing awareness about global warming and growing concerns about the environment that are aimed at reducing CO2 emissions, manufacturers are adopting weight reduction technologies along with bio-sourced materials to reduce the CO2 emissions. For instance, NAFILean is a lightweight and durable injectable material that is made of 20% hemp fiber and polypropylene. This weight reduction technology can greatly reduce the weights of massive parts of automobiles such as door panels, dashboard bodies, and others. Such new technologies can potentially drive the growth of the metal forming market in the upcoming years.

Key benefits of the report:

• This study represents the analytical representation of the global metal forming market combined with the ongoing trends and future predictions to determine investment opportunities.
• The present market is thoroughly analyzed to enlighten the metal forming market growth.
• The report gives information regarding the important drivers, restraints, and opportunities provided with an in-depth analysis of the global metal forming market.
• Segmentation details of the global metal forming market.
• The report gives a comprehensive global metal forming market analysis based on competitiveness and how the performance of the competitors will take shape in the coming years. 

 Metal forming market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights