Global Metal Forming Market Size, Share, and COVID-19 Impact Analysis, By Forming Type (Cold Forming, and Hot Forming), By Technique (Roll forming, Stamping, Stretch forming, and Others), By Application (Chassis, Closures, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The Global Metal Forming Market is projected to grow from USD 175.2 billion in 2021 to USD 215.13 billion by 2030 at a CAGR of 3.2% during the forecast period. Metal is plastically deformed during the metal-forming process to create the appropriate geometry and shape. The metal is subjected to a force that is greater than its yield strength and causes it to flex plastically without undergoing any transient modifications. This force gives the metal the rigid, specific, and desired shape and appearance. There are various types of metal forming processes, including roll forming, stamping, stretch forming, and others. English wheels, louver presses, and other devices are employed as tools in the metal forming processes. Numerous industries, including aerospace engineering, manufacturing, construction, and the automobile industry, use metal shaping in various ways.

The market for metal forming is anticipated to be driven by the rising demand for various forming machines, such as bending, shearing, and pressure machines. The market for metal forming machine tools is projected to expand as a result of the rising need for high mobility machining from several processes, including forging, pressing, and die stamping. Over the past few years, the popularity of automated metal forming tools has increased due to manufacturers' growing focus on increased productivity. The market for metal forming is expanding as a result of the surge in demand for productivity, greater efficiency, connectivity, and flexibility.     

COVID-19 ANALYSIS

In Q1 2020, major metal forming suppliers experienced revenue loss. Due to the severity of the pandemic, particularly in the US and key European countries, the restart of car manufacturing is unlikely in the near future, and tier 1 players anticipate a further decrease in income in the remaining quarters of 2020. For instance, Magna's overall revenue in the first quarter of 2020 decreased by 18% compared to the Q1 result in 2019. The company claims that with the anticipated 18 percent to 44 percent decline in global light car manufacturing in 2020, the situation could get worse. Production was halted first in China, then in North America, then in Europe. As nations go into lockdown to stop the disease's spread, metal forming companies are seeing interruptions in their supply chains. As a result, it is predicted that the metal forming market will enter a falling phase in 2020. 

Rising Incorporation of Advanced Solutions to Propel Growth

Production efficiency in the industry is anticipated to be a result of the growing trend toward cutting-edge digital technologies. In addition, the fourth industrial revolution has a number of advantages, including better productivity, resource optimization, improved flexibility, increased collaborative working, and lower operating costs. Additionally, the industry for metal forming is placing a lot of emphasis on preventative maintenance. Predictive maintenance is becoming more prevalent in the metal forming tools sector as a result of the growing desire from manufacturers to forecast failures before they happen in order to cut downtime and machine maintenance costs. Predictive maintenance, according to several sources, boosts equipment availability and uptime by 10%–20%. The popularity of metal forming tools is also anticipated to increase over the course of the projection period as a result of cloud-based inventory managed solutions.         

Increasing Need for Metal Fabrication Propel Market Growth

The need for fabricated metals is increasing across a variety of industries, including aerospace, automotive, and consumer electronics. The wide range of uses for metal fabrication, including everything from paper clips to airplane parts, is anticipated to further fuel industry expansion. Due to the increased industrial activity in developing nations like China and India, the steel fabrication industry has seen tremendous expansion over the last few years. The increase in building activity has led to an increase in the use of steel fabrication for a variety of applications, including pipe and structure steel. The market for construction is being driven by construction initiatives taken by governments of various nations. For instance, the development of several infrastructure projects, including ports, utilities, motorways, metropolitan areas, and airports, is part of the Belt and Road plan, which was introduced in 2013 by the Chinese president. Additionally, the development of the building sector in industrialized countries is anticipated to benefit the sector.

Rising Utilization of Composites in Automotive Applications Limit Market Growth 

By substituting composite materials and plastics for some metal-formed components, the US car industry is concentrating on reducing weight. To comply with legal requirements and improve fuel efficiency, OEMs are implementing innovative materials to lighten the total weight of their vehicles. For instance, metal sheets and shaping methods were used to create bumpers, side fenders, and trunk closures.    

SEGMENTATION INSIGHT

The Global Metal Forming Market is segmented by Forming Type, Technique, Application, and Region. Based on the Forming Type, the market is categorized into Cold Forming, and Hot Forming. Based on Technique, the market is categorized into Roll forming, Stamping, Stretch forming, and others. Based on Application, the market is categorized into Chassis, Closures, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.             

REGIONAL INSIGHTS

The Global Metal Forming Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.    

North America region is dominating the market share of global metal forming market owing to the technological improvements, revenues, profitability, and government and international body participation. Due to its rapid urbanization, rising GDP, and higher expenditure in the automotive industry, North America is anticipated to have significant growth throughout the projection period. The presence of cutting-edge manufacturing facilities and significant automotive industry participants propel market growth. However, Asia Pacific region is anticipated to grow over the next few years of global metal forming market owing to the region's rising vehicle production, expanding population, and the presence of certain significant automotive businesses. Additionally, the region has seen a rise in the manufacture and sales of electric vehicles, which will also be crucial to the expansion of the local market.

LIST OF KEY COMPANIES PROFILED:

• BENTELER Group
• Tower International
• Miro Manufacturing, Inc.
• MILLS PRODUCTS
• Néos Superform
• Toyota Boshoku Automotive India Pvt Ltd
• AISIN CORPORATION
• Magna International Inc.     
• KIRCHHOFF Automotive GmbH
• CIE Automotive
• VNT Metal Hungary Kft.

KEY INDUSTRY DEVELOPMENTS:     

• In March 2021, to support expansion in the metal stamping and fabrication industries, Miro Manufacturing, Inc. purchased additional Waukesha-based facilities. It is anticipated that the expansion of manufacturing facilities would increase its market presence in the metal fabrication industry.    

SEGMENTATION

By Forming Type

• Cold Forming
• Hot Forming

By Technique

• Roll forming
• Stamping
• Stretch forming
• Others

By Application

• Chassis
• Closures
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa