Metal Forming Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Metal Forming Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, August 13, 2024 /EINPresswire.com/ — The metal forming market has experienced robust growth in recent years, expanding from $192.54 billion in 2023 to $201.15 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to automotive industry growth, materials innovation, demand for lightweight materials, globalization of manufacturing, energy and power industry expansion, replacement and upgradation cycles.
Strong Future Growth Anticipated
The metal forming market is projected to continue its strong growth, reaching $233.91 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to rise of electric vehicles (EVs), sustainable manufacturing practices, demand for high-strength materials, renewable energy infrastructure projects, global supply chain resilience.
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Growth Driver Of The Metal Forming Market
The increasing demand in the construction industry is expected to propel the growth of the metal-forming market going forward. The construction industry, often referred to as the building or construction sector, encompasses a wide range of activities related to the planning, design, development, and construction of structures, facilities, and infrastructure. Metal forming processes play a significant role in the construction industry by offering structural strength, design flexibility, weight efficiency, durability and longevity, recyclability, fire resistance, resistance to pests and mold, and precision and consistency.
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Major Players And Market Trends
Key players in the metal forming market include Benteler International AG, Toyota Boshoku Corporation, Magna International Inc., Hirotec Corporation, Tower International, Aisin Corporation.
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.
Segments:
1) By Forming Type: Cold Forming, Hot Forming, Warm Forming
2) By Material Type: Steel, Aluminum, Magnesium, Other materials
3) By Technique: Roll Forming, Stretch Forming, Stamping, Deep Drawing, Hydroforming, Other Technologies
4) By Application: Body in White (BIW), Chassis, Closures, Other Applications
5) By End-User: Automotive, Transportation, Industrial Machinery, Construction, Precision Engineering, Other End-users
Geographical Insights: Asia-Pacific Leading The Market
Asia-Pacific was the largest region in the metal forming market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global metal forming market during the forecast period. The regions covered in the metal forming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Metal Forming Market Definition
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.
Metal Forming Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Metal Forming Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on metal forming market size, metal forming market drivers and trends, metal forming market major players, metal forming competitors’ revenues, metal forming market positioning, and metal forming market growth across geographies. The metal forming market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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