Global Market for Metal Stampings, Forgings, and Castings is Projected to Reach US$472.2 Billion by 2020
Projected Increase in Automobile Manufacturing to
Drive the Metal Stampings, Forgings, and Castings Market, According to New
Report by Global
Industry Analysts, Inc.
GIA announces the release
of a comprehensive global report on Metal Stampings, Forgings, and Castings markets.
Global market for Metal Stampings,
Forgings, and Castings is projected to reach US$472.2 billion by 2020,
driven by resurgence in the global manufacturing sector and increase in
production of automobiles and automobile parts.
Metal stamping, forging
and castings are important manufacturing processes that are critical to the production
of a range of manufactured parts and finished goods. Metal stamping helps in
transforming metals, typically flat metal sheets into desired shapes at ambient
temperature by pressing, shearing, bending, folding and stretching. Forging, on
the other hand, represents a process where compressive forces are applied on
pre-formed metal blocks, typically heated to high temperature, to produce
high-strength parts for a range of durable goods. Casting is a metal
modification process that uses molten metal injected or poured into a custom
mold where it solidifies and forms a molded product. Manufacturing plants
related to heavy industrial machinery, automobiles, and household appliances,
among others, are heavy users of metal stamping, forgings and casting
technologies.
Growth in the market is
influenced largely by the demand for manufactured durable goods such as
automobiles, computers, and construction equipment, among others. This is
because any increase in demand for manufactured durable goods warrants their
increased production, involving processes such as metal stamping, forging and
castings. Automotive
industry represents a prominent end-use market with growth supported by the projected
rise in demand for automobiles and automobile parts and components. Aluminum castings are especially poised to benefit, given the growing use of light-weight
aluminum parts in automobile interior and exteriors. Projected rise in demand for and production of heavy
industrial machinery against the backdrop of improving construction, mining and
oil & gas activity is also expected to drive growth in the market. Increasing
investments in renewable energy infrastructure and the ensuing development of clean
energy infrastructure will spur demand for metal stamping, forging and castings
in the manufacture of collecting towers, solar panels/photovoltaic cells, and
turbines.
As stated by the new
market research report on Metal Stampings, Forgings, and Castings, Europe represents the largest market
worldwide. Asia-Pacific ranks
as the fastest growing market with a CAGR of 7.4% over the analysis
period. Growth in the region is driven by steady manufacturing activity, particularly
outsourced manufacturing in low-cost nations such as India, China, Korea, and Taiwan.
Despite growing demand for Ferro-Alloy Castings, Non-Ferrous
Alloy Castings
market is fast gaining
ground given its ability to meet manufacturing challenges involved in developing
complex structural shapes.
Key players covered in the
report include Alcoa Inc., American Axle & Manufacturing Holdings Inc.,
Amtek Engineering Ltd., Anchor Lamina Inc., Bharat Forge Limited, Doncasters
PLC, Georg Fischer Ltd., Magna International Inc., Meridian Lightweight
Technologies Inc., Metaldyne Corporation, Precision Castparts Corp.,
Wyman-Gordon (Subsidiary of Precision Castparts), SeAH Besteel Corporation,
Shiloh Industries Inc., Sumitomo Corporation, Tower International, voestalpine
AG, and Worthington Industries Inc., among others.
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