Rising Demand for Production Machinery Among Several Other Factors to Sustain Growth in the Global Metal Stampings, Forgings & Castings Market

The global market for Metal Stampings, Forgings, and Castings is projected to reach US$630 billion by 2024, driven by encouraging growth in end-use sectors such as automotive, energy, industrial valves, aerospace & defence and the inevitable rise in demand for production machinery and metalworking activity.

Metal stamping, forging and castings are important manufacturing processes critical to the production of a range of manufactured parts and finished goods. Stamping involves application of force hydraulic or mechanical presses to metal sheet through hard tooling to produce parts in required design and is considered as one of the most common and economical ways of producing components. Forgings are the intermediate products used by OEMs to produce final products. Casting is one of the methods to give shape to a certain material. Given these processes help in manufacture of parts used in heavy industrial machinery, automobiles, and household products etc., and in production of finished goods, metal stamping, forgings and casting is of critical importance to product manufacturers. Metal stamping, forgings and castings will experience steady demand as long as there is demand for manufactured durable goods such as automobiles, computers, and construction equipment, among others. Any increase in demand for manufactured durable goods warrants their increased production, involving these processes. Increase in demand for finished products also increases manufacturer investments on a range of production machinery, thus driving demand for machinery parts and influencing rise in their production, which also warrants metal stamping, forgings and castings. The manufacturing industry therefore is a critical growth driver and the shifting role of manufacturing and its level of contribution to economic development tend to impact growth patterns in the market. Besides demand from end-use markets, availability and price of metal used in stamping, forging and casting processes is also critical for the market fortunes.

Rising demand in automobiles, aerospace, consumer electronics, electrical & electronics, engineering machinery, and telecommunication equipment manufacturing sectors represents the key driving factors for the growth of global metal stamping market. Demand for ferro-alloy castings at a mass scale typically originate from automotive industry, which uses iron based castings for manufacture of gears & bushings, engine parts, brakes, suspension, crankshafts and steering. Steady growth in automotive industry therefore will continue to favor demand prospects for ferro-alloy castings market. Growing use of light weight metals instead of iron in order to reduce the weight and increase the design flexibility of products will continue to sustain demand prospects for non-ferrous metal alloy castings. Aluminum Castings are especially poised to benefit, given the growing use of lightweight aluminum parts in automobile interior and exteriors against the backdrop of OEM focus on fuel efficiency and emission reduction.

As stated by the new market research report on Metal Stampings, Forgings, and Castings, Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 6.8% over the analysis period. Asia-Pacific has become a major production hub for a range of manufactured goods and growth in the region is driven by massive increase in outsourced manufacturing activity in the automotive and other manufacturing industries. Ferro-Alloy Castings, led by Gray Iron Castings, represents the largest revenue contributor and the fastest growing product segment with sales waxing at a CAGR of 5.5 % over the analysis period.

Key players in the market include Alcoa Corp., American Axle & Manufacturing, Inc., Bharat Forge Ltd., DAYTON Lamina Corp., Doncasters Group, Georg Fischer Ltd., Interplex Holdings Pte. Ltd., Magna International Inc., Meridian Lightweight Technologies, Precision Castparts Corp., Wyman-Gordon, SeAH Besteel Corp., Shiloh Industries Inc., Sumitomo Corp., Tower International, Voestalpine AG, and Worthington Industries, among others.

The research report titled “Metal Stampings, Forgings, and Castings - Market Analysis, Trends, and Forecasts” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. Product segments analyzed in the report include Metal Stampings, Metal Forgings (Iron & Steel Forgings and Non-Ferrous Forgings), Ferro-Alloy Castings (Gray Iron Castings, Ductile Iron Castings, Malleable Iron Castings, Carbon Steel Castings, High Alloy Steel Castings, and Other Alloy Steel Castings), and Non-Ferrous Metal Castings (Aluminum Castings, Copper Castings, Lead Castings, Magnesium Castings, Zinc Castings, and Other Non-Ferrous Metal Castings).

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