How Has The Metal Forming Market Size Evolved In Recent Years?
The metal forming market has seen considerable growth due to a variety of factors.
•The market size for metal forming has experienced consistent growth in the past few years. The market is projected to increase from $198.27 billion in 2024 to $205.32 billion in 2025, indicating a compound annual growth rate (CAGR) of 3.6%.
The expansion during the historic period is linked to the rise of the automotive industry, material innovation, the popularity of lightweight materials, the globalization of manufacturing processes, growth in the energy and power industries, as well as cycles of replacement and upgrade.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Metal Forming Market?
The metal forming market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of metal forming is anticipated to experience a consistent growth in the upcoming years, reaching $247.6 billion in 2029 with a 4.8% compound annual growth rate (CAGR).
Its expansion during the forecasted period is due to the increasing popularity of electric vehicles (EVs), the adoption of environmentally-friendly manufacturing methods, the need for high-strength materials, projects that focus on renewable energy infrastructure, and the resilience of the global supply chain. Key trends for this period encompass the integration of industry 4.0, advanced materials and alloys, the use of microforming technologies, digital twin technology, and the ability to customize and flexibly manufacture, alongside collaboration between humans and robots.
What Are The Essential Drivers Behind The Growth Of The Metal Forming Market?
The advancement of the automotive industry is anticipated to boost the expansion of the metal-forming market. The automobile sector encompasses companies involved in the production, distribution, retail, and maintenance of vehicles. Metal forming for the automotive industry is employed in the production of myriad components and parts including body and chassis elements, engine parts, suspension components, and exhaust system parts. For example, the Society of Motor Manufacturers and Traders (SMMT), a trade association for motor vehicles based in the UK, reported in November 2022 that UK's car production had increased by 7.4% to 69,524 units in comparison with previous years. Thus, the growth of the automotive industry is fueling the metal-forming market.
How Is The Global Metal Forming Market Divided Into Key Segments?
The metal forming market covered in this report is segmented –
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
Subsegments:
1) By Cold Forming: Cold Heading, Cold Rolling, Cold Drawing
2) By Hot Forming: Hot Forging, Hot Rolling, Hot Stretching
3) By Warm Forming: Warm Forging, Warm Rolling, Warm Stretch Forming
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What Trends Are Reshaping The Future Of The Metal Forming Market?
The integration of technology represents a critical trend emerging in the metal forming market. To maintain their relevancy in the industry, major corporations in the metal forming sector are embracing innovative technologies. In September 2022, Desktop Metal, an American technology firm that develops and sells 3D printing systems, launched Figure G15. This provides superior surface finishing in metal sheet forming. Desktop Metal's Figure, a digital sheet forming (DSF) technology, presents high accuracy through a flexible, incremental forming method using a patented build box design that limits the force spread across the sheet during construction. Such a strategic move paves the way for sheet metal producers to enjoy the dividends of digitization and aids in eliminating heavy initial costs and prolonged lead times. Moreover, through the utilization of this technology, manufacturers in the automotive, aerospace, appliance, and other sectors can fully form a metal part in under an hour, without substantial time or financial investment.
Who Are the Key Players in the Metal Forming Market?
Major companies operating in the metal forming market include:
• Benteler International AG
• Toyota Boshoku Corporation
• Magna International Inc.
• Hirotec Corporation
• Tower International
• Aisin Corporation
• CIE Automotive
• Bradbury Group
• Formtek Moulding Solutions
• Mestek Machinery
• VNT Automotive GmbH
• Westway Machinery
• AES Automotive Company Pvt. Ltd.
• Samco Machinery
• Mills Products Inc.
• Luxfer Group
• PMF Industries Inc.
• PECTEC Corporation
• Corrugated Metals Inc.
• Paramount Roll & Forming Inc.
• Miro Manufacturing Inc.
• BROT Incorporated
• Jorgenson Metal Rolling & Forming Inc.
• Southern Metal Fabricators Inc.
• Delta Steel Inc.
• Metalspun Products Co. Inc.
• SEPAC Inc.
• Roderick Industries Inc.
• QCMI Corp.
• O'Neal Manufacturing Services
• BTD Manufacturing Inc.
What are the Regional Insights into the Metal Forming Market?
Asia-Pacific was the largest region in the metal forming market in 2024. 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
