Metal Forming Global Market Report 2024

The metal forming market has grown steadily in recent years. It will grow from $192.54 billion in 2023 to $201.15 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth observed in the historical period can be attributed to the growth of the automotive industry, innovations in materials, increased demand for lightweight materials, the globalization of manufacturing, expansion in the energy and power industry, and cycles of replacement and upgrading.

The metal forming market is expected to see steady growth in the next few years. It will grow to $233.91 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The anticipated growth in the forecast period can be attributed to the rise of electric vehicles (EVs), the adoption of sustainable manufacturing practices, increased demand for high-strength materials, ongoing projects in renewable energy infrastructure, and a focus on global supply chain resilience. Major trends expected in this forecast period include the integration of Industry 4.0 technologies, the development and use of advanced materials and alloys, the application of microforming technologies, the implementation of digital twin technology, an emphasis on customization and flexible manufacturing, and increased collaboration between humans and robots.

The anticipated growth of the metal-forming market is expected to be propelled by the upswing in the automotive industry. The term "automotive industry" encompasses businesses engaged in the manufacturing, distribution, retail, and maintenance of automobiles. Metal forming plays a crucial role in this industry, contributing to the production of various components such as body and chassis components, engine parts, suspension components, and exhaust system components. A notable example is the reported 7.4% increase in the UK's car production, reaching 69,524 units, as indicated by the Society of Motor Manufacturers and Traders (SMMT) in November 2022. Additionally, the European Automobile Manufacturers' Association (ACEA) reported a surge in the sales of passenger cars in the U.S. to 11.9 million units in 2021, highlighting the growth of the automotive sector on a global scale. Consequently, the flourishing automotive industry is a driving force behind the growth of the metal-forming market.

The growth of the metal-forming market is further expected to be fueled by the increasing demand in the construction industry. The construction industry involves diverse activities related to the planning, design, development, and construction of structures and infrastructure. Metal forming processes contribute significantly to the construction sector by providing benefits such as structural strength, design flexibility, weight efficiency, durability, recyclability, fire resistance, and precision. The construction industry is experiencing a surge in demand, as indicated by a report from Oxford Economics, projecting a 42% increase in global construction output by 2030, reaching USD 15.2 trillion. This sustained demand in the construction sector serves as a key driver for the growth of the metal-forming market.

A prominent trend in the metal-forming market is the adoption of technological advancements. Major companies in the market are embracing new technologies to maintain their competitive edge. For example, Desktop Metal, a U.S.-based technology company specializing in 3D printing systems, introduced Figure G15 in September 2022. This innovation employs digital sheet forming (DSF) technology, offering high precision and a flexible, incremental forming approach. Manufacturers in various industries, including automotive and aerospace, can benefit from this technology by achieving efficient metal-formed parts in less than an hour without significant time or financial commitments.

Innovative products, such as CThru metals, are becoming a focal point for major companies operating in the metal-forming market. CThru metals, utilizing premium precision-grade metals, specializes in extended metal mesh foil products, featuring wider coils, thinner gauges, and increased durability. For instance, ESI (Engineering Specialties Inc.), a U.S.-based company specializing in metal stamping and machining, launched CThru metals in April 2021. This move represents ESI's expansion into the metal-forming and manufacturing industry, providing clients with premium expanded metal foil products for diverse applications in filtration, automotive, aerospace, and renewable energy sectors.

In December 2022, Torque Capital Group, a U.S.-based private equity firm, acquired Metal Forming & Coining Corporation (MFC Netform), a manufacturer of advanced metal-formed components, for an undisclosed amount. Through this acquisition, Torque Capital Group aims to facilitate Metal Forming & Coining Corporation's growth and improvement in technology, people, and capabilities within the metal-forming market.

Major companies operating in the metal forming market report are 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.

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. The countries covered in the metal forming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of metal forming are cold forming, hot forming, and warm forming. Cold forming is a high-speed forging process where metal is precisely sheared to length from coiled wire at room temperature. It is then moved through a series of tool and die cavities to alter its diameter, length, or remove small amounts of material through trimming or piercing. Cold forming is utilized to shape metal materials at or near room temperature, enhancing tensile strength while allowing intricate manipulation. Key materials used include steel, aluminum, magnesium, among others, employing techniques such as roll forming, stretch forming, stamping, deep drawing, hydroforming, and others. Applications span various end-users, including automotive, transportation, industrial machinery, construction, precision engineering, and more, for components such as body in white (BIW), chassis, closures, and others.

The metal forming market research report provides metal forming market statistics, including metal forming industry global market size, regional shares, competitors with a metal forming market share, detailed metal forming market segments, market trends and opportunities, and any further data you may need to thrive in the metal forming industry. This metal forming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The metal forming market includes revenues earned by entities by providing prototyping, punching, bending, welding, forging, casting and rotary swaging. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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