Metal Stamping Market Size, Share & Trends Analysis Report By Process (Blanking, Embossing), By Application (Automotive, Industrial Machinery), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global metal stamping market size was valued at USD 211.79 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.9% from 2023 to 2030. The growing consumer electronics industry is likely to remain a key driving factor based on the application of metal frames in mobile phones, headphones, speakers, and gamepads & controllers. In mobile phones, metal stamping is used in manufacturing antennas, chassis, and camera lens holders as it offers high tolerance, corrosion resistance, electrical conductivity, and a smooth finish. According to GSM Association, the global number of unique mobile subscribers was 5.31 billion in January 2021 and this number is growing at a rate of 1.8% per annum. This is likely to propel the demand for mobile phones and eventually metal stamping in the coming years. 

The U.S. is among the prominent players in the industry. However, the emergence of COVID-19 and subsequent temporary lockdown measures countrywide impacted the operations of the industry. The downstream demand from key sectors including automotive, aerospace, industrial machinery, and others was largely disrupted owing to the challenges in the supply chain and dried-up demand from end-use customers. The situation has normalized as the rate of vaccination has picked up the pace. The growing demand for metal stamping in the U.S. has compelled manufacturers to expand their facilities.

For instance, in December 2020, General Motors Co. announced its plans about investing USD 6 million in its metal stamping facility in Parma, Ohio, U.S. The investment will be used to construct four new metal assembly cells to support the increasing production of Chevrolet Silverado and GMC Sierra pickup trucks.

According to the International Energy Agency (IEA), global Electric Vehicle (EV) sales surpassed 3.4 million, out of which, China accounted for over 50% in 2021. Government initiatives, such as electric car subsidies to local manufacturers to support the growth of EVs are major factors responsible for the increased production. This is likely to boost the usage of sheet metal during the production of auto components.

These components include chassis, interior and exterior structural, and transmission components. This, in turn, is expected to drive market growth during the forecast period. Market growth can be hindered as automobile manufacturers are replacing metals with plastic and carbon fiber as they assist in the weight reduction of vehicles. A 10% reduction in the weight of the vehicle results in a 5% to 7% increase in fuel efficiency.

The increasing production of lightweight vehicles owing to the stringent government regulations in various countries is anticipated to drive the demand for substitute products. For instance, in the U.S., developments in the Corporate Average Fuel Economy (CAFE) regulations to enhance fuel efficiency are encouraging the use of these substitute products in automobiles, which, in turn, is likely to hamper the market for metal stamping.

Process Insights

The blanking segment held the largest revenue share of more than 32.0% in 2022. Blanking is an integral part of manufacturing automobiles on account of its precise and superior stamping ability. The technique involves the use of a die to obtain the desired shape. The growing use of blanking in the automobile industry on account of its ability to cater to mass production lines is expected to augment segment growth over the coming years.

Embossing was the second-largest segment in 2022 owing to its advantages, such as the ability to produce different patterns and sizes, depending on the roll dies. This is done by passing a metal sheet or strip between rolls of the desired pattern. Embossing a sheet metal reduces friction, increases stiffness and rigidity, and enhances traction.

The bending process refers to pressuring a metal onto a plane surface to provide the desired shape. The bending process is cost-effective when used for low or medium quantities of metals. The bent parts are utilized in several applications, such as wheels, door hinges, and engine assembly, in automobiles.

Coining is a cold working process that uses extreme force to plastically deform a metal workpiece such that it conforms to a die. A gear-driven press, a mechanical press, or a hydraulically actuated press are used in this process. It was earlier used in the minting of coins but with the growing complexity in the designing of automobiles, the coining process is now being used in metal stamping as well.

Application Insights

The automotive & transportation segment held a revenue share of more than 35.0% in 2022. The automotive industry including passenger vehicles, Light Commercial Vehicles (LCVs), heavy trucks, buses, and coaches use metal stamping parts in manufacturing body panels to maintain safety standards and control end costs. According to the International Organization of Motor Vehicle Manufacturers, the global production of LCVs and heavy trucks reached 17.2 and 4.3 million units respectively in 2020. High-volume production is expected to foster the growth of the market for metal stamping in automotive applications over the coming years.

In the aerospace industry, metal stamping is used to produce aircraft parts, such as channels and frames, for obtaining ultra-lightweight airplanes that consume less fuel. The use of metal stamping in aircraft parts manufacturing provides durability and is a cost-effective solution, which is expected to propel its demand.

In addition, the growing production of commercial and fighter aircraft is expected to drive the market over the coming years. The industrial machinery segment is expected to witness significant growth over the coming years on account of the growing industrialization in developing and emerging economies, such as India, China, Brazil, and South Africa.

In the agricultural industry, stamped components are used to manufacture automated processing equipment. Metal stamping companies, such as D&H industries, are investing in R&D to provide advanced stamping technology for agricultural equipment. The developments in the agricultural industry are anticipated to boost market growth over the forecast period.

In telecommunications, metal parts are used in the manufacturing of antennas and the outer body of telecom products. The demand for metal stamping parts is witnessing growth in the telecommunications industry as they enhance the durability of telecom products. The availability of advanced technology along with the high demand for premium telecom products is anticipated to augment the market growth over the coming years.

Regional Insights

The Asia Pacific accounted for the largest revenue share of more than 36.0% in 2022 owing to the increasing demand for cars and consumer electronics in the region and is expected to witness the fastest CAGR over the forecast period. The growth is majorly driven by developing countries, such as China, India, Bangladesh, Indonesia, and Pakistan, where the increasing demand for phones along with other consumer electronics is anticipated to augment the market growth. The growing industrialization coupled with infrastructure development and growth in the defense industry is expected to have a positive impact on the demand for machinery and equipment in Asia Pacific.

Countries, such as China and India, are increasing their investments in the defense industry. For instance, China increased its defense budget by 6.8% in 2021 to reach USD 209 billion. The rising demand for defense equipment is anticipated to drive the market for stamped products in the coming years. India is another lucrative market for metal stamping where the growing production of components is anticipated to positively influence market growth. Also, the ongoing trade war between China and the U.S. is likely to encourage U.S.-based manufacturers to shift their production bases to India to get themselves exempted from high export tariffs.

For instance, in March 2020, Apple asked its key manufacturing partners to explore options to shift 15-30% of its hardware products from China to India, Southeast Asia, or Vietnam. In North America, product consumption is likely to be driven by the rising demand from the automotive industry. Automakers in the region are focusing on increasing the production of lightweight vehicles by using metals, such as aluminum, in various components to reduce fuel consumption. As of 2020, nearly 50% of the vehicles manufactured in the region consisted of aluminum hoods, and this figure is anticipated to reach 80% by 2025.

The increasing production of aluminum hoods is anticipated to drive the demand for stamped products over the coming years. Europe accounted for a significant revenue share in 2021 owing to the established automotive industry and the growing consumer electronics industry. The region has stringent regulations on enhancing fuel economy, increasing demand for EVs. According to the International Energy Agency, the global sale of EVs is anticipated to reach 44 million vehicles per year by 2030. The growing demand for electric vehicles is anticipated to augment market growth over the coming years.

Key Companies & Market Share Insights

The global market is extremely competitive with the presence of numerous small- and large-scale players in the industry. The local players compete with the companies catering at the global level based on services and customized products. The local players can provide personalized customization services to their clients as well as possess the capability of providing standardized products to major industrial machinery producers, automotive OEMs, and consumer electronics manufacturers.

The major players faced losses and had to suspend their operating lines during the COVID-19 pandemic. Post ease in restrictions, the companies had to incorporate special safety protocols in the facilities as per government norms for ensuring employee safety. For example, in May 2020, Ford Motor Company had to pause its production at its Chicago Stamping Plant to complete enhanced cleaning and follow safety protocols for COVID-19. Some prominent players in the global metal stamping market include:

• Acro Metal Stamping

• Manor Tool & Manufacturing Company

• D&H Industries, Inc.

• Kenmode, Inc.

• Klesk Metal Stamping Co

• Clow Stamping Company

• Goshen Stamping Company

• Tempco Manufacturing Company, Inc

• Interplex Holdings Pte. Ltd.

• CAPARO

• Nissan Motor Co., Ltd

• AAPICO Hitech Public Company Limited

• Gestamp

• Ford Motor Company

Recent Developments

• In January 2023, Kenmode introduced a range of cleaning equipment for improving its operational efficiency. These include the Aquamaster CB parts washer and the Baron Blakeslee M-Series Vapor degreaser. The former is designed specifically for the inline cleaning of various manufactured parts at higher rates of volume production, while the degreaser offers benefits such as minimal maintenance and reduced waste generation

• In January 2023, Gestamp announced the company’s fourth hot stamping line in India, adding to the existing ones in Chennai and Pune, with its opening expected by the end of 2023. Through this, the company aims to strengthen its position as a leading player in the country’s promising automotive components segment

• In July 2022, Ford Motor Company announced the completion of its advanced stamping plant in Pretoria, South Africa. This is one of the most significant investments by the company for its Next-Gen Ranger, bringing the stamping operations in-house, rather than depending on external suppliers for stamping their metal body parts. This would also help in eliminating costs, time, and damage that can happen during transportation, in case of external suppliers

• In May 2022, Gestamp Hotstamping Japan announced the expansion of its facility in Matsusaka, through the construction of a new plant building. The facility has introduced an advanced hot stamping line with the aim to supply the Japanese automotive sector with high strength and lightweight parts to complement the industry’s rapid shift towards EVs 

Metal Stamping Market Report Scope

Global Metal Stamping Market Report Segmentation

This report forecasts revenue growth at global, country & regional levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global metal stamping market report based on process, application, and region:

• Process Outlook (Revenue, USD Million, 2018 - 2030)

  • Blanking

  • Embossing

  • Bending

  • Coining

  • Flanging

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Automotive

  • Industrial Machinery

  • Consumer electronics

  • Aerospace

  • Electrical & Electronics

  • Building & Construction

  • Telecommunications

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

  • Middle East & Africa