The global Metal Bending market is forecast to reach USD 267.47 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand from the electronics and automotive industries with the growing needs for headphones, gamepads & controllers, mobile phones, and lightweight vehicles. However, metals are being replaced with the carbon fiber and plastic composites, which are acting as a substitute as they assist in the weight reduction of the vehicles, thereby reducing the overall cost of the operation and hence, would hamper the demand of Metal Bending for the market.
Rapid urbanization has changed the lifestyle of the people and, in turn, has increased the prevalence of the electronics industry for commercial purposes over a broad aspect, thus, augmenting the demand for the market product. Furthermore, the stringent regulations imposed by the government on the increased need for the production of lightweight vehicles encouraging the market for the use of substitute products is anticipated to hinder the growth of the Metal Bending market.
The use of Metal Bending is supported by the Ministry of Steel, Heavy Industries & Public Enterprises, Department of Commerce (Commerce), and the International Trade Commission (ITC) of the Indian Government, as the stamping market in India, is the key contributor to the overall manufacturing sector, thus creating a demand for the product in the market. Government initiatives for the use of electric car subsidies for local manufacturers to support the growth of electric vehicles industry is increasing the need for the usage of sheet metal, which is likely to drive the demand for Metal Bending. Moreover, other nations such as China, Japan, and the United States are also supported by their respective government, which help them to withhold their position in the market and raise the potential to increase expenditure in the Metal Bending sector. For instance, the Government of China increased its defence budget by 7.5% in 2019 to upgrade their defence equipment, and launch advanced defence aircraft. The rising demand for defence equipment is anticipated to drive the market for Metal Bending over the coming years. The Asia Pacific region forecasted to grow with the highest growth rate owing to the increase in the use of Metal Bending.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic, which has cut the need for stamping in the market. Over a couple of months, there will be a series of both positive and negative shocks, as manufacturers and their suppliers respond to providers changing needs. With an unfortunate global situation, the export-dependent economies of many regions look vulnerable. Global Metal Bending markets are reshaped by the effects of this pandemic, as some suppliers are either shutting down or reducing their output, due to a lack of demand from the downstream market. While some are having their production suspended by the governments of their respective nations as a precautionary measure to combat the spread of the virus. In certain regions, markets are focusing on becoming more localized, by looking at the severity of the outbreak, and the consequent actions by the individual national authorities. Under these circumstances, market conditions in Asia Pacific regions have been very fluid, declining weekly, making it challenging to stabilize itself.
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Key participants include Ford Motor Company, D&H Industries, Kenmode Precision Metal Bending, Manor Tool & Manufacturing Company, Alcoa Corporation, Acro Metal Bending, Klesk Metal Bending Inc., General Motors, Lindy Manufacturing Co., and Toyota Motor Corporation, among others.
Further key findings from the report suggest
- Based on material, Aluminium material expected to grow with a CAGR of 3.3% in the forecast period, due to its fundamental characteristics, which include weld ability, flexibility, conductivity, and bending ability, thereby making it appropriate to use for a variety of applications.
- The bending process is expected to grow with a CAGR of 3.3% in the forecasted period, due to its cost-effective methods making it suitable for a variety of applications, including door hinges, wheels, and the engine assembly for automobiles sector.
- The automotive sector is the major contributor for the Metal Bending market, which is forecasted to reach USD 94.68 billion by 2027. The automotive industry of the Asia Pacific region is the major shareholder of the Metal Bending market, and is likely to hold around 36.0% of the market in the year 2027.
- The Asia Pacific dominated the market for Metal Bending in 2019. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. According to studies, the Asia Pacific region holds approximately 34.0% of the Metal Bending market, followed by North America, which contains around 26.0% market in the year 2019.
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For the purpose of this report, Reports and Data have segmented into the global Metal Bending market on the basis of materials, process, application, and region:
Material Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Steel
- Aluminium
- Copper
- Others
Process Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Blanking
- Embossing
- Bending
- Coining
- Flanging
- Others
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Automotive
- Industrial Machinery
- Consumer Electronics
- Aerospace
- Electrical & Electronics
- Telecommunications
- Others
Market Segmentation by Regions:
· North America (U.S., Canada)
· Europe (U.K., Italy, Germany, France, Rest of EU)
· Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
· Latin America (Chile, Brazil, Argentina, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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To summarize everything stated above, the report offers key insights into the Metal Bending market to allow the reader to gain a complete understanding of the Global Metal Bending Market through accurate estimations, a panoramic view of the market scenario, competitive landscape, factors influencing the growth of the market, driving factors, restraints, regulatory framework, growth prospects and opportunities, and factors propelling the market forward. The research study offers an in-depth view of the industry to offer a competitive edge to the reader and help them in formulating beneficial investment plans. The report provides a comprehensive overview of the market with facts relating to the past, present, and future of the Global Metal Bending Market.
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