March 22, 2022 18:00 ET | Source: Precedence Research Precedence Research
Tokyo, March 22, 2022 (GLOBE NEWSWIRE) -- Regional Snapshot
Asia Pacific accounted for the largest profit share of more than 36% in 2020 owing to the growing demand for cars and consumer electronics in the region and is anticipated to witness the fastest growth rate over the cast period. The metal stamping market growth is majorly fostered by the economies similar as India, China, Bangladesh, Pakistan, and Indonesia where the rising demand for phones along with other consumer electronics is anticipated to foster the growth of the market. Furthermore, growing industrialization coupled with structure development and growth in the defense industry is anticipated to have a positive impact on the demand for equipment and machinery in Asia Pacific.
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On the other hand Asia-Pacific is attributed to be the fastest growing segment of the market. In addition, due to the availability of major automobile producers such as Chrysler, GM and Ford is a key market driving factor for the metal stamping sector of North America. In the U.S., metal stamping is categorized as a part of the metal fabrication industry, which exhibits for a large share of the manufacturing sector. Furthermore, metals & goods formed of metal which have been shaped anywhere else are also treated and shaped by key manufacturers.
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As per the International Organization of Motor Vehicle Manufacturers (OICA), the sales and registrations of new vehicles have increased to 97.3 million vehicles globally in the year 2017, from 74.9 million vehicles in the year 2010. The sales and registrations of all types of new vehicles in the Middle East and Asia-Pacific countries has increased to 46.8 million vehicles in the year 2016, from 35.1 million vehicles in the year 2010. Gradually, according to the International Organization of Motor Vehicle Manufacturers (OICA), the global production of cars has raised to 72.1 million cars in 2016, from 58.2 million cars in 2010. Therefore, growth of the industry upsurges the auto components demand from original equipment manufacturers and automobile manufacturers. The metal stamping plays a progressively essential role in vehicle development programs owing to continuous and rapid development in technologies. In order to address safety and fuel economy concerns as well as issues such as recycling, lightweight structures, and environmental friendly manufacturing processes, the producers are gradually acquiring or developing capabilities and technologies such as metal stamping in order to produce vehicles that meet forthcoming market requirements.
Restraint: Possess high cost for short term production
This technique prerogatives tooling in advance, and thus makes short-term production at low scale more costly and inefficient, for the manufacture and development of equipment requires long time period and in case of any change necessities extra hardships and expenses in equipment modifying may arise. Therefore costly production for short term production is restraint the market growth.
Rise of coming- generation stamping is gaining huge traction in the global metal stamping market. The coming- generation metal stamping diminishes the cost and time needed to produce metal and metallic components. It canceled the process of designing dies which is an expensive procedure and aid in the operation of coming- generation tooling simulation software to extemporize driving lineups previous to cutting tools. Automotive parts similar as headliners, fenders, side and quarter panels, brake shoes, exhausts, valves, and hangers have increased the relinquishment of coming- generation metal stamping technologies in the market. Also, this technology is again successfully attracting the investors.
Challenge: Procurement of Raw Material
In the year 2020, the metal stamping market experienced a major transportation shift and this has majorly impacted the export and import of raw material needed in the manufacturing of metal stamping. If the clients don't receive their final products on time also it's the manufacturer’s responsibility to insure that they step up their procurement of raw material. Endured key players are also applying various strategies in order to endure towards procurement and so they're suitable to make sure that nothing is left on chance.
Segments Covered in the Report
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