Worldwide: The growing number of fabricators in Asia Pacific is expected to be a key driving factor for the global metal stamping market, according to market intelligence company Grand View Research.
To remain competitive within the market, manufacturers could compete on the basis of customer service, customised products and remain updated on the latest technology and developments in the manufacturing of stamped parts.
The global market is expected to reach US$299 billion by 2025, and another driver is the rising use of sheet metal in application industries such as automotive and industrial machinery. Another driving factor is the investments made by companies into research and development efforts to improve efficiency and operational-ability of stamping machinery.
Metal stamping in the automotive sector to manufacture auto-body components such as tailgates, trunk lids, doors, bonnets, and hoods held the largest market share globally in 2016 and is expected to hold 33.2 percent of the overall revenue share in 2025.
The use of laser embossing for engraving patterns and dates on automotive components and license plates is expected to raise demand for the process, and expected to account for 22.2 percent of the market by the end of the forecast period.
Asia Pacific accounted for 34.8 percent of the total revenue share in 2016 due to increased production of industrial machinery, which resulted from the region’s government initiatives to promote industrialisation.