The global metal stamping market 2019-2023 is expected to post a CAGR of nearly five percent during the forecast period, according to a report by Technavio.
Precision metal stamping is generally used to produce large volumes of metal products. The automated process reduces labour and enables the production of precise parts with tight tolerances at high accuracy. Precision metal stamping can also be automated to include secondary operations in both die and press. This process is also suitable for several customized applications. Hence, the increasing demand for precision metal parts from end-user industries has increased the adoption of precision metal stamping. This is one of the key drivers that will fuel the growth of the global metal stamping market during the forecast period.
The advent of 3D printing and additive fabrication is expected to positively impact the growth of the global metal stamping market. Additive fabrication can produce complex shapes and reduce the wastage of raw materials. This process can manufacture different parts and reduces the need for other tools. The additive fabrication can also be integrated with existing manufacturing processes to reduce time and production costs.
APAC led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The dominance of APAC can be attributed to the growth of the automotive manufacturing industry and the expanding consumer base.
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