Metal stamping manufacturing has come a long way since the power press days. Parts fabricated by stamping manufacturers are used in various products finding applications in homes and in industries. Thanks to the demand for sheet metal in various industries, metal stamping industry is poised to grow in the years to come. According to one study, the global metal fabrication market in 2015 was worth $16 billion USD and is anticipated to reach above $20 billion USD in the year 2024.
Here are some of the contributing causes that make for an increased forecast of metal stamping.
Low pricing of raw material has helped to curb production costs. For instance, in 2017, excess supply of steel caused a decrease in prices that was leveraged properly by stamping manufacturers.
Metal stamping manufacturers gained from increased demand from many industries particularly the aerospace, automotive businesses. In the aerospace segment, the rise in the volume of passenger travel has made commercial aviation companies increase their fleet consequently boosting production. Increased military spending also helped defense companies to augment their aircraft volumes. Both these use extensive sheet metal fabrication products from metal stamping manufacturers. Automotive space is another major driver with stamping parts used in both the body of the vehicles as well as its individual mechanical components. A revenue comparison report found the Asia Pacific region has the highest demand followed by North America and Europe. Africa and the Middle East are listed as emerging markets.
Increase in supply calls for the increase in production that was met by more players entering the market thereby creating a more competitive atmosphere.
Listed are some of the potential trends that can influence the future of the stamping industry
Stamping manufacturers have embraced the evolution of technology to help them improve the speed and quality of manufacturing while keeping costs competitive. With respect to material, while metals are having popularity, there is also a decent level of production using alloys and composites that can provide better corrosion resistance, reduced breakage, and a decrease in weight.
On the equipment side, robotics and automation have already shown great results and is expected to continue to add more value. There is also additive manufacturing which helps produce tooling equipment faster at lower costs and is likely to be embraced more by stamping manufacturers.
From an economics standpoint, reshoring is on the upward trajectory with stamping manufacturers wanting to bring back production to their home soil.
On the processes front, these three techniques are expected to have increased usage. Blanking, with its main use in automobile manufacturing. Embossing due to engraving and metal printing in various industries and Bending, mainly used in the production of vehicle components and industrial machinery.
Eigen being one of the leading metal stamping manufacturers in the industry is always looking to be one step ahead of the competition in providing outstanding service. Combination of Continuous learning, up-to-date skillset, cutting-edge technology help to achieve this feat.