Resurgence in manufacturing activity driving metal stampings market, says report
Global Industry Analysts, San Jose, Calif., has released “Metal Stampings, Forgings and Castings: A Global Strategic Business Report,” a comprehensive report on the metal stampings, forgings, and castings markets, which are projected to reach $522.8 billion by 2020. The growth will be driven by growing demand for durable goods and a subsequent rise in manufacturing activity in key industries such as automotive, aerospace, defense, electronics, household appliances, and heavy equipment, says the report.
Recovering global PMI is helping spur investments in production machinery and parts, thus benefiting the market for metal stampings, forgings, and castings. Manufacturing output worldwide expanded and ended on an encouraging year-end performance in 2013, largely caused by the recovery in demand and trade in countries such as the U.S., Japan, and Germany. PMI indices in European countries also are on the rise, supported by the fragile recovery of EU economies from the prolonged debt crisis. Federal support and stimulus grants have bolstered industrial output in these markets.
China, India, and other developing countries in Asia-Pacific such as Taiwan, Singapore, Korea, and Indonesia will spearhead global growth as they emerge as manufacturing hubs in the global market.
In the automobile industry, reinvention of manufacturing standards; changes in metal composition used in the production of vehicle structures; and increasing use of lightweight, higher-strength steel are creating the need for cutting-edge metal stamping processes.