SAN FRANCISCO , March 21, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Metal Stampings, Forgings, and Castings - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE Edition: 16; Released: May 2021 Executive Engagements: 11095 Companies: 697– Players covered include Alcoa Corporation; Aludyne, Inc.; American Axle & Manufacturing, Inc.; Bharat Forge Limited; DAYTON Lamina Corporation; Doncasters Group; Georg Fischer Ltd.; Interplex Holdings Pte. Ltd.; Magna International Inc.; Meridian Lightweight Technologies; Precision Castparts Corp.; SeAH Besteel Corporation; Shiloh Industries Inc.; Sumitomo Corporation; Voestalpine AG; Worthington Industries and Others. Coverage: All major geographies and key segments Segments: Product Segment (Ferro-Alloy Castings, Non-Ferrous Metal Castings, Metal Stampings, Metal Forgings) Geographies: World; USA ; Canada ; Japan ; China ; Europe ; France ; Germany ; Italy ; UK; Spain ; Russia ; Rest of Europe ; Asia-Pacific ; Australia ; India ; South Korea ; Rest of Asia-Pacific ; Latin America ; Brazil ; Mexico ; Rest of Latin America ; Rest of World.
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Global Metal Stampings, Forgings, and Castings Market to Reach $536.3 Billion by 2026 Metal stamping, forging and castings are important manufacturing processes that are critical to production of a range of manufactured parts and finished goods. The manufacturing industry is a critical growth driver and the shifting role of manufacturing and its level of contribution to economic development tend to impact growth patterns in the market. Growth in the market is set to be driven by steady demand for manufactured durable goods such as automobiles, computers, and construction equipment, among others. Increase in demand for finished products also increases manufacturer investments on a range of production machinery, thus driving demand for machinery parts and influencing rise in their production, which also warrants metal stamping, forgings and castings. Besides demand from end-use markets, availability and price of metal used in stamping, forging and casting processes is also critical for growth prospects.
Amid the COVID-19 crisis, the global market for Metal Stampings, Forgings, and Castings estimated at US$437.5 Billion in the year 2022, is projected to reach a revised size of US$536.3 Billion by 2026, growing at a CAGR of 5.1% over the analysis period. Ferro-Alloy Castings, one of the segments analyzed in the report, is projected to record a 5.9% CAGR and reach US$219.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Ferrous Metal Castings segment is readjusted to a revised 5.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $77.4 Billion in 2022, While China is Forecast to Reach $189.1 Billion by 2026 The Metal Stampings, Forgings, and Castings market in the U.S. is estimated at US$77.4 Billion in the year 2022. China , the world`s second largest economy, is forecast to reach a projected market size of US$189.1 Billion by the year 2026 trailing a CAGR of 6.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada , each forecast to grow at 3% and 3.7% respectively over the analysis period. Within Europe , Germany is forecast to grow at approximately 3.7% CAGR. Healthy economic environment, increase in manufacturing activity and rising demand for various finished goods drive demand in Asia-Pacific region. The shift of production activity from developed markets to low cost destinations such as China , India , Taiwan , and Vietnam also provided growth opportunities for the metal stampings, forgings and castings in the region. Automation of manufacturing units and increased use of production line machinery in these regions also contributed to market growth.
Metal Stampings Segment to Reach $158.5 Billion by 2026 Stamping involves application of force hydraulic or mechanical presses to metal sheet through hard tooling to produce parts in required design and is considered as one of the most common and economical ways of producing components, as compared to alternate processes. Metal stampings find application in diversified industries including automotive, computers, farm machinery, electrical appliances, utensils, aviation, furniture, office machines, laundry equipment and others. Iron and steel represents most widely used metals in stampings, while aluminum also accounts for significant share. Automotive industry represents major end-use market for metal stampings. In the global Metal Stampings segment, USA , Canada , Japan , China and Europe will drive the 3.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$104.1 Billion will reach a projected size of US$134.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia , India , and South Korea , the market in Asia-Pacific is forecast to reach US$16 Billion by the year 2026, while Latin America will expand at a 3.8% CAGR through the analysis period.
Micro Cold Forging Process in the Spotlight The process of forging dies experiences several failure mechanisms such as mechanical fatigue in cold forging and thermal fatigue in hot forging which leads to formation of cracks in die surface, known as 'heat checking'. Fatigue failures cause the forging die to generate parts with poor quality surface finish until it is repaired. Other common forms of die failure include abrasive wear caused by surface hardness. Micro Cold Forging (MCF) was developed to overcome the inherent drawbacks present in metal forging process. MCF is a surface treatment method used in repairing forging dies or preparing the die's surface area to minimize die cracking and transfer of material. Also referred to as 'machine hammer peening', the proprietary process developed by Accurapuls intends to maximize the die service life and reduce the time consumed and costs associated with die replacement or repair. The highly automated surface treatment process offers key benefits such as hardness improvements, reduced or optimal surface roughness and improved fatigue performance.
MCF is also applied in surface finishing process to achieve a smoother surface consistency in comparison with grinding and milling. The automated technique uses an electromagnetically controlled hammer tool attached to the CNC milling machine or to a special-purpose machine or a robot. The air-cooled peening hammer guided by the spherically steel tipped striker produces rapid reciprocating action with an accompanying impact force on the workpiece surface to treat the surface or achieve the desired form. The peening hammer achieves a hit frequency ranging from 20 to 500 hits per second with an impact force of 400 pounds per hit. The process is expected to increase the die surface hardness by a depth of 1.4mm and last longer by 95% during repair intervals. The proprietary CAM software provided by Accurapuls offers programming up to seven axes and uses the CNC platform to control the penning operations. MCF presents a viable option for increasing the hardness and improving the wear performance of hot-forging dies. The process also facilitates strain hardening which increases the tensile strength of the workpiece and extends service life of the forging die. To avoid greater abrasive wear or a very smooth die surface, the optimal surface roughness for a forging die ranges between mean roughness of 0.51 µm and 1.5 µm. Based on process parameters such as the hammering force and diameter of the striker-ball, MCF produces surface roughness ranging between 0.3 µm and 1.54 µm. These surface roughness specifications in combination with the automated process promises potential for forging-die polishing as the traditional process of hand polishing is time consuming, requires skilled personnel and suffers from inconsistencies such as human error. The benefits of automation and savings create demand opportunities for MCF in forging die repair and finishing. Other possible application areas include hydroforming, automotive stamping and drawing, injection molding, diecasting and other capital intensive industries with requirements for die repair. More
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