Market Introduction
North America Metal Stamping Market The integration of metal stamping is increasing owing to the demand for economical and light weight equipment, better fuel economy, and better comfort. At present, the automotive industry is experiencing significant incorporation of various advanced technologies in cars to improve the passengers’ safety and efficiency. North America Metal Stamping Market The metal stamping market is anticipated to grow at a moderate pace during the forecast period due to growing preference for electric vehicles (EVs), sports utility vehicles, and off-road vehicles. These metal stampings parts help in manufacturing body panels to maintain safety standards and control end-costs.
North America Metal Stamping Market Due to growing investments to set up factories and expand production houses of the automobiles, the demand for passenger vehicles and commercial vehicles is increasing, which, in turn, is anticipated to generate an upward trend in the metal stamping market during 2021โ2028. Similarly, the commercial aircraft industry is growing since the past few years. Several operators in this industry are focusing on the development, manufacturing, and rebuilding of airplanes, helicopters, aircraft engines as well as several other components for the commercial sector.
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Market Overview and Dynamics
The North America Metal Stamping Market was valued at US$ 85.27 million in 2020 and is projected to reach US$ 107.35 million by 2028; it is expected to grow at a CAGR of 3.2% from 2021 to 2028. The region is the major producer of metals, such as steel, iron, and aluminum, which are the primary metals used for metal stamping across different sectors. In the US, the metal stamping is characterized under the metal fabrication industry, owing to the presence of huge number of manufacturing sector. North America Metal Stamping Market The metal fabricated products and solutions renovates metal into end or intermediate products. North America Metal Stamping Market The metal stamping manufacturers operate on metals and metal-formed products that are fabricated in another place and are involved in the processes for re-shaping individual metal pieces by forming, stamping, machining, bending, forging, and joining separate parts with the help of different processes, such as assembling and welding. Further, the rising production of commercial vehicles and heavy trucks is anticipated to surge the growth of the metal stamping market in the region. The presence of well-known vehicle manufacturers, such as Ford, GM, and Chrysler, is one of the major driving factors for the growth of the metal stamping market in the region.
North America Metal Stamping Market Electric vehicles (EVs) have gained significant popularity in North America, especially in the US. Canada has the second-largest count of electric vehicles (EVs) in the region, which escalates year-on-year. The growing population in urban areas is demanding increasing public transportation with the improvement in existing transportation infrastructure. The OEMs in North America are focusing on reducing their carbon footprint, thereby promoting electric vehicles, specifically electric passenger cars. With the growing demand for automobiles, the manufacturers of passenger cars and taxis are focusing on green technologies. Several countries in the region are focused on building green transportation. The governments of North American countries are taking several initiatives by offering tax rebates and incentives to boost electric vehicles’ adoption in their public transportโsuch as e-trucks and e-busesโto reduce CO2 emissions. BYD K9, Mercedes Benz electric truck, and Tata Starbus Hybrid e-buses are a few of the electric vehicle models popular in the region.
North America Metal Stamping Market Further, the emergence of next-generation stamping is gaining traction in the North American metal stamping market. The next-generation metal stamping reduces the cost and time of the process to produce metal and metallic parts. North America Metal Stamping Market It also eliminates the process of designing dies, which are considered one of the costly procedures, and assists in implementing next-generation tooling simulation software to improve the tooling lineups before cutting tools. The manufacturing of automotive parts such as headliners, fenders, side and quarter panels, brake shoes, valves, exhausts, and hangers have augmented the adoption of next-generation metal stamping technologies.
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ACRO Building Systems (ACRO Metal Stamping)
Clow Stamping Company
D&H Industries, Inc.
Goshen Stamping Company
Kenmode, Inc.
Integrity Manufacturing, Inc.
Manor Tool & Manufacturing Company
Caparo Group
Klesk Metal Stamping Co.
Tempco Manufacturing Company,
Inc North America Metal Stamping Market
North America Metal Stamping Market The constant demand for metal stamping has witnessed a slight decrease in the production in the year 2020, owing to lockdown imposed by the government and low demand from automotive and electronics industries. This has hindered the growth of the metal stamping market last year, as is likely to continue slightly during 2021. North America Metal Stamping Market The COVID-19 has already impacted the sales of electronics equipment and industrial machinery in the first quarter of 2020 and is expected to have a negative impact on the market growth throughout the year, as now the companies are functional with limited workforce and trying to come up with the losses, they faced in the year 2020.
Primary Drivers of Growth
- Automotive Industry Growth: The automotive sector is a significant contributor to the North American metal stamping market. The shift towards electric vehicles (EVs) and the increasing demand for sports utility vehicles (SUVs) and off-road vehicles are driving the need for high-quality metal stamped parts. Body panels and structural components, such as chassis and brackets, are critical for safety and performance. With the growing popularity of EVs in the US and Canada, the demand for lightweight and energy-efficient materials in vehicle production is further boosting the market for metal stampings.
- Electric Vehicle Adoption: The adoption of electric vehicles in North America has seen substantial growth, with the US being the largest market for EVs in the region. Canada is also witnessing a rise in electric vehicle adoption, driven by favorable government policies and increasing consumer awareness about the benefits of EVs. Automakers are actively investing in EV production, which necessitates the use of lightweight, durable, and eco-friendly materials like aluminum and high-strength steel in vehicle manufacturing. These materials are typically processed through metal stamping, providing opportunities for market growth.
- Government Incentives and Green Transportation: Governments across North America are increasingly focused on promoting environmentally friendly transportation options, offering tax rebates and incentives to encourage the adoption of electric vehicles and other green transportation solutions. The push towards reducing carbon emissions is expected to further increase the demand for electric vehicles, contributing to a sustained rise in metal stamping applications. Electric buses, trucks, and other public transport solutions are becoming more prevalent, leading to an uptick in the demand for stamped metal parts.
- Aerospace and Commercial Aircraft Industry: In addition to the automotive sector, the aerospace industry is another key driver of the North American metal stamping market. The commercial aircraft sector has been growing over the past few years, driven by increased air travel demand. The metal stamping process plays a significant role in the production of essential components for commercial aircraft, including airframes, engine parts, and landing gears. The continued expansion of the aerospace industry, particularly in the US, will provide a stable demand for metal stamping services.
- Heavy Trucks and Commercial Vehicles: The rising production of heavy trucks and commercial vehicles in North America is also fueling the growth of the metal stamping market. These vehicles require metal components for structural and functional purposes, such as engine mounts, frames, and underbody parts. As commercial vehicle manufacturers continue to ramp up production, the demand for metal stamping services is expected to rise correspondingly.
Key Regional Dynamics
- US Metal Stamping Market: The United States remains the largest market for metal stamping in North America, with the automotive industry being a major contributor. The country is home to several leading automotive manufacturers such as Ford, General Motors (GM), and Chrysler, all of which are major consumers of metal stamped parts. The presence of these large vehicle manufacturers, alongside the growing demand for electric and hybrid vehicles, is expected to drive significant growth in the metal stamping market.
- Canada’s Growing EV Market: Canada has the second-largest number of electric vehicles (EVs) in North America, following the US. This growing demand for EVs, coupled with government incentives aimed at reducing CO2 emissions, is expected to boost the adoption of electric vehicles across Canada. This, in turn, will lead to an increased demand for metal stamped parts used in EV production, supporting the overall market growth in the region.
- Mexico’s Role in Manufacturing: Mexico’s manufacturing sector has become increasingly important in North America, with the country emerging as a major hub for automotive production. The country’s proximity to the United States, combined with its cost-effective labor and skilled workforce, has made it an attractive location for many automotive manufacturers. As a result, Mexico’s role in the metal stamping market is set to grow, particularly as automakers continue to invest in the production of EVs and other vehicles that require advanced metal components.
Market Challenges
- Fluctuating Raw Material Prices: The price of raw materials such as steel, aluminum, and other metals used in the metal stamping process can be volatile, which could impact production costs for manufacturers. Fluctuations in raw material prices are often influenced by global supply chain dynamics, trade tariffs, and market demand, creating challenges for metal stamping companies to maintain cost-efficiency.
- Labor Shortage and Skills Gap: Metal stamping requires skilled labor to operate and maintain advanced machinery, ensuring precision and quality. A shortage of qualified labor, particularly as the demand for metal stamping services grows, may limit the capacity of manufacturers to meet increasing production needs. The industry is facing a growing skills gap, and efforts are needed to train and retain workers with the necessary expertise.
- Environmental Regulations: The metal stamping industry must comply with increasingly stringent environmental regulations related to waste management, emissions, and energy consumption. Compliance with these regulations often requires investments in cleaner technologies and processes, adding costs to manufacturing operations. Smaller companies, in particular, may face difficulties meeting these standards without significant financial and technological support.
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