Casting, Forging and Stamping Industry Procurement Intelligence Engagement Model 2020 – 2027
- Meenal Deshpande
- Mar 4, 2022
- 3 min read
Procurement Outlook
Casting is a process where a metal is treated with heat to reach its boiling point, liquefy, and the liquid material is poured into a mold that contains a hollow cavity of the shape which is desired upon the solidification of the metal. Forging is a process of applying pressure on metals and pressing or hitting it, thereby changing and altering their shape. Stamping is a process that converts flat metal sheets into specific shapes using various techniques like blanking, punching, bending, piercing, etc. The major difference between forging and stamping is in its application. Forging is used for processing metal parts where the thickness of the metal is changed in the process. In the case of stamping, the thickness remains unchanged. It is essentially a process of cutting metals.
Demand Outlook
The global metal casting, forging and stamping market as estimated at USD 397 billion in 2020. The market is projected to grow at a CAGR of 5.1%. The automotive sector and the aviation sector are two of the major consumers of casting forging and stamping industries and the growing demand for EVs is leading to new and innovative requirements for metals and light metal stamping and cast parts. With the requirement for lightweight metal stamping, die casting of auto parts are also on the rise.
Read report summary: Casting,Forging and Stamping Industry
This is fueling the demand from casting, forging, and stamping industry. On the other hand, COVID protocols have put a limitation on air travel. Hence demand from the aviation industry, both from new production as well as from a replacement perspective has significantly reduced. However, the demand is expected to improve during the period of forecast.
From a material perspective, the type of material which is used in casting, forging, and stamping can be divided into two categories. They are ferrous and non-ferrous metals. As of 2020, the industry consumption for ferrous casting is 68.4 million metric tonnes while non-ferrous casting consumptions are a meager 6 million metric tonnes. Consumption of ferrous casting is expected to grow by a CAGR of 4.7% while the consumption of non-ferrous casting is expected to grow by a CAGR of 3.5% CAGR during the period of forecast (from 2020 to 2025).
Cost Drivers
The end-user industries for casting, forging, and stamping industries are witnessing a rise in the demand for lightweight materials, automotive industries particularly driving this requirement. Such requirements are slightly different from the traditional casting, forging and stamping requirements, and companies operating in the industry for the same are required to adjust their approach while dealing with lightweight materials. Geographic trends industry expansion in countries like India and Germany and the emergence of emerging technologies like 3D printing, sand blinders, and material handling robots are helping reduce the cost of manufacturing, speeding up the process of casting or stamping or eliminating human error thereby reducing wastage.
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