According to the latest report from Research and Markets, the Asia-Pacific (APAC) metal stamping market is estimated to reach $110.86 billion by 2028, experiencing a CAGR of 4.8% from 2022's valuation of approximately $83.57 billion.
The report highlights the increasing adoption of metal stamping across various sectors within the APAC region. Key industry players are actively engaging in strategic partnerships, acquisitions, and collaborations to access the flourishing APAC metal stamping market and introduce commercially viable products.
The region's burgeoning demand for automobiles and consumer electronics positions APAC as a significant player globally. Notably, countries such as China and India contribute significantly to this growth, fueled by the escalating demand for consumer electronics, anticipated to drive market expansion in the foreseeable future.
Industrial growth, coupled with infrastructure development and advancements in defense, is poised to drive demand for machinery and equipment in the APAC region. Notably, countries like India and China are consistently investing in their defense sectors. For instance, in FY 2023, the People's Republic of China (PRC) announced an annual defense budget of approximately $224.79 billion.
Automotive Sector
The automotive sector prominently dominates the metal stamping market in the APAC region, owing to the surge in vehicle production. In 2022, China's automotive industry manufactured nearly 24 million passenger cars, underscoring the region's potential for increased demand in the automotive segment. Metal stamping is crucial for producing various components used in vehicles.
Additionally, robust growth is observed in other industries such as electronics within the APAC region. Notably, in South Korea, ICT goods exports surged by 18.9% year-on-year, amounting to $123 billion in the first half of 2022, accounting for 35% of total national exports. These developments are expected to drive the growth of the metal stamping market in the region in the coming years.
China, Japan, India, South Korea, Europe, and North America represent the largest automotive production markets globally, contributing to almost 90% of global vehicle production. China, with a 32% share of global production, holds a prominent position in all markets. Additionally, the growing domestic demand for vehicles in China, India, and specific markets beyond North America and Western Europe has contributed to the global surge in automotive demand.
Courtesy: Research and Markets. Photo is representational.
Also Read
APAC Dual Carbon Batteries Market To Grow At 3% CAGR Till 2028