LONDON, May 04, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s metal manufacturing market research report, key metal fabrication industry trends are based on major improvements in technology. Companies in the metal products market are increasingly developing innovative products to cater to the rising demand for more complex forging operations. Companies are focusing on the new pre-forming technology and automation of hammers for reducing contact times, and new generation of control systems. With the pre-forming aluminum or steel forging technology, a defined pre-shape is obtained in a single forming movement, whereas the traditional process used hydraulic presses and cross rolls.
Furthermore, the continuous pre-forming method, especially for aluminum, requires only a small amount of cooling for the component and is able to reach high cycle times which offer potential for saving material and producing a part with high complexities. Additionally, with the introduction of new forging control system (FCS) generation provides concept including thickness measurement and process control during forging operation at low costs. Companies such as Muller Weingarten offer different processes for pre-forming aluminum or steel forging.
The demand for improved productivity, efficiency, quality, use of thin and sophisticated metals, and an increased pressure to meet shorter project timelines is pushing the metal products manufacturers to employ new welding technologies as well, such as laser conduction mode welding that uses a laser beam to form precise welds; resistance spot welding that uses electrodes to directly weld metals such as aluminum and others. Advance welding technologies are also used to produce tools that are vital to industrial and manufacturing machines. Companies are also developing new innovative welding methods for the fabricated metal products market.
For instance, Toyo Seikan, a Japan-based packaging container manufacturing company, uses thermo-compression bonding using nylon film as an adhesive to make tin-free steel cans. Other companies such as Great Lakes Engineering, American Industrial Company, use laser welding technology to weld stainless steel, copper, brass, titanium, nitinol, nickel, and others.
Currently, during the COVID-19 situation that has taken over the world, companies are looking for alternate products and solutions to mitigate loss in revenues due to the pandemic and generate other sources of revenue. Metal product companies are focusing on developing some innovative products that can be used during the pandemic. For instance, Germany based automotive industry company, Schaeffler Group introduced the “Safe Hand” tool to further reduce the employees’ risk of infection. The tool helps in opening doors, pressing the elevator button, switching on the light and pushing shopping carts. The tool is designed in a manner that allow buttons and door handles to be used without touching them directly, thus reducing contact and chances of infection.
The Business Research Company’s report titled Metal Products Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major metal products companies, metal products market share by company, metal products manufacturers, metal products market size, and metal products market forecasts. The report also covers the global metal products market and its segments.
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The global metal products market is expected to grow from $2.12 trillion in 2020 to $2.42 trillion in 2021 at a compound annual growth rate (CAGR) of 14.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.14 trillion in 2025 at a CAGR of 7%.
Market-trend-based strategies for the metal products market include the incorporation of various technologies. These include that of robotics and automation to increase productivity and generate more revenue, investing in implementing IoT in metal products manufacturing processes to improve the quality of their products and services, implementing additive manufacturing to increase operational efficiencies and improve product design, using advance welding methods to improve productivity, efficiency, and quality of the metal products, utilizing recycled metal in order to reduce energy consumption and greenhouse gas emissions, investing in advanced manufacturing technologies to enhance production and reduce waste, and developing advanced forging technologies to enhance complex forging operations.
Metal Products Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market.
The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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