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Aerospace and Defense Metal Stamping Market
According to a new market research report titled “Aerospace and Defense Metal Stamping Market by Component (Housings and Enclosures, Assemblies, Brackets, Clips, Cylinders, Electrodes, Fasteners, Relays), Process (Embossing, Flanging), and Material (Aluminium, Steel) – Global Forecast to 2027”, the aerospace and defense metal stamping market is expected to grow at a CAGR of 4.6% from 2020 to 2027 to reach $33.6 billion by 2027.To get more news about metal stamping china, you can visit tenral.com official website.
Aerospace and defense metal stamping sector have been growing rapidly on the back of higher aircraft demand in recent years. This is mainly due to the increasing global demand for advanced technology aircraft and the replacement of older aircraft with the latest low-noise and fuel-saving technologies, thereby boosting the demand for metal stamped parts and components of all sizes ranging from airframes to nuts & bolts. Further, many defense companies require high quality and complex metal stamped parts with zero defects. Precision metal stamping is used in combat equipment, helicopter gauges, assemblies, and military equipment. High-end battery contacts are a type of metal stamping that is used in GPS systems. Additionally, detonation (or explosion) clips, trigger, and safety springs used in military rocket launches are also metal stamped products. Therefore, the high adoption of metal stamped components in aerospace and defense sector is expected to drive the growth of the aerospace and defense metal stamping market.
The effects of COVID-19 pandemic have hit hard the revenue of the aerospace industry at all the levels of the value chain, including the aviation service industry, aircraft manufacturing industry, and other aircraft parts & component manufacturers including the metal stamping industry for this sector. With a significant decline in the number of passengers traveling by air, flights flown, and airline revenue, many airlines have either postponed their aircraft purchase plans or canceled some recently placed orders in 2020, which has strongly affected the aircraft manufacturing sector. For instance, the U.S. aerospace and defense industry, which includes industry leaders, such as Boeing, Lockheed Martin, and Northrop Grumman, is down over 40%. For the entire month of January 2020, Boeing did not have a single order for the first time since 1962. Airbus, meanwhile, experienced a strong finish to the year in January but followed in Boeing’s path with zero orders in February. A similar impact has been noted by many aircraft manufacturers placed across the globe. Also, the European region noted a huge toll on air travel demand with air carriers having either suspended all flights or reduced their flight schedule by 60-95%. Similarly, according to the International Air Transport Association (IATA), many countries in the Asia-Pacific region have noted a decline of 40-50% in passengers in 2020 in comparison to 2019.
With reduced production and less maintenance requirement in the current situation, the demand for aircraft components from various levels of manufacturing, including metal stamped parts, has declined in the first half of 2020. The defense industry has resisted the slowdown in its production due to the same reasons. Therefore, owing to the reduced aircraft demand in many countries across the globe and declining demand for metal stamped components, the global aerospace and defense metal stamping market will be impacted in terms of market revenue during 2020 and 2021.
The global aerospace and defense metal stamping market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of component, application, sector, process, material, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the clips/connectors/fasteners segment is estimated to command the largest share of the overall aerospace and defense metal stamping market in 2020. The largest share and the fastest growth of the clips/connectors/fasteners segment is mainly due to the rising demand for aircrafts across the globe and growing adoption of a variety of clips, connectors, and fasteners for the assembly and connection of various joint structures during aircraft manufacturing and aftermarket care of old airline fleets.