As a branch of metalworking, a subset of fabrication, metal forming is a foundational process, involved in a wide range of parts assembly: from the metal stamping of consumer goods used at home to many of the component elements of airplanes and automobiles. With so much product at stake and billions of dollars on the line, accuracy, precision and repeatability are key.
This is especially the case as the U.S. emerges from the Covid-19 pandemic and the global metal stamping market, which was valued at $220 billion in 2019, is projected to experience a compounded annual growth rate of 2.8 percent from 2020-2027 and the global metal forging market, valued at $84 billion (also in 2019) is forecast to grow at 5 percent over the same time period. Likewise, the international comeback will be felt in other sectors of the economy too, with the International Monetary Fund calling for a 6 percent GDP surge, besting its January forecast. In a growth environment like this, production failures, costly rework, products out of tolerance, and safety issues cannot occur.