The U.S. exhibits significant demand for stamped components, which is mainly due to the presence of large aircraft manufacturing firms, such as Boeing, Airbus, United Technologies, Northrop Grumman, Gulfstream Aerospace, and Textron in the country. The presence of many aircraft manufacturers within the country is expected to boost the demand for metal-stamped parts and components. Aerospace vehicles require metal stamped components of all sizes ranging from airframes to nuts & bolts. Also, the increasing number of passengers traveling by air, growing demand for commercial aircraft, and huge defense budgets in the country are expected to drive the demand for metal-stamped components in the country.
In the U.S., more than 889 million passengers traveled by air domestically and internationally in 2018, an increase from 720 million in 2010. The growing volume of air travel subsequently increases the demand for more commercial fleets as well. Owing to such high commercial air-passenger traffic, the Federal Aviation Administration projected that the number of commercial aircraft would rise from 7,141 in 2017 to 8,290 in 2038, at an average annual growth rate of 0.7%.
Moreover, the total aerospace exports from the U.S. reached $136 billion in 2019. Such a growing demand for commercial aircraft and rising exports of aerospace products from the country are, in turn, expected to boost the demand for stamped metal parts and components in the U.S.
In the U.S. domestic market, which is a significant part of the North American market, the average aircraft size has grown over time. For instance, in 2005, over 50% of the aircraft operating domestically in the U.S. had less than 100 seats. In 2019, 56% of the aircraft had over 100 seats. The country also noted the biggest positive gain in the 150+ seats category from 11% departures to 34% in the last 15 years, a trend which is expected to continue. (Source: Air Transport Association of America). Thus, the increasing average aircraft size in the U.S. is expected to boost the demand for large-size aircraft, which, in turn, is expected to drive the demand for metal-stamped aircraft parts in the U.S.
Further, the U.S. government announced its defense budget of $750 billion for 2020. Along with this, growing R&D investments and the U.S.’s increasing involvement in widespread geopolitical tensions have been the key drivers for the increasing demand for defense contractors in the U.S. Moreover, factors such as the advent of innovative technologies in warfare and increased demand for the cost-efficient production of defense equipment are further expected to propel the demand for metal-stamped parts and components in the U.S. military/defense industry. The military exports of aerospace products from the U.S. increased to $13,865 million in 2017 from $ 10,821 million in 2010. The large share of the U.S. in the export of defense equipment demands higher volumes of metal-stamped components to meet the required specifications of the equipment. Thus, the increasing demand for metal-stamped components is further driving the growth of the aerospace & defense metal stamping market in the country. Meticulous Research, in its latest publication on the ‘Aerospace & Defense Metal Stamping Market,’ states that the global aerospace & defense metal stamping market is expected to reach USD 33,641.9 million by 2027, at a CAGR of 4.6% during the forecast period, 2020 to 2027.
Meticulous Research’s Repository for Metal Stamping Industry Include:
Metal Stamping Market By Process (Blanking, Embossing, Bending, Deep Drawings), Material (Steel, Aluminum, Copper), Application (Automotive, Consumer Electronics, Aviation, Electronic, Telecommunications, Medical, Defense), and Geography - Global Forecast to 2023
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