The global market for Metal Stampings, Forgings, and Castings is projected to reach a revised size of US$563.2 billion by the year 2027 after posting a -17% decline in the year 2020. Due to the COVID-19 outbreak, the sentiment across the industrial manufacturing sector has declined drastically over the last few months. The outbreak of the pandemic and imposition of lockdowns, has already impacted several regional economies, especially in North America, Western Europe and China, and the economic impact continues to spread to other countries such as India, ASEAN countries, Gulf nations, and Latin America Because of the lockdowns, activity in the industrial manufacturing sector remains sluggish and the scenario is likely to continue through the second quarter of the current year, while pushing a negative growth for the year 2020. The effect of this deadly virus, which rapidly engulfed the entire world in a span of few months, on economies, businesses and people has been unprecedented. Plants showdowns, supply chain disruptions have halted production activities worldwide. Manufacturing PMI is witnessing the worst decline since the 2009 recession. Disruption in production comes with financial ramifications for the metalworking industry. Full-blown recession and lower consumer spending will make for a rough recovery. Rethinking of supply chains post pandemic to decouple with China will create business strategy related challenges. Although restrictions have been eased significantly in some countries, concerns over future financial insecurity is limiting the consumer purchases only to the essential items such as groceries and other basic necessities.

In the post COVID-19 period, growth will be driven by the gradual recovery of automobile production, growing demand for precision automobile parts and components and the ensuing increase in automotive metalworking activity. The growth in the market will be influenced largely by demand for manufactured durable goods such as computers, electronic appliances and construction equipment, among others. Increasing investments in renewable energy infrastructure and the ensuing development of clean energy infrastructure will spur demand for metal stamping, forging and castings in the manufacture of renewable energy equipment such as turbines, transformers, which demand superior fabrication capabilities to match material and finishing requirements. Other equally important factors influencing growth will include robust demand for non-ferrous metal castings given its non-magnetic features and high resistance to corrosion; high backlog orders and steady stream of commercial aircraft deliveries and the ensuing strong demand for stamping forging and machining of aircraft parts and components; global focus on solar and wind energy against the backdrop of the urgent need to address climate change and the ensuing rise in demand for solar metal fabrications including stamped and metal fabricated parts such as aluminum frames, bracketry, trackers etc. Stamping solar power components is the most cost-effective way to produce solar power systems.