According to the research report titled ‘Global Metal Forming Market Size study with COVID-19 Impact, by Technique Type (Roll Forming, Stretch Forming, Stamping, Deep Drawing, Hydro forming and Others), by Application Type (BIW, Chassis, Closures and Others), by Electric & Hybrid Vehicle Type (Fuel Cell Electric Vehicle (FCEV), Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)), by ICE Vehicle Type (Passenger Car, LCV, Truck and Bus), by Forming Type (Cold Forming, Hot Forming and Warm Forming), by Material Type (Steel, Aluminum, Magnesium and Others) and Regional Forecasts 2020-2027‘, available with Market Study Report, global Metal forming market accounted for USD 178 billion in 2019 and is anticipated to showcase a compound annual growth rate of 3.2%  during 2020-2027.
 

Increasing vehicle production worldwide, high demand for commercial automobiles, and strict regulations regarding emissions and fuel economy are the major factors fueling the growth of global metal forming market.
 

For the record, metal forming of metal results in rigid customized shape with wide scope of applications in automotive, construction, industrial, and aerospace engineering. Furthermore, launch of products and services as well as adoption of several strategies by leading companies is creating opportunities for the global metal forming market growth. 
 

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However, rising utilization of composite materials in automotive manufacturing is majorly restraining the growth of global metal forming market. Also, rising prevalence of COVID-19 is causing disruptions in operation and supply chain processes, hence negatively impacting the market growth.  
 

In terms of technique, global metal forming industry is bifurcated into stretch forming, hydro forming, deep drawing, stamping, roll forming, and others. Based on application spectrum, the market is divided into closures, BIW, chassis, and others. 
 

In terms of electric & hybrid vehicle type, global metal forming market is classified into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV). With respect to material terrain, the industry is fragmented into magnesium, steel, aluminum, and others.
 

Speaking of ICE vehicle gamut, worldwide metal forming market is segmented into truck, LCV, passenger car, and bus. Based on forming type, the industry is bifurcated into warm forming, cold forming, and hot forming.

From a regional frame of reference, worldwide metal forming industry is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. Asia Pacific market is contributing major revenue share in recent times and is projected to record highest growth rate during the study period, mainly due to rising number of manufacturing units, increasing automotive sale, and presence of leading companies in this region.
 

Major players operating in global metal forming industry sphere include Magna International Inc., Tower International, Toyota Boshoku Corporation, VNT Automotive GmbH, Kirchhoff Companies, Aisin Seiki Co. Ltd., Mills Products Inc., CIE Automotive, Benteler International AG, and Superform Aluminium.