Metal forming companies convert ferrous and nonferrous metals into intermediate or end-use products through a variety of processes, including welding, forging, forming, stamping, machining, bending and assembly. According to industry intelligence firm First Research, there are currently about 50,000 metal forming companies in the U.S. with total combined annual revenue of approximately $343.0 billion.
According to The Fabricator, due to the COVID19 pandemic, the second quarter of 2020 was the most challenging quarter in recent memory for the metal forming industry, surpassing the most challenging moments of the Great Recession. However, the metal forming industry serves a variety of end markets, and the pandemic’s effects were not experienced in the same manner by each of these industry sectors. For instance, even though most metal forming companies had a challenging first half of 2020 since many original equipment manufacturers shut down operations to mitigate the spread of the virus, the companies that serve renewables, e-commerce, IT and communications infrastructure never slowed down.
Regardless, First Research indicates that revenue for the metal forming industry fell by 9.0% during 2020 when compared to 2019. However, looking at the first several months of 2021, many metal forming companies are seeing improvement as the industry recovers from the lowest points of the COVID-19 pandemic.
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