Metal forming companies use ferrous and nonferrous metals—including steel, copper, brass, aluminum, titanium and various alloys—to fabricate a variety of metal products that are utilized by industrial companies in products such as autos, planes, computers, appliances and machinery. Fabrication is achieved through a number of metal processing operations, including stamping, laser cutting, punching, bending, welding, roll forming and coil processing. According to industry intelligence firm First Research, the metal forming industry consists of approximately 55,000 companies with combined annual revenue of $340.0 billion.
Thus far in 2022, the manufacturing economy has been “stretched,” according to The Fabricator. Since the COVID-19 pandemic began in March 2020, metal forming companies were faced with supply chain challenges. While many companies are currently able to acquire some raw materials, oftentimes, supplies are still hard to find. This has caused a slowdown in companies’ ability to ship products. While the U.S. economy is not currently in a recession and many companies are reporting growth, The Fabricator indicates that “…something feels a bit off.”
Indeed, while many of the largest companies in the metal forming industry reported significant gains in the first three quarters of 2022, these firms also acknowledge the complications that have arisen from general economic conditions.
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