Manufacturing is an ever-changing sector for customers, suppliers and companies around the world. As new technology (IoT, robotics, 3D printing, etc.) and an increase in jobs (employment in the industry rose by 196,000 in 2017) continues to sweep the industry, it only makes sense for new trends to emerge and take over.
Specifically within metal manufacturing, there are plenty of projections to look out for in the coming year, simply because there are many types of metals being manufactured every day.
With this in mind, we’ve listed a handful of trends and projections for metals within the industry in 2018.
1. Continued Pressure for Steel Growth
Steel is a metal that has had challenging circumstances for growth within the last five years. A global overcapacity and a higher U.S. dollar value have put a downward amount of pressure on its prices, meaning revenue for the metal is expected to decline.
Despite these grim predictions for steel in 2018, manufacturers can remain hopeful when they look at the growth occurring in the industry overall. Under new administration in America, this sector has experienced consistent growth, and in June 2017, activity expanded at the fastest pace in three years – a steady increase that’s hoped to continue in 2018.
2. An Increase in Research and Development Efforts
Metal manufacturing is expected to reach around $9900 billion by 2020, a statistic that can be attributed partly to an increase in R&D.
- More metal companies are making the move to increase spend on their research and development expenditure to launch new product lines.
- In 2017, America was the second-largest region in metal and mineral manufacturing, accounting for a 13% market share.
With new spending dedicated to research and development, the industry can work toward advancements in new products such as ultra-light alloys.
3. Growth for Tantalum and Lithium
International reports are suggesting that tantalum and lithium, two metals that are not as commonly known as iron or steel, are projected for growth in the next four years.
Between 2017 and 2021, tantalum is expected to grow by an annual compound rate of more than 3%. Various applications for the metal include use within smartphones, automotive electronics and personal computers.
By 2024, the lithium market is projected to surpass $60 billion, with the increase in the lithium-ion battery market for electric and hybrid vehicles.
4. Emergence of Metal 3D Printing
Advances in the 3D printing industry will help manufacturing companies introduce new 3D metal printing products in 2018. There are projections that these types of products will advance the level of user-friendliness and make a mark on industries such as automotive and oil and gas.
Another related development will be in the works, specifically within injection molding-based 3D printing systems that are focused on reducing the prices of these products.
5. Automating the Automotive Industry
As metal manufacturers, we can continue to expect a rise in automated robotic developments for automobiles, specifically in production and operations. This will be done to expedite production times, reduce labor costs and optimize operations.
Another motive for making the automotive market more automated than before has to do with an increase in demand for lightweight, electric/hybrid vehicles.
What Are Your Predictions for Metal Manufacturing in 2018?
Let us know about your thoughts and predictions on metal manufacturing in 2018 today! You can also reach out to our team to learn more about our products or request more information.