Is the Hydroforming Market Still Growing and What Does It Mean for the Midwest?
Earlier this year, we discussed what the COVID-19 global pandemic could mean for the world of hydroforming, particularly on the friction stir welding market.
Today, we intend to discuss the hydroforming market as a whole.
Is the Hydroforming Market Still Growing?
On this subject, we actually have some great news. Yes, great news in the year 2020.
According to recent reports, the hydroforming market (particularly as it relates to the automotive sector) is not only still going strong but is predicted to keep growing over the next five years.
The metal forming market for automotive is projected to grow at a CAGR of 3.2% from 2020 to 2025, to reach USD 202.23 billion by 2025 from USD 172.56 billion in 2018. The market is projected to rise owing to key reasons such as increasing vehicle production and growing demand for commercial vehicles. (Yahoo Finance)
As professionals with proven expertise in hydroforming, hydraulic press work, laser cutting, and various other various metal-forming techniques, we won’t pretend to be anything other than thrilled by this news.
What Does This Mean for the Midwest?
If you study a breakdown of strong industries in the American Midwest, you will see manufacturing ranked right at the top.
Due to the COVID-19 pandemic, of course, between June of 2019 and June of 2020, we saw our unemployment rates jump by nearly 200%
That makes the news that the hydroforming industry is growing even doubly sweet. The stronger the industry, the more jobs are created, and the more jobs are created, the stronger we are as a whole.
We Can Help
Here at American Hydroformers, we provide metal fabricating solutions using the most advanced hydroforming processes available.
And we do it right from the heart of the American Midwest.
To hear more about our premium services or to request a quote, please feel free to contact us at any time. We look forward to hearing from you!