There are various processes practiced in a market for manufacturing axisymmetrical cup with significant forming depth among which deep drawing process is most prompt. The deep drawing process is a forming process with ongoing interest which will have a major impact on industries in coming years. This article focuses on the current status and potential of future development of technology in the deep drawing process. First, it describes various types of approaches and techniques used in the deep drawing of different materials. This is followed by brief reviews of advantages and limitations of these technologies with its application in industries. The details of these technologies are just referred rather than explaining in detail. The further part of this article focuses on advanced methods for predicting defects like thinning, wrinkling and spring-back in deep drawing process which are mostly responsible for rejection of the components. The opportunity in the development of flexibility in deep drawing process is covered with an observed barrier in the prediction of defects such as thinning, wrinkling and spring-back. The obtained evidence indicates that deep drawing process may not be applicable for all materials, but represents an excellent opportunity in the drawing of multilayer metal and composite material sheets to complex shapes. © IMechE 2018.