Based on a report published by Grand View Research, Inc.; the globabl automotive metal stamping market is anticipated to reach a valuation of USD 112.38 billion by 2024. Growing use of sheet metal in the manufacturing of automobile chassis, interior and exterior structural components, and transmission components can propel the market over the forecast period (2013 to 2024).
The use of metals instead of fiber composites due to its high durability is expected to positively influence demand from the automotive sector. Metal stamped components offer high stability and durability to the vehicle required in commercial vehicles. The utilization of metals like aluminum to manufacture fuel-efficient vehicles due to its low weight is likely to drive the demand for stamping technology from the automobile industry. Alloys such as forged steel, cast iron, cast aluminum, and titanium are an essential part of automotive engines.
Factors like machining capabilities and the use of lean techniques to cut wastage through the stamping process are projected to drive the growth of the automotive metal stamping market. Both these factors are vital for improving operational efficiency and for reducing total operating costs. Therefore, most companies are increasingly engaging in research and development (R&D) activities.
Full Research Report On Automotive Metal Stamping Market Analysis:
Additionally, rising use of hybrid electromagnetically assisted sheet metal stamping machines can positively impact the market. These machines can minimize failures during stamping by controlling strain distribution. This is anticipated to propel demand over the forecast period. Strict guidelines to improve working environment, safety standards, material usage, and waste disposal are projected to create growth and sustainability opportunities for the key market participants.
However, use of plastic components as a substitute for metal components to manufacture lightweight vehicles can hinder market growth over the forecast period.
The worldwide automotive metal stamping market can be segmented on the basis of technology, application, and region. Based on technology, the market can be categorized into blanking, flanging, bending, embossing, coining, and others. As per application, the market can be segmented into cars, transportation, recreational vehicles, and commercial vehicles. In 2015, blanking held over 35% of the overall market share in terms of revenue. Coining technology, on the other hand, is likely to grow at a CAGR of over 3% from 2016 to 2024.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to showcase rapid growth in the forthcoming years due to increasing demand for stamping parts in production of cars and heavy trucks. The presence of top manufacturers in the region can further boost the expansion. High demand for commercial vehicles due to availability of well-connected highways utilized to carried out inter-state trade is anticipated to drive growth for the automotive metal stamping market in the U.S.
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Europe is one of the attractive markets in terms of growth opportunities due to high production of automotive in Italy, Germany, and France. Some of the major companies such as BMW, Audi, and Volkswagen among others are continuously involving to improve manufacturing methods and use of metal stamped parts. The automotive manufacturing industry is developing at a rapid pace in Latin America and Asia Pacific. This is mainly due to the increasing investments from major overseas original equipment manufacturers (OEMs) developing manufacturers to cater to the local vehicle demand.
Asia Pacific is one of the fastest growing markets for automotive metal stamping as it is a large-scale manufacturer and top exporter of vehicles. Growing consumer disposable income in countries such as India and China is projected to boost the regional market. India is likely to grow at CAGR of around 9.2% during the forecast period due to increasing vehicle demand, government efforts to promote automobile manufacturing, and hefty investments from the top automotive manufacturers.
Some of the leading companies operating in the automotive metal stamping market include Shiloh Industries, Inc.; Alcoa Inc.; Wisconsin Metal Parts, Inc.; Manor Tool & Manufacturing Company; and Kenmode Precision Metal Stamping. The market is characterized by third party vendors and companies employing stamping technology. To minimize cost, automobile manufacturers subcontract the stamping jobs to third-party vendors. Outsourcing also offers the flexibility to automobile manufacturerin handling the inventory as per the requirement. This helps to reduce overall processing cost for the manufacturers.
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