The Automotive Metal Forming Market is expected to grow at a CAGR of 3.22%, by value, during the forecast period. The market is estimated to be $172.5 billion in 2020 and is projected to reach $202.2 billion by 2025.
An increasing number of environmental regulations are being implemented globally owing to rising concerns pertaining to carbon emissions by vehicle exhausts. In order to achieve the emission limits, OEMs are focusing on lightweight materials for the automotive industry. The use of lightweight materials reduces the fuel consumption of vehicles as less weight consumes low energy at the time of acceleration. Efficient design, material selection, manufacturing, and assembly result in effective light-weighting. Lightweight materials such as steel and aluminium are used to manufacture BIW, Chassis, and Closures and many other applications. As forming is the best-suited technique for steel and aluminium, forming technologies are expected to drive the metal forming market for automotive. Apart from the vehicle lightweight trend, coronavirus outbreak also has a significant impact on the metal forming market for automotive.
The automotive metal forming market is dominated by manufacturers such as Magna (Canada), Benteler (Germany), Tower International (UK), Toyota Boshoku (Japan), and Aisin Seiki (Japan).
Opportunity: Growing sales of electric and hybrid vehicles:
The global battery electric vehicle (BEV) and hybrid electric vehicle (HEV) market is growing rapidly. Factors such as rising concerns about global warming and air pollution and government support to reduce air pollution are driving the BEV market. The growth of the HEV market is driven by factors such as better fuel efficiency, increased driving range, fast refuelling, and lower greenhouse gas and air pollutant emissions. Because of such advantages over ICE vehicles, BEVs and HEVs are widely accepted across the globe. There is no such difference in manufacturing techniques of electric and hybrid vehicles. The manufacturing process of BIW and closure-related parts remains the same; hence, existing players in the metal forming market can leverage this opportunity.
Request FREE Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=117844713
By techniques type, stamping is expected to be the largest market over the forecast period
Stamping is one of the most common forming techniques used in the automotive industry. In the automotive industry, many structural components are manufactured through the stamping process. These include closures (doors, hood, and truck) and components of BIW such as A-pillar, B pillar, crossbeam, and roof liner. Because of such wide application and being the most cost-effective forming technique, stamping is expected to hold the largest market.
The cold-forming market is estimated to be the largest market in forming type segment
Cold forming expected to maintain its position in the metal forming market for automotive. As cold forming is one of the most conventional manufacturing processes in which components are formed using different types of forming techniques at room temperature and do not require any additional handling and carrying. Because of this, the overall cost of the cold forming process is low as compared to the hot forming process. Owing to such cost advantages, cold forming is still the major preference of OEMs across the globe.
Aluminium is expected to show the fastest growth over the forecast period, by material type
The contribution of aluminium to the overall vehicle weight has grown substantially over the years. According to the ACC, the contribution of aluminium has increased from 7.8% of the total vehicle weight in 2005 to about 9.0% in 2012, and approximately 12.5% in 2019 for lightweight vehicles in North America. Several automotive components are manufactured using aluminium. These include cross-car beam, front door, oil pan, rear door frame, and seat frame. Aluminium is rapidly replacing steel in many automotive applications like the body in white and chassis. Its usage rate (%) for forming applications is higher in Europe and North America when compared with that in Asia Oceania. However, even with the low usage rate, Asia Oceania is the largest market for aluminium, owing to its huge vehicle production.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=117844713
Asia Oceania and North America are estimated to drive the metal forming market for automotive
The Asia Oceania region is projected to lead the metal forming market for automotive during the forecast period owing to the large-scale vehicle production compared to other regions. According to OICA (Organisation Internationale des Constructeurs d’Automobiles), Asia Oceania contributed about 50–55% of the global vehicle production in 2019. Vehicle production in Asia Oceania has grown substantially in the last 10 years. This increase in production comes from small and mid-sized cars in China and India as these two countries have the largest population and are price-sensitive markets. With the increase in the production of vehicles, the demand for metal forming for automotive grew at a significant rate in Asia Oceania. This growth may have been derailed in 2020 owing to the COVID-19 outbreak. However, as per estimates, the Asia Oceania will witness growth in the forecast period owing to the successful containment of the virus in countries such as China, Japan, and South Korea. North America is expected to be the fastest-growing metal forming market for automotive. The North American region comprises countries with significant vehicle production such as Canada, Mexico, and the US. The US is the major contributor, i.e., it contributed around 65% of the overall vehicle production in North America in 2019. The North American metal forming market is dominated by key players such as the Tower International (US), Magna (Canada), and Kirchhoff Automotive (US).
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States