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  • Metal Forming Market Size, Share, Growth, Trends, Forecast by 2025




    (Transportation-News.com, January 03, 2020 ) The Metal Forming Market for Automotive was valued at USD 217.69 billion in 2017 and is projected to grow to USD 269.01 billion by 2025, at a CAGR of 2.83% during the forecast period.

    The global market is booming because the rising vehicle production along with stringent emission norms and fuel economy regulations are driving the demand for lightweight materials in the automotive industry. Other than this, new metal forming techniques such as hot forming and hydroforming are making metal-formed components better and stronger.

    The metal forming market ecosystem for automotive consists of manufacturers such as Magna (Canada), Benteler (Germany), Tower International (UK), Toyota Boshoku (Japan), Aisin Seiki (Japan), Kirchhoff (US), and CIE Automotive (Spain); OEMs such as Volkswagen (Germany), Daimler AG (Germany), Ford Motor Company (US), Hyundai Motor Company (South Korea), Toyota Motor Corporation (Japan); and equipment manufacturer associations such as Automotive Component Manufacturers Association of India (ACMA), Japan Automotive Manufacturers Association (JAMA), and European Automobile Manufacturers' Association (ACEA).

    Opportunity:

    1 Growing Sales of Electric and Hybrid Vehicle Will Create an Opportunity for Metal Forming
    2 Increasing Acceptance of Hydroforming Techniques

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    Growing vehicle production is one of the major driving forces behind the market. In 2017, according to OICA, the passenger car production in the Asia Oceania region was around 44.96 million units. China, Japan, and India had a share of 55.2%, 18.6%, and 8.8% of the passenger car production in Asia respectively. Passenger cars are, therefore, estimated to be the largest segment of this market.

    Aluminum is expected to show the fastest growth over the forecast period, by material type. It is rapidly replacing steel in many automotive applications like a body in white and chassis. The usage rate (%) of aluminum for forming applications is higher in Europe and North America when compared with that in Asia Oceania. The consumer spending power and vehicle costs are higher in countries such as the US and Germany, as compared to the developing economies. Thus, automakers are increasing the use of expensive lightweight materials such as aluminum, which helps to reduce the overall vehicle weight, thus improving the performance and fuel efficiency. However, it is 35-40% costlier than steel, because of which it has a low penetration in Asia Oceania.

    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 a wide application and is the most cost-effective forming technique, stamping is expected to hold the largest market.

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    The cold-forming market is estimated to be the largest market in the forming type segment and is expected to maintain its position in the global market. 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.

    Target Audience:

    Automotive component manufacturers
    Automotive lightweight component manufacturers
    Automotive material suppliers
    Automotive manufacturer associations
    Automotive Original Equipment Manufacturers (OEMs)
    Forming equipment manufacturers
    Suppliers of conventional materials to automotive component manufacturers

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    MarketsandMarkets

    Mr. Shelly Singh

    1-888-600-6441

    newsletter@marketsandmarkets.com

    Source: EmailWire.Com

    Source: EmailWire.com

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