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“Global vehicle production and growing commercial vehicle demand to fuel the metal forming market for automotive”
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.
On the other hand, the major factor hindering the growth of the metal forming market is the high capital cost of forming equipment.
“Hydroforming market is projected to show the fastest growth by forming technique segment”
Hydroforming is one of the most advanced forming techniques used in the automotive industry. It is generally used to manufacture hollow tube structures such as manifolds, exhaust cones, and a few suspension components. As hydroforming is comparatively expensive, it is mostly used by premium car manufacturers. Due to the increasing market share of premium car manufacturers, hydroforming is expected to grow at the fastest rate. It is an advanced technique and requires a high setup cost as well as high operating cost, because of which it is expected to have a significant market in Europe and North America.
“Cold forming is estimated to be the largest market by forming type and is projected to maintain its position in the forecast period”
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. The cold forming process is simpler than the hot forming process and does not require any additional setup cost. Hence, the overall cost of cold forming is low as compared to hot forming. Because of the advantages such as cost and low production time, cold forming is the major preference of OEMs across the globe.
“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).
The study contains insights provided by various industry experts. The break-up of the primaries is as follows:
- By Company Type – Tier-1 - 55%, Tier-2 - 15%, and OEMs - 30%
- By Designation ? C level - 45 %, Director level - 34%, and Others - 21%
- By Region ? North America - 25%, Europe - 35%, Asia Oceania - 25%, and RoW - 15%
The key companies profiled in the study are Magna (Canada), Benteler (Germany), Tower International (UK), Toyota Boshoku (Japan), Aisin Seiki (Japan), Kirchhoff (US), CIE Automotive (Spain), Mills Products (US), VNT Automotive (Austria), Superform Aluminum (US), and Hirotec (Japan).
The report covers the metal forming market for automotive. It is broadly segmented by region (Asia Pacific, Europe, North America, South America and Middle East and Africa), Technique type (Roll forming, Stretch forming, Stamping, Deep drawing, Hydroforming, and Others), Forming types (Cold forming, Warm forming and Hot forming), Material type (Steel, Magnesium and Aluminum), Application type (BIW, Chassis and Closures), Vehicle type (Passenger car, LCV, Truck, and Bus), and Electric & Hybrid vehicle type (BEV, PHEV, and FCEV).
Reasons To Buy the Report:
The report provides insights with reference to the following points:
- Market Size: The report gives in-depth market sizing and forecasts up to eight years with third level segmentation.
- Market Development: The report provides comprehensive information about lucrative emerging markets. The report analyzes the metal forming market for automotive across regions.
- Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the metal forming market for automotive.
- Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the metal forming market for automotive.
- The report has covered country level market by forming technique
- Metal forming market for Electric and Hybrid vehicle
- In customization, we have covered the segment of application by forming technique
- Company profiled: The report provides detailed information and in-depth analysis of key players of metal forming market for automotive based on their business strategy excellence and strength of product portfolio.