Market Overview
Automotive Metal Forming Market is expected to grow at a CAGR of 7.48% during the forecast period 2024-2031
Market Summary
| Metrics | Details |
| Market CAGR | 7.48% |
| Segments Covered | By Technique, By Application, By Material, By Vehicle Type, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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An increase in demand for commercial vehicles, government stringent emission norms, and growing vehicle production and trends towards lightweight will further fuel growth in the market.
Metal forming is the metalworking process of fashioning metal parts and objects through mechanical deformation; the workpiece is reshaped without adding or removing material, and its mass remains unchanged. The multiple processes used in metal forming include rolling, forging, extrusion, wire or rod drawing, and bending. The rise in vehicle production across the globe and an increase in demand for commercial vehicles are likely to drive the market for automotive metal forming during the forecast period (2024-2031).
The report covers all the major trends and drivers playing a key role in the growth of the Automotive Metal Forming market.
Market Dynamics
The global Automotive Metal Forming market growth is driven mainly due to technological innovations, including improved forming processes that have seen commercial usage over the recent past. Moreover, the capability of manufacturers and lean manufacturing methods to reduce wastage during processes is a crucial factor driving the growth of the global market. This has improved operational efficiency and thereby reduces operating costs. As a result, automotive metal stamping companies are investing significantly in research and development projects.
The market has been witnessing significant development in terms of materials as well as technologies used for the manufacturing of vehicle components. Stringent fuel efficiency regulations have facilitated R&D to develop lightweight & cost-effective materials for the automotive sector. Moreover, new technologies, including 3D printing, are being utilized for the manufacturing of large metal parts.
Furthermore, the growing demand for electric vehicles (EVs) globally will further fuel growth in the market. As, EVs are meant to be lightweight; therefore, manufacturers focus on reducing the weight of the vehicle, which ultimately improves car fuel efficiency. According to International Energy Agency (IEA), in 2017, more than one million EVs were sold globally, with countries like Norway, China, and the US dominating the global EVs market in terms of market share. In the same year, globally, more than three million EVs were in stock.
Market Segment Analysis
By technique, the global Automotive Metal Forming Market is segmented into Roll Forming, Stretch Forming, Stamping, Hydroforming, and Others. Rolling is an important metal-forming process. The majority of metal is manufactured by using the rolling process. Rolling is the first process undertaken in manufacturing, wherein the material is placed in between rollers and deformed plastically. Likewise, metal stamping is also an important metal forming process, which involves the usage of various tools to carry out the stamping operation.
By Material, the global Automotive Metal Forming Market is segmented into Steel, Aluminum, and others. In the steel segment, manufacturers have been conducting extensive research for the development of grades that can reduce car weight equivalent to other metals and also provide cost-effectiveness.
However, Aluminum is the fastest-growing segment in the market. The lightweight of these products has led to an increase in their utilization in the manufacturing of car components, body structures, power trains, etc. The greater use of high-strength, low-weight aluminum provides consumers and automakers with vehicles that are economical, durable, high performing, and safe. They also produce fewer emissions and use less fuel or battery power to operate, helping automakers meet stricter federal regulations and saving consumers money.
Geographical Share
By geography, the global Automotive Metal Forming Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
In 2018, APAC accounted for the majority share of the global market and was expected to continue to dominate the market during the forecast period. The APAC demand for automobiles is primarily driven by strong private consumption and the growing construction industry, which is expected to create greater demand for passenger and commercial vehicles. There is also expected to be continued growth in the demand for automotive components with a pipeline of investments in production facilities such as BMW’s hybrid vehicle battery factory in Thailand and Nissan’s engine and transmission production facility in Indonesia.
In North America and Europe, continuous technological innovation and improved manufacturing processes such as new metal-forming techniques like hot forming and hydroforming are making metal-formed components better and stronger and will drive the market in the region.
Competitive Analysis
Global Automotive Metal Forming Market is fragmented with the presence of global and regional players in the market. Intense rivalry among top players in the market has started fierce competition at various levels for setting a low price, driving aggressive marketing strategies, and expanding through M&A activities to increase their reach and consumer base.
Major players in the market are AES Automotive, Aisin Seiki, Benteler International AG, CIE Automotive, and Craemer Group. Other key players in the market are VNT Automotive, Hirotec Corporation, Kaizen Metal Forming, Kirchhoff Automotive, and LTC Roll.
