Automotive Sheet Metal Components Market
Automotive Sheet Metal Components Market is segmented By Material (Steel and Composites, Aluminium and Composites, Others), By Application (Interior, Exterior, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Market Overview
[150 Pages Report] The Automotive Sheet Metal Components Market size is projected to reach USD billion by 2029, with growth at a CAGR of 3% over the forecast period 2022-2029.
Automotive Sheet Metal Components Market Scope
Metrics |
Details |
Market CAGR |
3% |
Segments Covered |
By Material, By Application, 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 key insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
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Sheet metal is produced by shaping metal into thin, flat slabs through an industrial process. Sheet metal is fundamental metalworking that can be cut and bent into several shapes. A sheet metal component is made from a uniformly thick metal sheet. Automotive sheet metal components are often comprised of steel or aluminum. It is mostly created by procedures such as cutting, bending, and sketching. Automotive sheet metal components are manufactured using several types of dies and presses.
According to the DataM Intelligence market research report, the global automotive sheet metal components market is divided into five major regions such as North America, South America, Europe, Asia-Pacific, Middle East, and Africa. The automotive industry is a major employer and a strategically significant industry in North America. The United States accounts for the overwhelming majority of automotive production in North America. Canada and Mexico have comparatively much lower production rates than the United States due to smaller populations. The introduction of new vehicle models, technological innovation, the ongoing transition to electric vehicles, and the increase in domestic sales is likely to fuel the growth in automobile production in the region. It will lead to the sustained growth of the North American automotive sheet metal component market.
Germany accounts for the overwhelming majority of automotive production in Europe. France, the UK, and Spain have comparatively much lower production than other major European automotive manufacturers. The growth of the European automotive industry has been supported by the rules and regulations of the European Union (E.U.), which creates a common economic zone with open borders and eliminates customs and tariffs on goods produced within its borders. European automotive manufacturers are investing substantially in developing electric vehicles and localized supply chains. The European automotive sheet metal components market will continue to experience sustained growth due to production expansion by European and international vehicle manufacturers and the ongoing transition to electric vehicles.
Asia-Pacific has a mix of highly developed, developing, industrializing and underdeveloped countries and the growth in the demand for automobiles has led manufacturers to devise various strategies. Automotive companies have broadened their product offerings from small-budget family hatchbacks to large sport utility vehicles (SUVs). The major automotive manufacturers of Asia-Pacific have turned to local supply chains for sourcing automotive components. It lowers production costs and helps keep the prices of vehicles low. Lower vehicle prices are an attractive selling point, especially for first-time car buyers. As economic growth picks up, the demand for passenger and commercial vehicles, especially in rapidly industrializing countries such as India, China, Vietnam, Malaysia, Thailand, and Indonesia, is likely to increase significantly in the coming years. The Asia-Pacific automotive sheet metal components market will witness healthy growth in the coming years.
Market Growth Dynamics
Growing demand for passenger vehicles is expected to drive the growth of the global automotive sheet metal components market:
The increase in demand for automobiles, supported by the increase in disposable income in developing countries, is mainly driving the demand for sheet metal components for the automobile industry. Improving living standards resulting from economic growth is a key trend in driving the demand for new passenger vehicles. The growing demand for passenger vehicles is a key driver for the growth of the global automotive sheet metal components market.
The fluctuations in metal prices are expected to restrain the growth of the global automotive sheet metal components market:
Over the forecast period, the fluctuation in metal prices is expected to prevent the major growth of the global automotive sheet metal components market. The primary raw materials used to manufacture sheet metal components include steel and aluminum. Metal prices are volatile and fluctuate depending on global events. Materials are a major expense for vehicle manufacturers, and price fluctuations can heavily impact profit margins.
The growing adoption of hybrid and electric vehicles is expected to create new opportunities for the global market:
Concerns about global warming and growing environmental consciousness fuel the demand for hybrid and electric vehicles. The increase in demand for these vehicles is also caused by lifestyle changes, government subsidies, and technological advances. Demand for lightweight raw materials will provide opportunities to increase the demand for sheet metal components in the production of hybrid and electric vehicles.
Supply chain volatility is expected to present challenges to the growth of the global automotive sheet metal components market:
Various global events such as the pandemic and other ongoing geopolitical events have led to a massive increase in supply chain volatility. The volatility impacts automotive production and presents a key challenge for the growth of the global automotive sheet metal components market.
COVID-19 Impact Analysis
The COVID-19 pandemic has significantly impacted the automotive value chain members. Because of international trade barriers erected by various regulatory bodies and governments worldwide, industry participants experienced major supply-chain disruptions of raw materials and components. Furthermore, the COVID-19 pandemic-induced supply chain disruptions have severely impacted the global manufacturing sector. The epidemic has significantly impacted components, particularly the automotive industry. A decline in vehicle production has resulted in lower global demand for automotive sheet metal components. Despite these challenges, the pandemic is unlikely to hamper the long-term growth of the global automotive sheet metal components market.
Recent Developments in the Industry:
- In July 2022, Novelis, a U.S.-based aluminum company, announced a partnership with Sortera Alloys Inc., a startup engaged in industrial scrap metal recycling solutions for developing automotive sheet metal components with recycled industrial scrap metal.
- In March 2022, Pinnacle Industries, an Indian automotive components manufacturer, announced the commencement of production of sheet metal and tube components for electric vehicles at its production facility in Pithampur, India.
Market Segmentation
The scope of the report covers segmentation based on material, application, and region. By material, the global automotive sheet metal components market is segmented into steel and composites, aluminum and composites, and others. By application, the global automotive sheet metal components market is segmented into exterior and interior.
- Steel and Composites: Steel is one of the most widely manufactured and used metals globally. In the automotive sector, steel and steel composites with trace amounts of manganese, chromium, tungsten, and vanadium are extensively utilized in manufacturing body panels such as trucks and vehicle chassis.
- Aluminum and Composites: Aluminum is widely used in the automotive industry, especially in chassis and body structure Aluminum's use in the automobile sector has increased dramatically quickly and aluminum castings have been used in the automotive industry for pistons, cylinder heads, intake manifolds, and transmissions. It is employed in chassis applications like wheels, brackets, braking components, suspension, steering components, and instrument panels. Further, aluminum is used for body structures, finishing, and exterior attachments such as crossbeams, doors, or bonnets.
- Others: Magnesium alloys and copper are the two most commonly used materials apart from steel and aluminum. The Mg-Al-Zn group, which includes aluminum, manganese, and zinc, is the most frequent alloying component for room-temperature applications. Copper-based automotive sheet metal components are mostly PCBs in electrical casings and engine exteriors.
Competitive Analysis
The global automotive sheet metal components market is extremely competitive and highly segregated due to many local, regional and global players. The major companies are leading research efforts to increase production output at lower costs to gain wider adoption and grow the global market.
Major Companies
Some key companies contributing to the market's growth include Amada Co., Ltd., Larsen Manufacturing LLC, Novelis Inc., O'Neal Manufacturing Services, Frank Dudley, Omax Autos Ltd., Mayville Engineering Company, Inc., General Stamping & Metalworking Inc., Job Sheet Metal Technology AB, and Craemer GmbH, among others.
FAQ
What is the Automotive Sheet Metal Components Market growth?
The market is growing at a CAGR of 3%.
What is the Automotive Sheet Metal Components Market size in 2021
The Market size was valued at USD YY million in 2021.
Who are the key players in Automotive Sheet Metal Components Market?
Amanda Co., Ltd., Larsen Manufacturing LLC, Novelis Inc., O'Neal Manufacturing Services, Frank Dudley, Omax Autos Ltd., Mayville Engineering Company, Inc., General Stamping & Metalworking Inc., Job Sheet Metal Technology AB, and Craemer GmbH, among others.