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Metal Forming for Automotive Market

Metal Forming for Automotive Market

Metal Forming for Automotive Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

184

Base Year:

2021

Date

Jan - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1118

Segments Covered
  • By Technique Roll, Stretch, Stamping, Deep Drawing, Hydroforming
  • By Type Hot, Cold
  • By Application BIW, Chassis, Closure
  • By Material Steel, Aluminum, Magnesium
  • By Regions North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 201.36 Billion
Revenue 2028Revenue 2028: USD 234.09 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 3.1%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Metal Forming for Automotive Market Share

Metal Forming for Automotive Market: by Technique (Roll, Stretch, Stamping, Deep Drawing, Hydroforming), Type (Hot, warm and Cold), Application (BIW, Chassis, Closure), Material (Steel, Aluminum, Magnesium), and Regions

Market Synopsis

The global Metal Forming for Automotive market is projected to value at USD 234.09 Billion by 2028 from USD 201.36 Billion in 2021 at a CAGR of 3.1% during the forecast period, 2021–2028.

In an environment of global competition and increasing regulation, automakers are expected to continue applying stringent product homologation rules. In order to meet the emission norms other than emission norms, a transition from manganese-based high strength steel has been made to aluminum alloys in the body structure, which requires a change from largely cold stamping processes to hot forming processes. In addition, with regard to sheet metal outer panels such as front fenders and rear doors etc., it is necessary to use hot bending processes having excellent formability compared with conventional stamping processes.

Metal Forming for Automotive

Metal Forming for Automotive Market Size, 2021 To 2028 (USD Billion)

Growing Pressure to Improve Fuel Economy to Drive Automakers to Produce Lightweight Vehicles

In order to reduce the weight of car bodies, automakers are increasing the use of hot forging processes such as hollow-forging and roll stamping. In North America and Europe, there is a trend toward high-speed forming in which sheet metal thickness becomes thinner and higher strain is applied. On the other hand, in China and India, the development of automotive industries in emerging countries has led to an increase in demand for low-cost vehicles and has become a factor that reduces the weight required in body structures (in particular exterior components), resulting in an increase of light weighting parts with thin steel plate thicknesses such as simple cut parts.

In order for these developments to continue without delays or stagnation due to tool shortages, it will be necessary for tool manufacturers to maintain a high degree of flexibility, realignment of production models, and high awareness as a manufacturer for forming processes.

Segmentation

The global metal forming market is segmented on the basis of technique into roll, stretch, stamping, deep drawing, and hydroforming. On type, into hot, warm and cold. Based on application into BIW, chassis, closure, and others. On material into steel, aluminum, magnesium, others.

Below tree is interactive. You can click the nodes to get more information.

Hot Hollow Metal Forming Technique to Dominate the Metal Forming for Automotive Market

When compared with steel sheets, galvanized steel plates have higher hardness and strength due to the zinc coating process that prevents oxidation of the base material. In Japan and North America where sheet metal thickness is generally thick, hot roll bending processing has been dominant from the viewpoint of productivity improvement. In Europe and China where plate thicknesses are required because of the weight of vehicles, cold roll forming has been dominant compared to hot roll bending.

Hot hollow-forging is used for mass production of parts such as steering knuckles and shafts by using cylindrical dies. As an advantage of the method, the base material has a round shape without scrap generation at the time of processing because there is no need to form the side walls unlike stamping processes. Therefore, productivity is higher than that achieved by hot forging. On the other hand, since height accuracy is low due to deformation during forging work, dimensional accuracy after machining is required in some cases.

Aluminum Metal Forming to Remain the key Contributor to the Metal Forming Market

The demand for metal forming is expected to grow significantly in the coming years, primarily to support the production of electrical vehicles. Despite recent headwinds, steel accounts for about 90 percent of global metal forming processing by tonnage, and all signs point to a continued dominance for at least the next decade. That said, alternative metals are increasingly being used in automotive applications due both to environmental concerns and weight reduction initiatives. Of particular interest is aluminum because it has a high strength-to-weight ratio and good formability. Aluminum also offers design freedom because it can be cast or forged depending on specifications. In addition, aluminum's recyclability makes it an attractive material from an ecological perspective given that recycling secondary raw materials represents around 70% of total aluminum consumption.

According data from the International Aluminum Institute, global automotive production is projected to increase by 22% over the next five years. The resulting surge in demand for aluminum will create opportunities for metal forming companies specializing in the process; although competition will be fierce because traditional materials like steel are also needed to support vehicle production.

Asia Pacific to Lead the Global Metal Forming for Automotive Market

Asia Pacific is the largest consumer of Metal Forming for Automotive part manufacturing. The region accounts for 35% of global revenue share in metal forming, followed by North America, Europe, and other regions combined. Asia Pacific will remain the highest contributor to total market revenue with a CAGR of 4.8% over the forecast period. China dominates the Asia Pacific market, despite already reaching mature growth phase. The Japanese market will grow at modest pace during estimated period due to aging population and lower manufacturers penetration rate.

Competitive Landscape

Some of the key players in the global metal formatting for automotive market are Benteler (Germany), Magna (Canada), Tower International (UK), Aisin Seiki (Japan) and Toyota Boshoku (Japan).

The Metal Forming for Automotive is Segmented as Follows:

Parameter Details
Segments Covered
  • Technique (Roll, Stretch, Stamping, Deep Drawing, Hydroforming)
  • Type (Hot, Cold)
  • Application (BIW, Chassis, Closure)
  • Material (Steel, Aluminum, Magnesium)
  • Regions (North America, Europe, Asia Pacific, Middle East & Africa, Latin America)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Benteler (Germany)
  • Magna (Canada)
  • Tower International (UK)
  • Aisin Seiki (Japan) and Toyota Boshoku (Japan)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

FAQ
Frequently Asked Question
  • The global Metal Forming for Automotive valued at USD 201.36 Billion in 2020 and is expected to reach USD 234.09 Billion in 2028 growing at a CAGR of 3.1%.

  • The prominent players in the market are Benteler (Germany), Magna (Canada), Tower International (UK), Aisin Seiki (Japan) and Toyota Boshoku (Japan).

  • The market is project to grow at a CAGR of 3.1% between 2021 and 2028.

  • The driving factors of the Metal Forming for Automotive include

    • Growing Pressure to Improve Fuel Economy to Drive Automakers to Produce Lightweight Vehicles

  • Asia Pacific was the leading regional segment of the Metal Forming for Automotive in 2020.