Stringent Emission and Fuel Economy Regulations for Lightweight Materials to Thrive Market
In the past few decades, the automotive industry is growing at an unprecedented level. For instance, the U.S. has one of the largest automotive markets in the world. Though the COVID impact has put the sector on a lower side, the trend is set to experience colossal growth, owing to strong demand for electric vehicles, creating a lucrative opportunity for the market. Also, the stringent regulations regarding stringent fuel economy and emission are also increasing compelling OEMs to increase the use of lightweight metals. This is owing to reduced fuel consumption as they consume low energy during acceleration.
According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the total number of commercial vehicles and cars produced in 2020 is around 7.76 million units; where 3.12 million units were produced in the first half of the year 2020 which drives from January to June. Whereas, the time span of the first half of the year 2021 which drives from January to June; the total number of commercial vehicles and cars produced surged to 4.03 million units. Thus, increasing the demand for vehicles further propelling the growth of the market.
What Will Be the Market By 2028?
Our report on the metal forming market has covered the study of the latest development and investment in the market.
Additionally, the report covers the value chain analysis, regulatory analysis, market attractiveness analysis, and Porter’s five forces analysis, for the metal forming market. As well, our report includes market drivers, restraints, and opportunities along with COVID-19 impact analysis, historical & descriptive analysis, forecasts & predictive analysis.
The Global Metal Forming Market is expected to reach over USD 122.70 Million in 2028 at CAGR of 4.00%.
Some of the key players in the metal forming market include - CYMAT Technologies Ltd. (Canada), ERG Aerospace Corporation (US), Alantum (South Korea), Liaoning Rontec Advanced Material Technology Co. Ltd. (China), Mott Corporation (US), Shanxi Putai Aluminum Foam Manufacturing Co. Ltd. (China), Ultramet (US), Mayser GmbH & Co. KG (Germany), Pohltec Metalfoam GmbH (Germany), and Aluminum King Co. Ltd.(China).
Asia Pacific is estimated to dominate the metal forming market over the forecast period. The market growth is attributed to the presence of emerging economies in the Asia Pacific region. China is anticipated to hold the largest share in the APAC region. China contributes around 30% of total vehicle production in the region. Also, Japan is expected to hold the second-largest share of the market. Thus, owing to the presence of such emerging economies in this region, the demand for metal forming is increasing and is further expected to grow the market over the forecast period.