Automotive metal forming market
Image caption above: Deep drawn metal parts (source: New England Metalform, Inc.)
The global metal forming market for automotive is projected to grow at a CAGR of 3.2% from 2020 to 2025, to reach US$ 202.23 billion by 2025 from US$ 172.56 billion in 2018, according to new analysis from ResearchAndMarkets.com.
According to the report, global vehicle production and growing commercial vehicle demand will fuel the metal forming market for automotive. The market is projected to rise through key reasons such as increasing vehicle production and growing demand for commercial vehicles. The report also highlights 'the high capital cost of forming equipment’ as a major factor hindering the growth of the metal forming market.
The "Metal Forming Market for Automotive by Technique (Roll, Stretch, Stamping, Deep Drawing, Hydroforming); Type (Hot, Warm and Cold); Application (BIW, Chassis, Closure); Material (Steel, Aluminium, Magnesium) and Vehicle (ICE & Electric) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's portfolio. Cold forming is estimated to be the largest market by forming type and is projected to maintain its position over the forecast period.
“The hydroforming market is projected to show the fastest growth by forming technique segment. Hydroforming is one of the most advanced forming techniques 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 set-up cost as well as high operating costs, and is expected to have a significant market in Europe and North America,” said the report.
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 large-scale vehicle production compared to other regions. According to OICA (Organisation Internationale des Constructeurs d'Automobiles), Asia Oceania contributed around 50-55% of the global vehicle production in 2019. Vehicle production in Asia Oceania has grown substantially in the last ten years, mainly from small and mid-sized cars in China and India as these two countries have the largest populations and are price-sensitive markets.
“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 U.S. The U.S. is the major contributor (it contributed around 65% of 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),” added the report.