Based on a report published by
Grand View Research, Inc.; the global automotive
metal stamping market is anticipated to reach a valuation of USD 112.38
billion by 2024. Growing use of sheet metal in the manufacturing of automobile
chassis, interior and exterior structural components, and transmission
components can propel the market over the forecast period (2013 to 2024).
The use of metals instead of fiber
composites due to its high durability is expected to positively influence
demand from the automotive sector. Metal stamped components offer high
stability and durability to the vehicle required in commercial vehicles. The
utilization of metals like aluminum to manufacture fuel-efficient vehicles due
to its low weight is likely to drive the demand for stamping technology from the
automobile industry. Alloys such as forged steel, cast iron, cast aluminum, and
titanium are an essential part of automotive engines.
Factors like machining capabilities
and the use of lean techniques to cut wastage through the stamping process are projected
to drive the growth of the automotive metal stamping market. Both these factors
are vital for improving operational efficiency and for reducing total operating
costs. Therefore, most companies are increasingly engaging in research and
development (R&D) activities.
Additionally, rising use of
hybrid electromagnetically assisted sheet metal stamping machines can positively
impact the market. These machines can minimize failures during stamping by
controlling strain distribution. This is anticipated to propel demand over the
forecast period. Strict guidelines to improve working environment, safety
standards, material usage, and waste disposal are projected to create growth
and sustainability opportunities for the key market participants.
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However, use of plastic
components as a substitute for metal components to manufacture lightweight
vehicles can hinder market growth over the forecast period.
The worldwide automotive metal
stamping market can be segmented on the basis of technology, application, and
region. Based on technology, the market can be categorized into blanking,
flanging, bending, embossing, coining, and others. As per application, the
market can be segmented into cars, transportation, recreational vehicles, and commercial
vehicles. In 2015, blanking held over 35% of the overall market share in terms
of revenue. Coining technology, on the other hand, is likely to grow at a CAGR
of over 3% from 2016 to 2024.
Geographically, the market can
be divided into North America, Europe, Asia Pacific, Latin America, and Middle
East & Africa. North America is expected to showcase rapid growth in the forthcoming
years due to increasing demand for stamping parts in production of cars and
heavy trucks. The presence of top manufacturers in the region can further boost the expansion. High demand
for commercial vehicles due to availability of well-connected highways utilized
to carried out inter-state trade is anticipated to drive growth for the
automotive metal stamping market in the U.S.
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Europe is one of the
attractive markets in terms of growth opportunities due to high production of
automotive in Italy, Germany, and France. Some of the major companies such as
BMW, Audi, and Volkswagen among others are continuously involving to improve manufacturing
methods and use of metal stamped parts. The automotive manufacturing industry
is developing at a rapid pace in Latin America and Asia Pacific. This is mainly
due to the increasing investments from major overseas original equipment
manufacturers (OEMs) developing manufacturers to cater to the local vehicle
demand.
Asia Pacific is one of the
fastest growing markets for automotive metal stamping as it is a large-scale manufacturer
and top exporter of vehicles. Growing consumer disposable income in countries
such as India and China is projected to boost the regional market. India is
likely to grow at CAGR of around 9.2% during the forecast period due to
increasing vehicle demand, government efforts to promote automobile
manufacturing, and hefty investments from the top automotive manufacturers.
Some of the leading companies
operating in the automotive metal stamping market include Shiloh Industries,
Inc.; Alcoa Inc.; Wisconsin Metal Parts, Inc.; Manor Tool & Manufacturing
Company; and Kenmode Precision Metal Stamping. The market is characterized by third
party vendors and companies employing stamping technology. To minimize cost, automobile
manufacturers subcontract the stamping jobs to third-party vendors. Outsourcing
also offers the flexibility to automobile manufacturerin handling the inventory
as per the requirement. This helps to reduce overall processing cost for the
manufacturers.
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Report by Grand View: https://www.grandviewresearch.com/press-release/global-automotive-metal-stamping-market
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