Press release
Automotive Sheet Metal Components Market: Clear Understanding of The Competitive Landscape and Key Product Segments
In order to make vehicles and their engines lighter, automobile manufacturers are demanding suppliers to provide lightweight sheet metal components to support the performance of lighter vehicle engines. Aluminum and steel sheet metals are being designed in much more refined and thinner forms as compared to old times in order to make them applicable for lighter automobile applications. These factors are expected to be the key factors to drive the global market for automotive sheet metal components market over the next few years.
Transparency Market Research estimates that the global automotive sheet metal components market, which was valued at US$104.30 bn in 2016, will exhibit a CAGR of 3.7% from 2017 to 2025 to account for US$142.41 bn in 2025.
automotive sheet metal components market
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High-strength Steel to Continue to Witness Strong Demand
Steel sheet components are the most widely used material in the automotive sector. 60% of the total weight of a vehicles is made of steel components. Steel allows good corrosion resistance while maintaining weldability and formability. There are numerous grades of steel available in the market to best suit the specific requirements as per application.
Stringent emission norms and automobile standards has been emphasizing automakers to develop lightweight vehicles. Therefore, downsizing of engine in order to ensure fuel efficient and environment-friendly attribute in vehicles has been propelling the demand for high strength steel, which are more durable and lighter than standard steel. The usage of steel as an automotive sheet metal component is expected to remain strong over the report’s forecast period as well.
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Asia Pacific to Continue to Lead with Healthy Future Growth Prospects
Asia Pacific contributed the dominant share of around 33% to the revenue of the global automotive sheet metal components market in 2016. China is the leading automotive sheet metal components market in Asia Pacific. The country has huge resource and technological capabilities in the automotive sector. Moreover, increasing demand for passenger vehicles in China and India is propelling the growth of automotive sheet metal components market in the Asia Pacific region.
Europe contributed more than 25% to the global automotive sheet metal components market in the said year, with Germany being the dominant market. The rising applications of sheet metal components in new segment of vehicles such as electric and hybrid cars are expected to bolster the growth of the market in Europe at a healthy rate over the forecast period. The automotive sheet metal components market in North America is projected to expand significantly during the forecast period.
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In terms of revenue, North America generated around 20% of the total revenues in the global automotive sheet metal components market in 2016, with the market in the U.S. holding the dominant share.
Some of the leading companies operating in the global automotive sheet metal components market profiled in the report are Novelis Inc., Aleris International Inc., Mayville Engineering Company, Inc., O’Neal Manufacturing Services, General Stamping and Metal Works, Larsen Manufacturing, LLC, Amada Co. Ltd., Paul Craemer GmbH, Frank Dudley Ltd., and Omax Autos Ltd.
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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