What is the Compound Annual Growth Rate (CAGR) of the automotive hydroformed parts market for next 8 years?

The hydroforming is a component manufacturing process, where fluid pressure is applied to ductile material such as brass, aluminium, low alloy steel, and stainless steel to form into desired component shapes. This process helps to create complex parts with a high strength-to-weight ratio. In this process instead of welding parts together, a unibody component structure created with the help of specialized die molds.

Vehicle weight plays a crucial role in vehicle fuel economy. The government regulations related to vehicle economy is compelling auto manufacturers to come up with innovative solutions for reducing weight of vehicles. For instance, according to the Corporate Average Fuel Economy (CAFE) requirement, by 2025, the average light vehicle fuel economy should be 54.5 mpg in the U.S. Moreover, the OEMs and component manufacturers across the globe are focused on implementing various manufacturing processes and advanced technologies to reduce vehicular weight without compromising the structural integrity of the vehicles.

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Furthermore, usage of hydroforming provides versatility in component manufacturing, as it can be used for all metals and alloys. For instance, steel, copper, aluminum, brass, alloys components can be manufactured into parts using hydroforming process. It also increases the quality and precision of the manufacturing process. These factors are expected to drive growth of the global automotive hydroformed parts market over the forecast period.

However, high tool costs is expected to reduce adoption of this process. This is attributed to equipment that are utilized to execute the hydroforming operations include high cost to purchase, maintain, or upgrade. Moreover, some hydroforming process involve potentially lengthy cycle times. These factors are expected to hamper market growth over the forecast period.

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