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Metal Forming Market Insights| Key Players: Magna (Canada), Benteler (Germany), Tower International (UK), Toyota Boshoku (Japan), and Aisin Seiki (Japan).

10-22-2021 11:57 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: marketsandmarkets

Metal Forming Market Insights| Key Players: Magna (Canada),

The Metal Forming Market for Automotive is expected to grow at a CAGR of 3.22%, by value, during the forecast period. The market is estimated to be USD 172.5 billion in 2020 and is projected to reach USD 202.2 billion by 2025.

An increasing number of environmental regulations are being implemented globally owing to rising concerns pertaining to carbon emissions by vehicle exhausts. In order to achieve the emission limits, OEMs are focusing on lightweight materials for the automotive industry. The use of lightweight materials reduces the fuel consumption of vehicles as less weight consumes low energy at the time of acceleration. Efficient design, material selection, manufacturing, and assembly result in effective light-weighting. Lightweight materials such as steel and aluminium are used to manufacture BIW, Chassis, and Closures and many other applications. As forming is the best-suited technique for steel and aluminium, forming technologies are expected to drive the metal forming market for automotive. Apart from the vehicle lightweight trend, coronavirus outbreak also has a significant impact on the metal forming market for automotive.

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Opportunity: Growing sales of electric and hybrid vehicles

The global battery electric vehicle (BEV) and hybrid electric vehicle (HEV) market is growing rapidly. Factors such as rising concerns about global warming and air pollution and government support to reduce air pollution are driving the BEV market. The growth of the HEV market is driven by factors such as better fuel efficiency, increased driving range, fast refuelling, and lower greenhouse gas and air pollutant emissions. Because of such advantages over ICE vehicles, BEVs and HEVs are widely accepted across the globe. There is no such difference in the manufacturing techniques of electric and hybrid vehicles. The manufacturing process of BIW and closure-related parts remains the same; hence, existing players in the metal forming market can leverage this opportunity.

Asia Oceania is estimated to account for the largest market share in the metal forming market for automotive.

Because of large vehicle production in the Asia Oceania region, it is estimated to be the largest metal forming market for automotive over the forecast period. China, India, Japan, South Korea, and others are considered under the Asia Oceania region for this study. China is the largest contributor in terms of vehicle production for the Asia Oceania region. Out of the total vehicle production, China contributed approximately 24.9% in 2019. Japan is the second-largest vehicle producing country and contributes approximately 8.4% to global vehicle production. In addition to vehicle production, the trend of vehicle light-weighting is also expected to drive the metal forming market for automotive.

The recent COVID-19 pandemic is expected to impact the global automotive industry. The entire supply chain is disrupted due to a limited supply of parts. For instance, UK, France and Spain, which accounts for significant vehicle sales in Europe, is severely impacted by pandemic. Tier 1 suppliers around the globe have placed production lines on halt or shut them down completely. Also, legal and trade restrictions, such as sealed borders, increase the shortage of required parts. Such disruptions in the supply chain are expected to affect the assembly of OEMs in Europe and North America.

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Aluminium is expected to show the fastest growth over the forecast period, by material type

The contribution of aluminium to the overall vehicle weight has grown substantially over the years. According to the ACC, the contribution of aluminium has increased from 7.8% of the total vehicle weight in 2005 to about 9.0% in 2012, and approximately 12.5% in 2019 for lightweight vehicles in North America. Several automotive components are manufactured using aluminium. These include cross-car beam, front door, oil pan, rear door frame, and seat frame. Aluminium is rapidly replacing steel in many automotive applications like a body in white and chassis. Its usage rate (%) for forming applications is higher in Europe and North America when compared with that in Asia Oceania. However, even with the low usage rate, Asia Oceania is the largest market for aluminium, owing to its huge vehicle production.

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