Global Metal Forming Market -Material, Technique, Type, Vehicle, and Region

The Metal Forming Market is Projected to Reach $202.2 Billion by 2025 at a CAGR of 3.22%.

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 aluminum are used to manufacture BIW, Chassis, and Closures, and many other applications. As forming is the best-suited technique for steel and aluminum, 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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The OEMs and Tier 1 players in the metal forming market for automotive have adopted the strategies of the supply contract and geographical expansion to gain maximum traction in the market. While supply contract helps a company gain a larger market share, expansion helps it to formulate a better business strategy as it enables a strong global footprint. For example, Magna added a new manufacturing plant in San Luis Potosi, Mexico. This new facility will produce structural welded assemblies for global automakers, including BMW and Mercedes-Benz. Whereas, Benteler Automotive opened a new component plant in Klasterec nad Ohri, Czech Republic, whose production is focused on hot-forming of steel parts, blanking, welding, and laser-cutting for its key customers such as Volvo, BMW, Skoda Auto, and Daimler.

On the basis of factors such as revenue generation, product branding strategy, geographic footprint, and organic and inorganic strategies, the top players in the metal forming market for automotive are Benteler (Germany), Aisin Seiki (Japan), Toyota Boshoku (Japan), Tower International (US), and Magna (Canada).

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“Asia Oceania 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 in 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 which contributes approximately 8.4% to the global vehicle production. In addition to high vehicle production, factors such as increasing GDP, rising per capita income, low production costs, availability of economic labor, and government initiatives for FDI have created growth opportunities for the OEMs and tier 1 players of the metal forming market in the Asia Oceania region.

Even the presence of the tier 1 players such as Aisin Seiki (Japan), Hirotec (Japan), and Toyota Boshoku (Japan) is driving the Asia Oceania metal forming market for automotive.

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