Asia-Pacific Drives Growth in Automotive Stamping Market: Projected to Reach US$ 18,460.7 Million by 2033

According to forecasts, the automotive stamping market is expected to be US$ 11,014.5 million in 2023 and US$ 18,460.7 million by 2033.

Due to a rise in vehicle production throughout the area, Asia-Pacific is now leading the automotive metal stamping industry. The market is projected to experience significant development due to the region's rapidly growing small- and medium-scale manufacturing sectors.

Nevertheless, the expanding usage of plastics and composites as metal substitutes is a significant factor likely to slow market expansion and provide a fresh challenge to the automotive metal stamping business over the projection period.

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Regulatory agencies aim to improve working conditions, safety regulations, waste management, and the materials employed, which is predicted to fuel market expansion during the projection period. One of the key things impeding the market's growth is the expensive maintenance of the machinery used in the metal stamping process.

Key Takeaways

By 2033, the automotive stamping market in the United Kingdom is likely to expand, with a CAGR of 4.7%.
In 2023, the United States is expected to develop the automotive stamping business with a share of 14.7%.
The automotive stamping market grew considerably to US$ 10,490 million in 2022.
The automotive stamping sector expanded at a CAGR of 5% from 2018 to 2022.
By 2033, China's automotive stamping market is projected to develop with a CAGR of 5.7%.
By 2033, India's automotive stamping industry is projected to develop with a CAGR of 6.2%.
Japan's automotive stamping industry is expected to expand significantly, with an 8.7% share in 2023.
Australia's automotive stamping sector is expected to expand, with a share of 4.5% in 2023.
Germany's automotive stamping sector is expected to expand, with a share of 13.8% in 2023.
In 2023, the cold stamping segment is likely to dominate the market, with a share of 59.2%, based on foaming temperature.

Competitors Winning Strategies

As the dies are used repeatedly to produce components with constant shapes and sizes that need close tolerances and requirements, automotive manufacturers typically use metal stamping to manufacture parts like hubcaps and fenders.

The market is anticipated to increase for certain reasons, including manufacturers' ability to machine products and lean manufacturing techniques to eliminate waste during operations.

Key Players

Schuler Group
AIDA Global
Orchid International
Eagle Press & Equipment Co. Ltd.
Hyundai Rotem
MacRodyne Hydraulic Presses & Automation
Santec Group
Jier North America
Ridgeview Industries
Bliss-Bret Industries

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Recent Development:

In July 2022, Schuler unveiled Visual Quality Inspection, a newly developed camera-based technology that automatically identifies defective components, corrects manufacturing problems immediately, prevents lengthy delays, and enhances customer relationships over time.
In November 2021, Magna International and Ford teamed up to provide battery enclosures made of aluminum extrusions and stampings for Ford's F-150 Lightning.
Autoneum declared its expansion of aluminum sheet forming technology in October 2021. The company's stamped aluminum components cover batteries effectively and cheaply while preventing electromagnetic interface in electric cars.
Challenge Manufacturing, a Walker, Michigan-based provider of automotive structures, announced in July 2020 that it acquired the Cusseta, Alabama, Great Lakes Metal Stamping facility.

Key Segments

By Foaming Temperature:

Hot Stamping
Cold Stamping

By Stamping Process:

Mechanical Process
Hydraulic Process
Pneumatic Process

By Number of Stations Required:

Single Tool Station
Progressive Stations

By Region:

North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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This release was published on openPR.