Automotive Sheet Metal Components Market - Driven by Rising Competition in Services Industry

Automotive sheet metals are flat, thin metal pieces which are formed by industrial processes.These flat, thin pieces can be bent and cut into a variety of shapes and sizes for the usage in vehicle body parts such as fenders, bonnet, deck lid, roof, side panels, and doors among others. The most fundamental and commonly used raw material for making sheet metal components used in the automotive industry is steel. Steel as a raw material is comparatively cheaper and relatively easier to bend and mold into different shapes and sizes thus making it comprehensible for the exterior body parts of vehicles.

Aluminum is also considered as one of the ideal sheet metal products for vehicle manufacturing. Aluminum is relatively lighter in weight and highly flexible, but at the same time it is quite hard to bend into tight shapes. The quality of metal working on the automobile depends on few fundamental properties of a sheet metal such as, Plasticity, Elasticity, and Work Hardening. Plasticity helps the sheet metal to bend easily when enough force is applied, elasticity allows the sheet metal to regain its original shape and work hardening detects up till how much a metal can be bent after which it will break. Some other metals which can be used as raw materials for making sheet metal components are copper, brass, tin, nickel, silver, gold, titanium and platinum among others.

There are two types of sheet metals used in the automotive, namely, hot-rolled and cold-rolled sheet metal. Some products which can be included under sheet metal components are tubular auto assembly parts, heavy pressed component assemblies, deep drawn and heavy pressed components, and shock absorber tube assemblies, among others. The year 2013 – 2014 was very challenging for the automotive components industry due to steep drop in vehicle sales, high capital costs and interest rates.

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Increase in the production of vehicles reduction raw material price are some of the factors which will drive the market of automotive sheet metals. The development of the automotive components industry will also help in the growth of the sheet metal components market. Getting rid of older technologies and second hand machines and technological advancements will reduce the production cost of automotive components.

Problems related to the strength, reliability, and serviceability of certain materials will have mild restraining effects on this market. Some metals are too hard or too light to be used in making small sheet metal components.

The automotive sheet metal market has been segmented based on type of vehicle parts , applications and geography. By vehicle parts type, the market has been segmented into four broad categories, namely, engine and vehicle body parts, powertrain parts, suspension and braking parts, lighting equipment, and other automotive accessories. By applications the market has been segmented into passenger vehicle, two-wheelers, three-wheelers, and commercial vehicles which has further been segmented into light commercial vehicles and heavy commercial vehicles.

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The geographical segmentation includes, North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America. North America is expected to hold the largest market share followed by Asia Pacific and Europe. In North America Mexico is expected to lead the market owing to the launch of three auto assembly plants since 2014. Also, Mexico has witnessed a sharp rise in vehicle production which is likely to continue till 2019 due to its low labor costs. This makes the North America market lucrative for automotive sheet metal production. In Asia Pacific, India is one of the fastest growing automotive components market. Coupled with an improving manufacturing gross domestic product along with technological advancements, India has emerged to be a key player in the Asia-Pacific market and also globally.

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