The global automotive metal stamping market size was valued at USD 70.42 billion in 2015. The industry is majorly predisposed to consumption trends of metal in all end-use segments. The use of lightweight metals such as aluminum to enhance the fuel efficiency of the vehicle is expected to drive the demand for stamping technology in the automotive industry.
Major aspects driving the industry comprises machining capabilities of manufacturers and lean manufacturing methods used to reduce wastage during the stamping process. These aspects are crucial to improve operational efficiency thereby reducing operating costs. As a result, automotive metal stamping companies are investing significantly in R&D projects.
The use of metal components in the U.S. is expected to grow as they provide high durability and stability to the vehicle. In addition, growing awareness for fire safety is expected to contribute to the market growth. This is expected to drive the market growth in the U.S. over the forecast period.
Technological innovations including improved stamping processes have seen growth in the use of the technology in the automotive industry. Furthermore, regulatory policies are aimed at improving working conditions & safety standards, waste disposal, and materials usage which is expected to shape the growth & sustainability strategies of companies operating in the industry.
The need for lightweight materials to improve the fuel efficiency and performance of the vehicle is expected hamper market growth as the metal components are being substituted with composite and plastic components. However, a high cost of fiber composites is likely to reduce the impact of substitution on the stamping market in the automotive industry.
Utilization of sheet metal in the production of transmission components, chassis, interior & exterior structural components even though plastics replacing metals in manufacturing other components is expected to drive demand with alloys such as titanium, and forged steel components forming an integral part of automotive engines.
Embossing is expected to gain market share significantly and account for 16.1% by 2024 owing to the utilization of laser embossing for engraving dates and patterns on the automotive parts and license plates. In addition, embossing in North America is expected to gain share on account of the presence of automotive metal stamping companies and OEM suppliers.
The bending process is cost-effective when used for low or medium quantities, and ductile materials are best suited for the process. The bent parts are utilized in several applications such as in wheels, door hinges, engine assembly, etc. The use of bending process in manufacturing spare parts and vehicle components is expected to grow over the forecast period.
The coining technique is used in the production of precision parts which require polished surface finishes. The coining of sheet metal into automotive components such as transmission components and interior & exterior structural components is expected to fuel the demand for coining technology in the automotive industry.
Other stamping technologies comprise hemming, stretching, ironing and drawing. These technologies account for a small share of the market owing to their use in the manufacturing of specific components in the industry such as parts which need overlapping of two materials or reduction in thickness.
Growing end consumers’ demand and increasing disposable income are expected to fuel the automotive metal stamping market growth in several applications over the forecast period. Increasing use of metal parts in cars and other vehicles has affected the market growth positively.
The global vehicle production rose from 90.9 million vehicles to 95.3 million recording a growth of 4.7% from 2015 to 2016. The rising consumer disposable income is expected to key reason for the demand for vehicles across the globe. The use of metals over fiber composites owing to low cost and high durability offered is expected to fuel stamping market growth.
The demand for metal components in commercial vehicles is growing as these vehicles require durable parts owing to their multiple end-uses. Metal stamped parts provide maximum stability and durability to the vehicle on account of which their utilization is widely preferred by the commercial vehicle manufactures complementing market growth.
Recreational vehicles (RVs) consists of several vehicle-types including motorhomes, caravans, camper vans, sports utility RVs, and truck camper, etc. As these vehicles are used for camping and other related activities, low maintenance cost is a major concern for the consumers owing to which durable metal components are used driving the stamping market growth.
Commercial vehicles are expected to grow at a brisk rate in Asia Pacific owing the entry of major manufacturers such as Volvo and Daimler, developing infrastructure and rapid urbanization. As Asia Pacific is a large-scale manufacturer and leading exporter of vehicles, the global market is expected to witness significant growth, driving metal stamping market.
Increasing automotive production in major economies such as the U.S., Germany, France, UK, Italy, China and Japan is expected to complement industry growth over the forecast period. In addition, economic growth and increasing consumer disposable income in emerging markets such as India, Brazil, and Mexico, the technology is expected to witness growth.
The demand for stamped parts in the North American automotive industry is expected to witness growth owing to the rising demand for LCVs and cars. Well connected roads with inter-state trade carried out through roadways has been driving the demand for commercial vehicles in the U.S. fueling the stamping market growth in the region.
The presence of vehicle manufacturers such as Volkswagen, Audi, BMW, etc. in Germany contributes substantially to the automotive industry. These companies constantly invest in R&D activities to innovate the manufacturing process which has led to the use of lightweight metals and use of metal stamped components, driving market growth.
India is expected to growth a CAGR of 9.2% over the forecast period on account of the rising demand for vehicles coupled with initiatives taken by the government to promote vehicle manufacturing in the country. In addition, the growing investment of the major vehicle manufacturers in is likely to drive the demand for stamped parts in the country.
Recovering Eurozone and rapid economic growth in Asia Pacific countries, primarily in Indian and China is expected to fuel demand in the automotive sector, driving the demand for automotive metal stamping market over the forecast period. However, tightening access to finances is affecting the Brazilian manufacturing growth hamper demand in the country.
Companies operating as contract manufacturers have the advantage of client retention, where their scope of operations through their period of contract is defined. Furthermore, the contract manufacturers produce parts for the after-sales market, thus promoting their growth in the stamping industry.
After-sales service is a key segment for contract manufacturers operating in the industry as they cater directly to the vehicle manufacturer as well as the third party after-sales market. However, these companies solely operate on the basis of consumption patterns of the end-users, thereby incurring increased risk in terms of operational-ability.
The industry is characterized by companies employing stamping technology and third-party contractors. Vehicle manufacturers outsource the stamping process to third-party vendors in order to minimize cost. In addition, outsourcing provides the flexibility to manufacturers in managing the inventory as per requirement, which in turn reduces process cost.
This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global automotive metal stamping market report on the basis of technology, application and region:
Technology Outlook (Revenue, USD Million, 2013 - 2024)
Application Outlook (Revenue, USD Million, 2013 - 2024)
Regional Outlook (Revenue, USD Million, 2013 - 2024)
Middle East & Africa
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