The global automotive metal stamping market is expected to reach USD 112.38 billion by 2024, according to a new report by Grand View Research, Inc. The industry is anticipated to grow owing to the rising demand in automotive industry and low manufacturing cost. Increasing sheet metal usage in the production of automobile chassis, transmission components, interior & exterior structural components are expected to drive market growth over the forecast period.
Growing use of alloys such as titanium, cast aluminum, cast iron, and forged steel still form an integral part of automotive engines. Furthermore, technological advancements including the use of hybrid electromagnetically assisted sheet metal stamping machines which significantly reduces failures by controlling the strain distribution during stamping is expected to have a positive impact on industry growth.
The automotive manufacturing sector in Asia Pacific and Latin America is rapidly developing with major overseas OEMs establishing production plants to capture the local automobile demand. This has enabled technology transfer to these regions, thus promoting industry growth over the next eight years.
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Further key findings from the report suggest:
Blanking automotive stamping process accounted for over 35% of the revenue share in 2015. Blanking is an integral part of automobile manufacturing chain owing to its precise and superior stamping ability. Furthermore, rising use of the technology in mass production lines is expected to propel demand over the forecast period.
Coining technology is expected to witness significant growth, growing at a CAGR of over 3% from 2016 to 2024. Growing use of the technology in manufacturing precision parts that require finer polished surface finishes is likely to propel demand.
Automotive metal stamping demand in commercial vehicles was valued at over USD 20 billion in 2015. Growing use of the technology in manufacturing components and body work in commercial vehicles is likely to propel demand over the next eight years. The manufacturing of commercial vehicles has been continuously growing in China, Japan, Germany and the U.S., which is expected to have a positive impact on market growth.
North America demand for automotive metal stamping in cars was over 6 billion in 2015. Rising production of automobiles including cars and heavy trucks is expected to increase demand for the technology in the next eight years. Furthermore, the presence of major manufacturers including Ford, Chrysler, and General Motors is expected to promote growth opportunities over the forecast period.
Key players in the industry include Aro Metal Stamping, Alcoa Inc., Kenmode Precision Metal Stamping, Martinrea International, Shiloh Industries, Inc., include Acro Metal Stamping, Lindy Manufacturing, Manor Tool & Manufacturing Company, American Industrial Company, Wisconsin Metal Parts, Inc., and Clow Stamping Co.
Grand View Research has segmented the automotive metal stamping market on the basis oftechnology, application and region:
Automotive Metal Stamping Market Technology Outlook (Revenue, USD Million, 2013 - 2024)
Automotive Metal Stamping Market Application Outlook (Revenue, USD Million, 2013 - 2024)
Automotive Metal Stamping Market Regional Outlook (Revenue, USD Million, 2013 - 2024)
Middle East & Africa
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