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.
About Us:
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headquartered in San Francisco. The company provides syndicated research
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studies ensuring relevant and fact-based research across a range of industries
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