The global automotive metal stamping market size is projected to value USD 112.38 billion by 2024, according to a new report published by Million Insights. The rising demand for the product from the automotive industry is expected to accelerate market growth over the forecast period. The increasing adoption of sheet metal in the manufacturing of automotive transmission components, chassis, and interior & exterior components are predicted to bolster market growth over the next few years.
The increasing use of alloys like cast aluminum, forged steel, and titanium hold a fundamental place in the automotive engines. Moreover, technological innovations like the adoption of hybrid electromagnetically aided sheet metal stamping machines that lower the failures during stamping by managing the strain distribution is anticipated to positively impact the product growth.
The automotive manufacturing sector in Latin America and Asia Pacific is gaining traction with overseas OEMs facilitating production units to cater to the domestic automobile requirement. This has ensured technology transmission to the regions, thereby, projected to contribute to the growth of automotive metal stamping market in the near future.
The major players include Alcoa Inc., Aro Metal Stamping, Kenmode Precision Metal Stamping, Shiloh Industries, Inc., Martinrea International, Acro Metal Stamping, American Industrial Company, Lindy Manufacturing, Manor Tool & Manufacturing Company, Clow Stamping Co., and Wisconsin Metal Parts, Inc.
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Further key findings from the report suggest:
• Blanking automotive stamping process held a share of above 35% in terms of revenue in 2015 due to its superior stamping ability. Moreover, the increasing consumption of technology in bulk production is predicted to fuel the product demand by 2024.
• Coining technology is predicted to grow at a CAGR of above 3% over the forecast period owing to its extensive use in manufacturing accurate parts that need finer polished surfaces.
• Commercial vehicles segment valued at USD 20 billion in 2015. The use of the technology in bodywork and components in these vehicles is expected to surge the demand in the next eight years. Regions such as Japan, Germany, U.S., and China are expected to create a lucrative opportunity for the growth in near future.
• North America region was worth more than 6 billion in 2015.The steady production of automobiles like heavy trucks and cars is anticipated to surge the demand for the product in the near future. The presence of leading players like Chrysler, General Motors, and Ford is anticipated to open new opportunities in the upcoming years.
Million Insights has segmented the global automotive metal stamping market on the basis of technology, 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)
• Commercial Vehicles
• Recreational Vehicles
Automotive Metal Stamping Market Regional Outlook (Revenue, USD Million, 2013 - 2024)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa