December 18, 2020
According to the research report titled ‘Global Metal Forming for Automotive Market Size study with COVID-19 Impact, by Technique Type (Roll Forming, Stretch Forming, Stamping, Deep Drawing, Hydroforming and Others), by Application Type (BIW, Chassis, Closures and Others), by Electric & Hybrid Vehicle Type (Fuel Cell Electric Vehicle (FCEV), Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)), by ICE Vehicle Type (Passenger Car, LCV, Truck and Bus), by Forming Type (Cold Forming, Hot Forming and Warm Forming), by Material Type (Steel, Aluminum, Magnesium and Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global metal forming for automotive market was worth USD 178.1 billion in 2019 and is anticipated to record a y-o-y growth rate of 3.22% during 2020-2027.
Strict emission & fuel economy regulations leading to surging demand for lightweight materials, along with escalating sales and production of commercial vehicles as well as passenger cars are the key factors driving the growth of global metal forming for automotive market.
For those unversed, metal forming is a manufacturing process that deforms material through various methods including bending, wire or rod drawing, extrusion, forging, and rolling, thereby forming required shape.
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The COVID-19 pandemic has negatively impacted global metal forming for automotive market share, owing to temporary shutdown of organizations, which led to disruption in demand and supply chain. In addition, rising use of composites in automotive applications instead of metal is likely to impede the industry growth over the forecast timespan.
Despite that, major contenders introducing new products and services, and adopting planned alliance to gain a competitive edge is contributing to global metal forming for automotive industry size expansion. Citing an instance, in May 2018, Magna International Inc. set up a new aluminum casting facility of about 225,000 square feet are in Telford, England, creating 300 jobs. This new facility will provide structural castings to UK based vehicle manufacturing firm, Jaguar Land Rover, while serving its own customers.
Based on technique type, the industry is segmented into hydroforming, deep drawing, stamping, stretch forming, roll forming, and others. With respect to application spectrum, global metal forming for automotive market is classified into closures, chassis, BIW, and others.
Elaborating on electrical & hybrid vehicle type, the market is categorized into PHEV, FCEV, and BEV. As per ICE vehicle terrain, the market is divided into bus, truck, LCV, and passenger car. Speaking of forming type, global metal forming for automotive industry is split into warm forming, hot forming, and cold forming. Based on material type, the industry is bifurcated into magnesium, aluminum, steel, and others.
Considering the regional terrain, Asia Pacific currently leads the overall market and is slated to grow substantially through 2027, attributable to increasing customer base from various verticals like agriculture and automotive across the region.
Renowned firms in global metal forming for automotive market sphere are Hirotec Corporation, Superform USA Inc., VNT Automotive GmbH, Mills Products Inc., CIE Automotive, KIRCHHOFF Group, Aisin Seiki Co. Ltd., Toyota Boshoku Corporation, Magna International Inc., Tower International Inc., and Benteler International AG.