Global Body in White Market

New Products, Adopted Expansion Strategies, and Undertook Collaborations, Partnerships, and Mergers & Acquisitions to Gain Traction in the Global Body in White Market

The body in white (BIW) market for the automotive industry is projected to reach USD 90.5 billion by 2027 from an estimated USD 77.0 billion in 2019, at a CAGR of 2.0% during the forecast period. The base year for the report is 2018, and the forecast period is from 2019 to 2027.

The BIW market has witnessed high growth in the last few years with the increase in production of global vehicles in passenger cars, light commercial vehicles, and medium & heavy commercial vehicles. The BIW market is a mature market which is directly proportional to the production of vehicles, and it is expected to increase with demand continuing from different regions in different vehicle segments.

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The growth of the body in white market is influenced by the implementation of stringent emission regulations on the automotive industry to reduce CO2 emissions by the adoption of electric vehicles to employ lightweight solutions and at the same time comply with the safety standards. Manufacturers are focusing on upgrading their facilities to accommodate advanced materials which are high in cost and require different manufacturing process and production techniques like hot stamping, roll forming, and other methods. This makes the process costlier than the usual cold stamping manufacturing process. Additionally, upgrading the materials to ultra-high-strength steel or aluminum will increase the material cost, thereby impacting the BIW component costs. These factors will ultimately drive the global market growth.

The body in white is led by globally and regionally established players such as Gestamp Automoción (Spain), Voestalpine Group (Austria), Magna (Canada), Benteler International (Austria), CIE Automotive (Spain), Tower International (US), Martinrea International (Canada), Aisin Seiki (Japan), KIRCHHOFF Automotive (Germany), Dura Automotive (US), Thyssenkrupp (Germany), and JBM Auto (India). These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-value body in white market.

Gestamp Automoción is one of the leading players in the body in white market. The company, in the last three years, has made more than six expansions globally to cater to its client closely for on-time delivery and close relation to develop BIW components specific to the OEM requirement. Additionally, the company also made two acquisitions and developed a new product in line with the growing electric vehicle market for and battery compartment according to safety standard for its clients who are looking to develop electric vehicles.

Benteler International is another leading players in the body in white market. The company, in alliance with its OEMs customers, develops new lightweight constructions and other components that go into BIW structure. For example, the company, in February 2019, introduced its lightweight steel tube solutions for the automotive sector, which is said to reduce component weight by 15%.

Increase in electric vehicle sales is another driver for the BIW revenue growth, as the vehicles need lightweight solutions in material as well as manufacturing method to achieve higher mileage by the battery. Most of the BIW component manufacturers have introduced a new lightweight solution for its customer, which are in line to manufacture electric vehicles with the growing trend. Companies such as Gestamp Automoción (Spain), Voestalpine Group (Austria), Benteler International (Austria), CIE Automotive (Spain), Martinrea International (Canada), KIRCHHOFF Automotive (Germany), and Dura Automotive (US) have introduced battery tray/box made of high strength steel (HSS), composite and aluminum to comply with safety standards and lightweight solutions

Related Reports:

Global Body in White Market by Vehicle Type, Construction (Monocoque, Frame Mounted), Manufacturing Method (Cold Stamping, Hot Stamping, Roll Forming), Material (Steel, Aluminum, Magnesium, CFRP), and Region - Global Forecast to 2027

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
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USA : 1-888-600-6441
[email protected]

Global Body in White Market Size,  Share & Growth Report
Report Code
AT 7313
RI Published ON
8/23/2019
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