Metal Forming Market

Market Leader - Metal Forming Market for Automotive

The metal forming market for automotive is expected to grow at a CAGR of 2.83%, by value, during the forecast period. The market is estimated to be USD 221.22 billion in 2018 and is projected to reach USD 269.01 billion by 2025. An increasing number of environmental regulations are being implemented globally owing to rising concerns pertaining to carbon emissions by vehicle exhausts. In order to achieve the emission limits, OEMs are focusing on lightweight materials for the automotive industry. The use of lightweight materials reduces the fuel consumption of vehicles as less weight consumes low energy at the time of acceleration. Efficient design, material selection, manufacturing, and assembly result in effective light weighting. Lightweight materials such as steel and aluminum are used to manufacture BIW, Chassis, and Closures and many other applications. As forming is the best suited technique for steel and aluminum, forming technologies are expected to drive the metal forming market for automotive. Apart from the vehicle lightweight trend, growing vehicle production also has a significant impact on the metal forming market for automotive.

The OEMs and Tier 1 players in the metal forming market for automotive have adopted the strategies of supply contract and geographical expansion to gain maximum traction in the market. While supply contract helps a company gain a larger market share, expansion helps it to formulate a better business strategy as it enables a strong global footprint. For example, Magna added a new manufacturing plant in San Luis Potosi, Mexico. This new facility will produce structural welded assemblies for global automakers, including BMW and Mercedes-Benz. Whereas, Benteler Automotive opened a new component plant in Klasterec nad Ohri, Czech Republic, whose production is focused on hot-forming of steel parts, blanking, welding, and laser-cutting for its key customers such as Volvo, BMW, Skoda Auto, and Daimler.

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On the basis of factors such as revenue generation, product branding strategy, geographic footprint, and organic and inorganic strategies, the top players in the metal forming market for automotive are Benteler (Germany), Aisin Seiki (Japan), Toyota Boshoku (Japan), Tower International (US), and Magna (Canada).

Magna adopted business strategies like expansion, joint venture, and supply contract. For instance, in December 2017, Magna made a supply contract with a Chinese start-up NIO. The company supplied the aluminum front sub-frame and rear cradle and gearboxes for both e-drive systems and the latching system for the side doors and hood of the NIO ES8 electric SUV. Additionally, the company is investing progressively in research & development and production capability. In 2018, Magna added a new manufacturing plant in San Luis Potosi, Mexico, which will produce structural welded assemblies for global automakers, including BMW and Mercedes-Benz.

Benteler is one of the top players in the metal forming market for automotive, and it adopted business strategies such as joint venture and expansion. For instance, in June 2018, Benteler and Changchun Faway Automobile Components signed a contract for the establishment of a joint company named Faway Benteler Automobile Components (Tianjin) Co., Ltd. It will produce stamped parts, thermoformed components, aluminum components, and chassis systems for FAW group companies, including FAW-Volkswagen, Audi, Toyota, Hongqi, and Besturn, to meet the needs of the customers in China. Moreover, the company is progressively investing in both research & development and production capability. Benteler Automotive opened a new component plant in Klasterec nad Ohri, Czech Republic whose production is focused on hot-forming of steel parts, blanking, welding, and laser-cutting for its key customers such as Volvo, BMW, Skoda Auto, and Daimler.

Related Reports:

Metal Forming Market for Automotive by Technique (Roll, Stretch, Stamping, Deep Drawing, Hydroforming), Type (Hot and Cold), Application (BIW, Chassis, Closure), Material (Steel, Aluminum), Vehicle (ICE, Electric, and Hybrid) - Global Forecast to 2025

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Report Code
AT 6546
RI Published ON
8/21/2018
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