Automotive Metal Forming Market

The global Automotive Metal Forming Market is valued at USD 194.2 Billion in 2023 and is projected to reach a value of USD 283.6 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 4.3% between 2024 and 2032.

Market Overview

Metal forming is the metalworking process of designing metal parts and objects through mechanical deformation; the workpiece is reshaped without adding or removing material, and its mass remains unchanged. The multiple processes used in metal forming include rolling, forging, extrusion, wire or rod drawing, and bending.

The global Automotive Metal Forming market is segmented based on products, applications, regions, and countries. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data.

Market Insights

The increased fuel economy and emission regulation is anticipated to augment the growth of the market. Most of the OEMs have increased the use of lightweight materials such as aluminum and composites in order to reduce fuel consumption since they consume low energy during acceleration. The proper selection of design, material, manufacturing, and assembly will result in required light weighting. Aluminum is considered as one of the most efficient lightweight materials in the automotive industry and is manufactured by forming techniques; this inclination of weight reduction will drive the Automotive Metal Forming market.

The rising sale of electric and hybrid electric vehicle (HEV) market is expected to augment the growth of the automotive metal forming market. This is owing to the rising concerns of global warming and air pollution and government support to reduce air pollution are driving the BEV market. Furthermore, better fuel efficiency, increased driving range, and lower greenhouse gas emissions are driving the growth of the HEV market.

The increasing usage of composites in automotive industry is expected to limit the growth of the automotive metal forming market. In the regions like US, the automotive industry is focusing to replace some metal-formed components with composite material and plastics in order to reduce weight. Furthermore, OEMs are also adopting new materials to decrease the overall vehicle weight to comply with government regulations.

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• Market Trends Heatmap
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• Market Sentiment Analysis
• Demographic and Geographic Insights

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Regional Analysis

On the basis of region, the global Automotive Metal Forming market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region led the market with the largest share in 2023. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea.

Global Automotive Metal Forming Market: COVID-19 Impact Analysis

COVID-19 pandemic led to government of numerous countries across the globe to impose strict lockdown restrictions during the preliminary stages. In 2023, numerous countries faced the adverse effects of the pandemic due to the outbreak of second wave, which also led governments to again impose lockdown measures. Business shutdowns, partial business operations, and travel restrictions have led to challenges in supply chain and in turn production. However, it is expected that reopening of trade activities, the market will witness steady growth in the demand in the coming years. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

• Impact Assessment of COVID-19 Pandemic
• Pre & Post COVID-19 Market Size
• Qualitative analysis on the short term & long term impact of COVID-19 on the market
• The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Competitive Landscape

The market comprises of numerous small, medium, and large sized players spread across various geographies. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

The key players in the global Automotive Metal Forming market include - Hirotec Corporation, Volkswagen, Daimler AG, Ford Motor Company, Hyundai Motor Company, Japan Automotive Manufacturers Association, Inc., TOYOTA MOTOR CORPORATION, GKN Automotive Limited, HYUNDAI MOBIS, Schaeffler AG, Gestamp, Magna International Inc., Kirchhoff Automotive, CIE Automotive, BENTELER, Tower International, TOYOTA BOSHOKU CORPORATION, AISIN SEIKI Co., Ltd., MILLS PRODUCTS among others.

The global Automotive Metal Forming market can be categorized as Type, Application and Region.