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The global automotive metal stamping market is expected to reach $112.38 billion by 2024, according to a report by Grand View Research Inc. The growth is anticipated because of the rising demand in the automotive industry and low manufacturing costs. Increasing sheet metal usage in automobile chassis, transmission components, and interior and exterior structural components is expected to drive market growth over the forecast period.
Growing use of alloys such as titanium, cast aluminum, cast iron, and forged steel still form an integral part of automotive engines. Furthermore, technological advancements, including the use of hybrid electromagnetically assisted sheet metal stamping machines, is expected to have a positive impact on industry growth.
The automotive manufacturing sector in Asia Pacific and Latin America is rapidly developing with major overseas OEMs establishing production plants to capture the local automobile demand.
Further key findings from the report suggest:
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The blanking automotive stamping process accounted for more than 35 percent of the revenue share in 2015. Rising use of the technology in mass production lines is expected to propel demand over the forecast period.
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Coining technology is expected to witness significant growth, growing at a CAGR of more than 3 percent from 2016 to 2024. Growing use of the technology in manufacturing precision parts that require finer polished surface finishes is likely to propel demand.
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Automotive metal stamping demand in commercial vehicles was valued at more than $20 billion in 2015. Growing use of the technology in manufacturing components and body work in commercial vehicles is likely to propel demand over the next eight years. The manufacturing of commercial vehicles has been continuously growing in China, Japan, Germany, and the U.S.
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North American demand for automotive metal stamping in cars was more than 6 billion in 2015. Rising production of automobiles including cars and heavy trucks is expected to increase demand for the technology in the next eight years.
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-THE 18th GUANGZHOU INTERNATIONAL PLATEMETA EXHIBITION
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