The global automotive sheet metal components market will exhibit a CAGR of 4.6% from 2020 to 2027 to account for US$ 151.41 bn in 2027. The study has considered the base year as 2019, which estimates the market size of market and the forecast period is 2020 to 2027. The report analyzes and forecasts the market size, in terms of volume (thousand units) and value (USD million), for the market. The report provides a detailed analysis of various forces acting in the market (drivers, restraints, opportunities, and challenges). The report covers key players and comprehensively analyzes their market shares and core competencies. It also tracks and analyzes competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants.
Sheet metals are metals, which are formed or developed by industrial processes into flat and thin pieces. Sheet metals are refined form of metals which can be cut and bent into various shapes and sizes as per the required specifications. The thickness of sheet metals can vary significantly depending on the type of application. Extremely thin sheet metals are called leaf or foil and sheet metals thicker than 6 mm are called plates. Sheet metals can be available in coiled strips or flat pieces. The coiled strips are formed by processing coils of metals through a roll slitter. The most commonly used sheet metals range from 30 to 7 gauge. Gauge differs between ferrous metals, which is iron based and non-ferrous metals such as aluminum or copper. There are numerous metals that can be used to form sheet metals such as titanium, steel, tin, nickel, brass, aluminum, gold, platinum, silver and copper. However, steel and aluminum are the two major type of metals used as automotive sheet metals.
The transportation industry, one of the leading contributors of polluting agents to the environment due to the mounting numbers of vehicles across the globe, has been under the radar of environmentalists for a long while. To change the situation, the strict regulations imposed on vehicle-makers to bring to the market vehicles with higher rate of fuel efficiency are force-feeding the vehicle of development in the automotive industry. On the way to being more fuel efficient, engine downsizing and lighter vehicle parts are some of the most notable changes to have been observed in vehicles of late.
In order to make vehicles and their engines lighter, automobile manufacturers are demanding suppliers to provide lightweight sheet metal components to support the performance of lighter vehicle engines. Aluminum and steel sheet metals are being designed in much more refined and thinner forms as compared to old times in order to make them applicable for lighter automobile applications. These factors are expected to be the key factors to drive the global market for automotive sheet metal components market over the next few years.
Product innovation and development are key strategies adopted by most leading market players. New product innovation is an important strategy to combat the stiff competition in the market. Companies are focusing more on research and development activities to create innovative products to capture and maintain larger market share globally. Focus on expansion across emerging economies with a huge and rising appetite for high-end and passenger vehicles has also significantly increased.
In terms of material, steel contributed nearly 60% to the overall revenue accumulated by the global automotive sheet metal components in 2016 and is expected to remain the most preferred metal over the forecast period as well. In terms of geography, the global automotive sheet metal components market is presently led by the Asia Pacific market. China, one of the largest manufacturer of sheet metal components globally and one of the leading consumers of passenger vehicles, is expected to continue to drive the Asia Pacific market over the next few years, helping the regional market retain its top spot in the global market over the forecast period.
Rising Production of Vehicles Globally to Drive Market
In the past few years, there has been a vast rise in the production of vehicles across the globe owing to the rising demand and usage of passenger vehicles. This, coupled with the rising demand for lightweight vehicles, is driving the demand and growth of sheet metal components used in the production of automobiles. A small percentage of hybrid and electric vehicles are already available in the market and the percentage is expected to grow at a healthy pace in the coming years owing to their least impact on the environment in the form of emission of pollutants.
With the rise in the number of hybrid and electric vehicles in the automobile market, the application and market for sheet metal components in such vehicles is also expected to flourish in the near future. Moreover, the strengthening trend of engine downsizing of automobiles is expected to influence the growth of the automotive sheet metal components market globally.
Fluctuating Prices of Steel and Aluminum to Hinder Growth Prospects
As steel and aluminum are the two most used materials used for the manufacturing of automotive sheet metal components so their availability and fluctuation in prices make a huge impact on the overall market of automotive sheet metal components. China is the presently the leading producer of aluminum and steel globally. However, the country has been curbing its production of these metals to curb the level of air and water pollution.
This has been creating a huge gap between the supply and demand of aluminum and steel across the world. Moreover, concerns relating to the volatility in prices of aluminum and steel have also increased globally. Therefore, availability and volatility in the pricing of aluminum and steel are expected to inhibit the global automotive sheet metal components market, where the two materials find immense application.
Asia Pacific to Continue to Lead with Healthy Future Growth Prospects
Asia Pacific contributed the dominant share of around 33% to the revenue of the global automotive sheet metal components market in 2016. China is the leading automotive sheet metal components market in Asia Pacific. The country has huge resource and technological capabilities in the automotive sector. Moreover, increasing demand for passenger vehicles in China and India is propelling the growth of automotive sheet metal components market in the Asia Pacific region.
Europe contributed more than 25% to the global automotive sheet metal components market in the said year, with Germany being the dominant market. The rising applications of sheet metal components in new segment of vehicles such as electric and hybrid cars are expected to bolster the growth of the market in Europe at a healthy rate over the forecast period. The automotive sheet metal components market in North America is projected to expand significantly during the forecast period. In terms of revenue, North America generated around 20% of the total revenues in the global automotive sheet metal components market in 2016, with the market in the U.S. holding the dominant share.
Some of the leading companies operating in the global automotive sheet metal components market profiled in the report are Novelis Inc., Aleris International Inc., Mayville Engineering Company, Inc., O’Neal Manufacturing Services, General Stamping and Metal Works, Larsen Manufacturing, LLC, Amada Co. Ltd., Paul Craemer GmbH, Frank Dudley Ltd., and Omax Autos Ltd.
Global Automotive Sheet Metal Components Market: By Material
Global Automotive Sheet Metal Components Market: By Application
Global Automotive Sheet Metal Components Market: By Geography
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