“Rising global vehicle production and growing commercial vehicle demand to fuel the metal forming market for automotive”
The metal forming market for automotive is projected to grow at a CAGR of 2.83% from 2018 to 2025, to reach USD 269.01 billion by 2025 from USD 221.22 billion in 2018. The market is projected to rise owing to key reasons such as increasing vehicle production and growing demand for commercial vehicles.
On the other hand, the major factor hindering the growth of the metal forming market is the high capital cost of forming equipment.
“Hydroforming market is projected to show the fastest growth by forming technique segment”
Hydroforming is one of the most advanced forming techniques used in the automotive industry. It is generally used to manufacture hollow tube structures such as manifolds, exhaust cones, and a few suspension components. As hydroforming is comparatively expensive, it is mostly used by premium car manufacturers. Due to the increasing market share of premium car manufacturers, hydroforming is expected to grow at the fastest rate. It is an advanced technique and requires a high setup cost as well as high operating cost, because of which it is expected to have a significant market in Europe and North America.
“Cold forming is estimated to be the largest market by forming type and is projected to maintain its position in the forecast period”
Cold forming is one of the most conventional manufacturing processes in which components are formed using different types of forming techniques at room temperature and do not require any additional handling and carrying. The cold forming process is simpler than the hot forming process and does not require any additional setup cost. Hence, the overall cost of cold forming is low as compared to hot forming. Because of the advantages such as cost and low production time, cold forming is the major preference of OEMs across the globe.
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“Asia Oceania and North America are estimated to drive the metal forming market for automotive”
The Asia Oceania region is projected to lead the metal forming market for automotive during the forecast period owing to the larger vehicle production compared to other regions. The increasing presence of OEMs and tier 1 players in the region is also driving the automotive industry. Recently in 2018, India became the fourth largest automotive manufacturer, which again indicates that Asia Oceania would be the largest metal forming market for automotive. North America is expected to be the fastest growing metal forming market for automotive. The North American region comprises countries with significant vehicle production such as Canada, Mexico, and the US. The US is the major contributor, i.e., it contributed around 65% of the overall vehicle production in North America in 2017. The North American metal forming market is dominated by key players such as the Tower International (US), Magna (Canada), and Kirchhoff Automotive (US).