Global Automotive Sheet Metal Components Market: Snapshot
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.
Transparency Market Research estimates that the global automotive sheet metal components market, which was valued at US$104.30 bn in 2016, will exhibit a CAGR of 3.7% from 2017 to 2025 to account for US$142.41 bn in 2025.
High-strength Steel to Continue to Witness Strong Demand
Steel sheet components are the most widely used material in the automotive sector. 60% of the total weight of a vehicles is made of steel components. Steel allows good corrosion resistance while maintaining weldability and formability. There are numerous grades of steel available in the market to best suit the specific requirements as per application.
Stringent emission norms and automobile standards has been emphasizing automakers to develop lightweight vehicles. Therefore, downsizing of engine in order to ensure fuel efficient and environment-friendly attribute in vehicles has been propelling the demand for high strength steel, which are more durable and lighter than standard steel. The usage of steel as an automotive sheet metal component is expected to remain strong over the report’s forecast period as well.
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: Overview
This market research study analyzes the automotive sheet metal components market on global basis and provides estimates in terms of revenue (US$ Bn) from 2016 to 2025. It describes the market dynamics affecting the industry and analyzes their impact through the forecast period. Moreover, it highlights the significant opportunities for market growth in the next eight years.
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.
Global Automotive Sheet Metal Components Market: Segmentation
The market is segmented on the basis of geography into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America. These segments have been estimated in terms of revenue (US$ Bn). In addition, the report has been segmented based on material, which includes, steel and aluminum. By application the market is categorized into interior, drivetrain, engine, exterior and chassis. For better understanding of the automotive sheet metal components market, the study comprises market attractiveness analysis, where the material segment is benchmarked based on their market scope, growth rate and market attractiveness. Competitive rivalry is projected to be high among key players to acquire higher share of the market in the coming years.
Global Automotive Sheet Metal Components Market: Competitive Landscape
The global automotive sheet metal components market is fragmented with few medium and large companies. Entry into this market is not restricted as there is no monopoly of business and the market has huge scope and opportunity. However, setting up of manufacturing units for automotive sheet metal components require huge capital and resource, which is not feasible for most of the small and medium sized companies. Increasing private equity investments and merger and acquisitions of companies in the automotive sector has been of great influence to the automotive sheet metal components market. Significant growth in the automotive sector coupled with economic reforms in major developing countries has been able to bolster the growth of this market. Asia Pacific, Middle East and Africa, and Latin America are key markets for the future and are expected to provide huge opportunities to the global automotive sheet metal components manufacturers because of the increasing production and usage of passenger vehicles in the aforementioned regions.
The report also provides company market share analysis of the various industry participants. Acquisition is the main strategy being widely followed by leading market players. In case of an acquisition, the acquirer takes advantage of existing synergies. As a result, both companies are expected to emerge more profitable and stronger than before. Key players in the global automotive sheet metal components market have been profiled and their company overview, financial overview, business strategies and recent developments have been covered in the report. Major market participants profiled in this report include: 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.
The global automotive sheet metal components market is segmented as below:
Global Automotive Sheet Metal Components Market: By Material
Global Automotive Sheet Metal Components Market: By Application
Global Automotive Sheet Metal Components Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America