(EnergyIndustry.Net, April 15, 2020 ) Market Overview Global Automotivesheetmetal Components Market is expected to grow at a CAGR of over 25 % during the forecast period (2019-2026) Automotive Sheet Metal Components are generally made from steel or aluminum. These are mainly caused by processes such as cutting, bending and drawing. Various types of dies and press are used for manufacturing of automotive sheet metal components. Technological innovations including improved stamping processes have seen growth in the automotive sheet metal components industry. The Asia Pacific is the largest region for the automotive metal sheet components market. China is a leading market for aluminum and steel sheet components followed by Japan and India. According to the World Steel Association, China is positioned as a number one region in steel production. In 2016, China produced approximately 808 million tonnes of steel, which is nearly half of the total steel production of the world. India is expected to grow at a CAGR of 8.9% over the forecast period on account of the rising demand for vehicles coupled with initiatives taken by the government to promote vehicle manufacturing in the country.
Market Drivers and Restraints Rise in demand of the passenger vehicles, increase in the manufacture of lightweight automobiles, and rise in the order of hybrid and electric car are some of the major factors driving the growth of the automotive sheet metal components market. Intermittent price of metals is one of the major factors restraining the growth of the automotive sheet metal components market.
Segmentation Analysis Steel sheet components are the most widely used material in the automotive sector. The Majority of the total weight of a vehicle is made of steel components. The lower manufacturing costs of coining technique of sheet metal into automotive components such as transmission components and interior & exterior structural components is expected to fuel the demand for stamping technology in the automotive industry. According to the World Steel Association, 30% of the total steel produced in the world is used in the automotive sector and mechanical equipment manufacturing, which is driving the growth of automotive sheet metal components. Key market segments covered By Material Aluminum and Composites Steel and Composites By Application Interior Chassis Engine Exteriors Electrical Casings Others Exterior Structural Panels By Region Asia Pacific Europe North America South America Rest of the World
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