Automotive Sheet Metal Components Market Shows Robust Growth Ahead
Automotive Sheet Metal Components are made from steel or aluminum. These are mainly made by the processes such as cutting, bending, and drawing. Various type of dies and press are used for manufacturing of automotive sheet metal components.
Rise in demand of the passenger vehicles, increase in manufacture of light weight automobiles, and rise in demand of hybrid and electric vehicle are some of the major factors driving the growth of the automotive sheet metal components market. However, intermittent price of metals is one of the major factor restraining the growth of the automotive sheet metal components market. According to World Steel Association, which is one of the largest and most dynamic industry associations in the world, approximately 30% of the total steel produced in the world is used in automotive sector and mechanical equipment manufacturing.
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Automotive sheet metal component market outlook:
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 World Steel Association, China is accounted as a number one in steel production. In 2016, China produces approximately 808 million tonnes of steel, which is nearly a half of total steel production of the world. Also, in August 2017, high demand for trucks and passenger cars in China led to the rise in it sales to around 5.3%. Automotive Steel metal sheets are more widely used as compare to aluminum sheets owing to its strength and durability. Therefore demand for steel sheets will remain dominant in the forecast period. However, increase in demand of light weight and hybrid vehicles will rise the demand for aluminum metal sheet components in the forecast period.
According to World Steel Association, in 2015, European Union was estimated as the second largest region for steel production, with a projected 166 million metric tonnes of global steel production. Countries of European Union such as Germany, Italy, France, and Belgium are the top importer and exporter of steel products. Germany is projected to have exported around 24.7 million metric tonnes of steel and imported around 25 million metric tonnes. Also, in UK, support from government for the automotive research and development and the funding of around US$ 1.63 billion in R&D in car industry for the manufacturing of lightweight material, low-carbon propulsion, and autonomous vehicles has augmented the growth of automotive sheet metal components market in this region.
North America’s automotive industry is the largest automotive manufacturing sector in the world. U.S., Canada, and Mexico are the top manufacturers of automotive parts. According to International Trade Administration, Canada is the top exporter of automotive parts followed by Mexico. Exports of automotive parts of U.S to European Union shows steady growths since 2012 to 2015, which increases approximately from US$ 5 billion to US$ 7.2 billion. The demand for automobiles and rise in technology in automobile manufacturing increases the demand for automotive sheet metal components in the market over the forecast period
Key players in the Global Automotive Sheet Metal Components Market
Some of the key players operating in automotive sheet metal component market include Larsen Manufacturing, LLC, General Stamping and Metal Works, Aleris International, Inc., Mayville Engineering Company, Inc., Paul Craemer GmbH, O’Neal Manufacturing Services, Omax Autos Ltd., Novelis, Inc., and Frank Dudley Ltd.
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