Automotive Sheet Metal Components Market to Experience Growth Due to Increased Manufacture of Automobiles

The automotive sheet metal components market is anticipated to experience a robust growth in coming years due to rising demand for sheet metals in industrial processes. With the growing requirement to build vehicles and lighter engines, the need for the supply of lightweight sheet metal component has also increased manifold in order to improve the performance of the engines. According to a report by Transparency Market Research (TMR) the global automotive sheet metal components market is prognosticated to flourish with a strong and steady CAGR of 3.7% within its forecast period from 2017 to 2025. In year 2016 the market was evaluated to be worth US$ 104.30 bn. This figure is expected to reach around US$ 142.41 bn by the end of year 2025.

What factors are significantly affecting the demand for automotive sheet metal components market? 

In the previous couple of years, there has been a huge ascent in the generation of vehicles over the globe owing to the rising interest and use of commuting vehicles. This, combined with the rising interest for lightweight vehicles, is driving the development and demand of sheet metal components utilized as a part of the creation of automobiles. A little amount of electric vehicles and hybrid vehicles are now easily accessible in the market and the growth rate is relied upon to develop at a solid pace in the coming years subjecting to their slightest effect on nature as emission of contaminations. Additionally, with the ascent in the quantity of electric vehicles and hybrid vehicles in the car market, the application and market for sheet metal components in such vehicles is likewise anticipated to thrive sooner than later. Besides, the fortifying pattern of developing lightweight engines is relied upon to impact the development of the automotive sheet metal components market all around. 

However, this has been making an enormous gap between the demand and supply of aluminum and steel over the world. Additionally, concerns related with the instability in costs of aluminum and steel have likewise expanded universally. In this way, accessibility and instability in the costing of steel and aluminum are required to obstruct the worldwide automotive sheet metal components market, where the two materials find huge application.

What are the leading segments that are contributing in the growth of automotive sheet metal components in the market?

On the basis of material, the global automotive sheet metal components market is segmented into aluminum and steel. The steel sheet are anticipated to demonstrate high demand in coming years. The most broadly utilized material in the automotive industry are steel sheet components. 60% of the aggregate weight of a vehicles is made of steel components. Steel permits great erosion protection while keeping up formable and welding properties. There are various evaluations of steel accessible in the market to best suit the particular prerequisites according to application. Moreover, according to application, the market is divided broadly into engine. Chassis, interior, exterior, and drivetrain.

Which region is likely to flourish drastically on the global scale?

As per geography, the global market is divided into North America, Asia Pacific, Europe, Latin America, And the Middle East and Africa. Among all, Asia Pacific contributed to account the major share section of share around 33% as per the income of the worldwide automotive sheet metal components market in 2016. China is the main automotive sheet metal components market in Asia Pacific. The nation has colossal asset and innovative capacities in the automotive segment. Europe also contributed over 25% to the worldwide automotive sheet metal components market in the mentioned year, with Germany being the huge market. The rising utilizations of sheet metal components in new section of vehicles, for example, electric and hybrid automobiles are relied upon to support the development of the market in Europe at a sound rate over the gauge time frame. However, the automotive sheet metal components market in North America is anticipated to extend drastically amid the conjectured time frame.

Aleris International Inc., O’Neal Manufacturing Services, Larsen Manufacturing, LLC, xPaul Craemer GmbH, Omax Autos Ltd., Novelis Inc., Mayville Engineering Company, Inc., General Stamping and Metal Works, General Stamping and Metal Works, and Frank Dudley Ltd. are some of the key players leading the global automotive sheet metal components market. 


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