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.
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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.
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