Global Automotive Hydroformed Parts Market Overview
As per MRFR analysis, the Automotive Hydroformed Parts Market Size was estimated at 15.75 (USD Billion) in 2022. The Automotive Hydroformed Parts Market Industry is expected to grow from 16.46(USD Billion) in 2023 to 24.5 (USD Billion) by 2032. The Automotive Hydroformed Parts Market CAGR (growth rate) is expected to be around 4.51% during the forecast period (2024 - 2032).
Key Automotive Hydroformed Parts Market Trends Highlighted
Rising concerns over vehicle emissions and fuel efficiency are driving the demand for lightweight and fuel-efficient vehicles, which in turn is fueling the growth of the automotive hydroformed parts market. The increasing adoption of electric vehicles (EVs) presents significant opportunities for hydroformed parts due to the need for lightweight and durable components.
Additionally, the growing trend toward vehicle customization and personalization is creating new opportunities for hydroformed parts to meet specific customer requirements. Recent advancements in hydroforming technology, such as the development of high-strength materials and advanced forming techniques, have enabled the production of more complex and lightweight parts, further driving market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Hydroformed Parts Market Drivers
Increasing Demand for Lightweight Vehicles
The automotive industry is on a constant quest to minimize the weight of vehicles, which is believed to enhance fuel consumption and lower the level of emissions. Because compared to the primarily stamped or welded parts, hydroformed parts are lighter, they can be frequently used to cut the weight of an automobile. Essentially, the developing demand for lightweight vehicles is a significant factor contributing to the development of the Automotive Hydroformed Parts Market Industry.
A number of benefits can be obtained through the use of hydroformed parts, viz. Products that are easier in weight: Compared to the common parts that are often stamped or welded, the hydroformed parts produced in the liquid pressure are lighter and often thinner. Parts that are more robust and durable: Hydroforming comprises a high-pressure liquid; hence, the applying parts wind up being stronger and more resistant in comparison to the traditional pounded part. More design flexibility: Hydroforming provides the possibility of creating any form or variable geometry, thus providing automobile manufacturers with an advantage that cannot be ignored. This will make the ever-growing demand for lightweight vehicles a major stimulus to the development of the Automotive Hydroformed Parts Market Industry, which will keep on developing within the next years.
Growing Adoption of Electric Vehicles
The growing adoption of electric vehicles (EVs) is another major driver of growth in the Automotive Hydroformed Parts Market Industry. EVs require lightweight and durable parts to maximize their range and performance. Hydroformed parts are an ideal choice for EVs because they offer both lightweight and durability. In addition, EVs often have unique design requirements, such as the need for battery packs and electric motors. Hydroforming allows automakers to create complex shapes and geometries that can meet these unique requirements. The growing adoption of EVs is expected to continue to drive growth in the Automotive Hydroformed Parts Market Industry in the coming years.
Technological Advancements
In addition to these factors, growth in the Automotive Hydroformed Parts Market Industry is also driven by technological advancements. These advancements consist of the development of new hydroforming techniques and the use of new materials. New hydroforming techniques provide the opportunity to produce more complex shapes and geometries, which may offer automobile manufacturers more design freedom.
Moreover, new materials are being developed that are stronger and more durable than traditional materials, which can additionally enhance the performance of hydroformed parts.Technological advancements are expected to continue to drive growth in the Automotive Hydroformed Parts Market Industry over the next several years.
Automotive Hydroformed Parts Market Segment Insights:
Automotive Hydroformed Parts Market Raw Material Insights
The Automotive Hydroformed Parts Market is segmented on the basis of raw materials into steel, aluminum, and magnesium. Steel is the most commonly used raw material in the production of automotive hydroformed parts, with over 60% of the market share in 2023. This is because steel is strong, durable, and relatively cheap. Another popular raw material is aluminum, which is used where the vehicle must be light, such as in the production of very light vehicles. Magnesium is a light metal with a high strength-to-weight ratio and is therefore used in high-performance vehicle applications.This is because vehicle manufacturers are looking to produce light and fuel-efficient vehicles. In addition, hydroforming technology is increasingly being adopted in the automotive industry.
Some of the components produced through hydroforming include structural components, automotive chassis, exhaust components, and suspensions, among others. The market is also segmented on the basis of application and region. Examples of regions are North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Some of the key players in the market are Magna International, American Axle Manufacturing Holdings, Flex–N–Gate Corporation, and Altenloh, Brinck Co.The market was first negatively affected by the pandemic but picked up in December 2020.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Hydroformed Parts Market Part Type Insights
The Automotive Hydroformed Parts Market is segmented by Part Type, leading to Automotive Frameworks, Body Panels, and Chassis Components. Automotive Frameworks are responsible for the leading market in 2023, as the product is highly demanded due to the shift toward lightweight and durable automotive frameworks. Body Panels should become the most rapidly developing segment due to the increasing popularity of customized and attractive vehicles. Chassis Components are expected to develop at a medium pace as they are favored due to the increasing interest in better steering and stability characteristics.
Automotive Hydroformed Parts Market Technology Insights
The technology segment of the Automotive Hydroformed Parts Market is categorized into high-pressure hydroforming and low-pressure hydroforming. High-pressure hydroforming holds a significant share in the market due to its ability to produce complex and lightweight parts with high strength and dimensional accuracy. Low-pressure hydroforming, on the other hand, is gaining traction as it offers advantages such as lower tooling costs and reduced cycle times. The Automotive Hydroformed Parts Market revenue is expected to grow steadily in the coming years, driven by increasing demand for lightweight and fuel-efficient vehicles, stringent emission regulations, and technological advancements in hydroforming processes.
Automotive Hydroformed Parts Market Application Insights
The Automotive Hydroformed Parts Market is segmented by Application into Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, and Electric Vehicles. Passenger Vehicles account for a major share of the Automotive Hydroformed Parts Market revenue. The growth of this segment can be attributed to the increasing production of passenger vehicles globally. Light Commercial Vehicles are also expected to witness significant growth in the coming years. This growth can be attributed to the rising demand for these vehicles for commercial and personal use.
Heavy Commercial Vehicles are expected to have a moderate growth rate due to the increasing demand for these vehicles for transportation of goods. Electric Vehicles are expected to witness exponential growth in the coming years due to the increasing adoption of electric vehicles globally. According to Automotive Hydroformed Parts Market data, the market for Automotive Hydroformed Parts is expected to grow at a CAGR of 4.51% during the forecast period. The growth of the market can be attributed to the increasing demand for lightweight and fuel-efficient vehicles.
Automotive Hydroformed Parts are used in a variety of applications, including chassis, suspension, and body panels. The use of these parts can help to reduce the weight of vehicles, which can lead to improved fuel efficiency. In addition, Automotive Hydroformed Parts are often stronger and more durable than traditional parts, which can lead to longer vehicle life.
Automotive Hydroformed Parts Market End User Insights
The end-user segment of the Automotive Hydroformed Parts Market is categorized into OEMs, Tier 1 Tier 2 Suppliers, and Aftermarkets. OEMs, comprising automakers and their captive suppliers, are projected to dominate the market, generating an estimated revenue of 12.5 billion USD in 2024. Tier 1 Tier 2 Suppliers, responsible for manufacturing and supplying components to OEMs, are expected to hold a significant market share, driven by the growing demand for lightweight and high-strength parts in automotive applications. The Aftermarkets segment, catering to the replacement and repair of hydroformed parts in vehicles, is anticipated to witness steady growth over the forecast period, benefiting from the increasing vehicle parc and the need for maintenance and repairs.
Automotive Hydroformed Parts Market Regional Insights
The Automotive Hydroformed Parts Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest regional market, accounting for 38.9% of the global market in 2023. The region is expected to maintain its dominance throughout the forecast period, owing to the presence of major automotive manufacturers and a well-established automotive supply chain.
Europe is the second-largest regional market, accounting for 30.4% of the global market in 2023. The region is expected to witness steady growth over the forecast period, driven by increasing demand for lightweight and fuel-efficient vehicles.APAC is the third-largest regional market, accounting for 22.8% of the global market in 2023. The region is expected to be the fastest-growing regional market over the forecast period, owing to the rapidly expanding automotive industry in countries such as China and India. South America and MEA are expected to witness moderate growth over the forecast period, owing to the increasing demand for automotive hydroformed parts in these regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Hydroformed Parts Market Key Players And Competitive Insights:
Major players in the Automotive Hydroformed Parts Market industry are constantly vying for market leadership through strategic initiatives such as mergers, acquisitions, and partnerships. The competitive landscape is characterized by a mix of established players and emerging entrants, each with its unique strengths and weaknesses. Leading Automotive Hydroformed Parts Market players are investing heavily in research and development to innovate and enhance their product offerings. They are also expanding their geographical presence through strategic partnerships and joint ventures to cater to the growing demand for automotive hydroformed parts worldwide.
The Automotive Hydroformed Parts Market development is influenced by factors such as technological advancements, evolving consumer preferences, and regulatory changes. A leading player in the Automotive Hydroformed Parts Market is Benteler International AG, a global provider of automotive components and systems. The company has a strong presence in Europe, North America, and Asia and offers a wide range of hydroformed parts for various automotive applications. Benteler International AG is known for its high-quality products, advanced manufacturing capabilities, and commitment to innovation. The company has invested significantly in research and development to develop lightweight and cost-effective hydroformed parts that meet the evolving needs of the automotive industry.
A prominent competitor in the Automotive Hydroformed Parts Market is Gestamp Automocion, S.A., a multinational company headquartered in Spain. Gestamp Automocion, S.A. is a leading supplier of automotive components and systems, including hydroformed parts. The company has a global presence with manufacturing facilities in Europe, North America, South America, and Asia. Gestamp Automocion, S.A. is recognized for its expertise in hydroforming technology and its ability to produce complex and high-quality hydroforming parts. The company has a strong focus on lightweight and cost reduction and is continuously investing in new technologies and processes to improve its competitive advantage.
Key Companies in the Automotive Hydroformed Parts Market Include:
- Amada Holdings Co., Ltd
- JSW Steel Ltd.
- Hydroforming Inc.
- Press Forming International Inc.
- Gestamp Automocion, S.A.
- Schuler AG
- Gordon Tube Formers Inc.
- Yaang Pipe Industry Co., Limited
- Hennig Maschinen AG
- Fives Group
- Hydron LLC
- Ace Tube Bending Pvt. Ltd.
- Kosmek Metal Products, Inc.
- Aida Engineering, Ltd.
Automotive Hydroformed Parts Market Industry Developments
The Automotive Hydroformed Parts Market is experiencing steady growth, driven by the increasing demand for lightweight and fuel-efficient vehicles. In 2023, the market was valued at approximately USD 16.46 billion and is projected to reach USD 24.5 billion by 2032, exhibiting a CAGR of 4.51%. The adoption of hydroformed parts in automotive applications has been gaining traction due to their superior strength-to-weight ratio, improved structural integrity, and cost-effectiveness compared to traditional stamped or welded components.
Key market players are investing in research and development to enhance the efficiency and versatility of hydroforming processes. Recent developments include the introduction of advanced simulation software to optimize part designs and reduce production lead times. The market is also witnessing the emergence of new materials and techniques, such as tailored forming and hybrid hydroforming, which offer further opportunities for innovation and customization.
Automotive Hydroformed Parts Market Segmentation Insights
Automotive Hydroformed Parts Market Raw Material Outlook
Automotive Hydroformed Parts Market Part Type Outlook
- Automotive Frameworks
- Body Panels
- Chassis Components
Automotive Hydroformed Parts Market Technology Outlook
- High-Pressure Hydroforming
- Low-Pressure Hydroforming
Automotive Hydroformed Parts Market Application Outlook
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicles
Automotive Hydroformed Parts Market End User Outlook
- OEMs
- Tier 1 Tier 2 Suppliers
- Aftermarkets
Automotive Hydroformed Parts Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
15.75(USD Billion) |
| Market Size 2023 |
16.46(USD Billion) |
| Market Size 2032 |
24.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.51% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Amada Holdings Co., Ltd, JSW Steel Ltd., Hydroforming Inc., Press Forming International Inc., Gestamp Automocion, S.A., Schuler AG, Gordon Tube Formers Inc., Yaang Pipe Industry Co., Limited, Hennig Maschinen AG, Fives Group, Hydron LLC, Ace Tube Bending Pvt. Ltd., Kosmek Metal Products, Inc., Aida Engineering, Ltd. |
| Segments Covered |
Raw Material, Part Type, Technology, Application, End User, Regional |
| Key Market Opportunities |
Increasing demand for lightweight vehicles Growing adoption of electric vehicles Rising demand for fuel-efficient vehicles Expanding automotive industry in emerging economies Technological advancements in hydroforming techniques |
| Key Market Dynamics |
Increasing demand for lightweight vehicles Growing adoption of hydroforming technology Rising need for fuel-efficient vehicles Stringent emission regulations Technological advancements |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Hydroformed Parts Market is anticipated to be valued at approximately USD 16.46 Billion in 2023.
The Automotive Hydroformed Parts Market is projected to expand at a CAGR of approximately 4.51% from 2024 to 2032.
North America is expected to account for the largest market share in the Automotive Hydroformed Parts Market in 2023.
Automotive Hydroformed Parts are primarily used in the manufacturing of automotive structural components, body panels, and exhaust systems.
Some of the key competitors in the Automotive Hydroformed Parts Market include Gestamp, Magna International, and Benteler.
The Automotive Hydroformed Parts Market is projected to reach approximately USD 24.5 Billion by 2032.
The increasing demand for lightweight and fuel-efficient vehicles is a key factor driving the growth of the Automotive Hydroformed Parts Market.
The high cost of tooling and the complexity of the hydroforming process are some of the challenges faced by the Automotive Hydroformed Parts Market.
The increasing adoption of advanced materials and the development of new hydroforming techniques are some of the key trends in the Automotive Hydroformed Parts Market.
The growing demand for electric vehicles and the expansion of the automotive industry in emerging markets are some of the growth opportunities in the Automotive Hydroformed Parts Market.
