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The automotive stamped component market size is projected to register a CAGR of 4.80%, to reach USD 9.17 billion from 2022 to 2030.
Global Automotive Stamped Component Market Overview (MRFR Insights)
The automotive stamped component market is expanding due to the significant increase in custom-sized car demand over the past ten years and the time and money savings provided by systems for manufacturing stamped components. Additionally, it is anticipated that the increasing adoption of lead time reduction solutions will fuel the market expansion. A stamped component for an automobile is created by pressing a sheet of metal into the required shape. Small, complicated parts that would be challenging or impossible to produce using conventional techniques are frequently made with this approach. Engine parts, body panels, and trim items are a few uses for automotive-Stamping Components. During the projected period, demand is anticipated to be driven by an increase in the desire for lighter, more fuel-efficient automobiles and increasing vehicle manufacturing.
COVID-19 Impact Analysis on Metal Stamping in Automotive Industry
Numerous owners had sold their vehicles due to the COVID-19 epidemic, and fewer modern vehicles were being produced when the lockdown went into place. The COVID-19 epidemic has caused many economies to reopen, which has raised the demand for automobiles while putting pressure on automakers' inventories. More cars need to be produced to meet this demand, causing the industry to expand. Around 14.47 million light automobiles were sold in the USA in 2020, according to the BEA (Bureau of Economic Analysis). A 3.2% increase from the year before brought the total to 14.93 million light vehicles sold in the nation in 2021.
Automotive Stamped Component Market Dynamics
Due to the use of metal frames in mobile phones, headphones, speakers, gamepads, and controllers, the expanding consumer electronics industry is projected to continue to be a major driving force. Because metal stamping provides excellent tolerance, corrosion resistance, electrical conductivity, and a smooth finish, it is utilized in mobile phone manufacturing antennas, chassis, and camera lens holders. The GSM Association estimates that there were 5.31 billion unique mobile customers worldwide in January 2021 and that this number is increasing by 1.8% annually.
Market Key Drivers
- Rising production and sales of vehicles
In 2021, the market for automotive components grew considerably. For instance, the export of vehicle parts accounts for over 30% of India's total revenue. Additionally, India is a fast-growing hub for engine and transmission parts in the vehicle sector; hence, the need for automotive stamping is projected to increase shortly. Additionally, it is projected that growing demand will compel OEMs and tier 1 companies to manage their production capacity by creating a new stamping technique for auto parts. This is expected to further fuel the market expansion for automotive stamping products throughout the anticipated time frame.
Market Key Restraints:
- Supplier cost-cutting pressure
Weight reduction and performance improvements have taken precedence among manufacturers recently. But to achieve these two benefits, automobile stamping businesses must use high-end materials, which are more expensive than ordinary materials. As a result of the intense rivalry in the Indian automotive stamping market, vendors of automotive stamping products are also concentrating on cutting costs. As a result, price flexibility in the automobile stamping sector has been restricted, which would soon restrain the expansion of the Indian automotive stamping market.
Market Key Opportunities:
- Modernization of the stamping process & Its Types
The development of technology has enhanced the techniques and equipment for stamping process. These cutting-edge technologies can help manufacturers work better, which will raise the caliber of the finished product overall. For example, precision stamping uses high-tonnage presses and stamping dies to shape metal sheets into finished or partially finished items. It consists of intricate stamping applications that involve stamping, folding, drawing, or poking a product all in one series process. As a result, market participants are anticipated to have favorable growth possibilities over the projection period.
Automotive Stamped Component Market Segmentation
Forming Temperature Insights
The automotive stamped component market segmentation, based on forming temperature, is hot stamping and cold stamping. The automotive stamped components market growth was prominently high under the hot stamping segment in 2021. The automotive industry sectors must comply with ever-tighter rules regarding vehicle safety and the environment. Hotstamped parts for structural body members are becoming more popular as a remedy to lower the weight of cars.
Vehicle type Insights
The automotive stamping component market segmentation, based on vehicle type, is passenger vehicles and commercial vehicles. In 2021, the passenger vehicles segment accounted for the largest market share of the market.
Distribution Channel Insights
The market, based on technology, is divided into bending, flanging, embossing, coining, and blanking. In 2021, the blanking segment accounted for the largest market share of The Automotive Stamping Components market. Due to its accurate and better stamping capabilities, blanking is a crucial component of the vehicle manufacturing chain. Demand is also anticipated to increase throughout the projected period due to the technology's expanding use in mass production lines.
Global Automotive Stamped Component Market Share, by Region, 2021 (%)
Automotive Stamped Component Market Overview, by Region
By region, The market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. North America will exhibit the highest CAGR during the forecast period.
Asia-Pacific
Due to the region's growing demand for cars and consumer electronics, the Asia-Pacific region accounted for the greatest revenue share of more than 36% in 2021 and is anticipated to see the quickest CAGR throughout the forecast period. Developing nations like China, India, Bangladesh, Indonesia, and Pakistan are mostly driving the expansion, where it is projected that rising demand for phones and other consumer electronics will accelerate market growth. The need for machinery and equipment in Asia-Pacific is predicted to increase due to the region's increasing industrialization, infrastructure improvement, and expansion in the defense sector.
North America
The growing demand from the automobile industry in North America will probably increase product usage. By employing metals, such as aluminum, in various components, automakers in the area are concentrating on boosting the manufacture of lightweight automobiles to lower fuel consumption. By 2025, it's predicted that 80% of the vehicles produced in the area will have aluminum hoods, up from just about 50% as of 2020.
Automotive Stamped Component Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Gestamp, Batesville Tool & Die, and Trans-Matic dominate The market due to product differentiation, strategic developments, financial stability, and diversified regional presence. Automotive Stamping Component firms are focusing on developing new and inventive methods to make facility assets and services relevant and necessary for improving customer experience and occupational physiology and supporting their core business. To expand their market footprint and acquire more clients, these market players are investing in R&D and engaging in marketing strategies such as partnerships & collaborations, mergers & acquisitions, product launches, and developments. With so many small- and large-scale companies in the market, it is very competitive on a worldwide basis. Based on services and specialized products, local players compete with multinational corporations. The local players have the potential to supply standardized products to the major manufacturers of consumer electronics, industrial machinery, and automobile original equipment manufacturers (OEMs), as well as individual customization services to their customers.
Prominent automotive stamped component market research players include Gestamp Automoción, Batesville Tool & Die, Trans-Matic, Lindy Manufacturing, Magna, All-New Stamping, and others.
Scope of The Automotive Stamped Component Market Report
Automotive Stamped Component Forming Temperature Outlook
- Hot Stamping
- Cold Stamping
Automotive Stamped Component
Vehicle Type Outlook
- Passenger Vehicles
- Commercial Vehicles
Technology Outlook
- Bending
- Flanging
- Embossing
- Coining
- Blanking
Region Outlook
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia and New Zealand
- Rest of Asia-Pacific
- Rest of the World
- South America
- Middle East
- Africa
Industry Developments
January 2024 : GSC Steel Stamping LLC has made the announcement that it has successfully acquired the assets of Dixien, LLC. This is a major step that further reinforces the company's position as a leader in the sector. The firm has been stamping automobile components for 43 years, and this strategic purchase represents a critical point in that history. It demonstrates GSC's dedication to expansion, innovation, and the continuance of a rich tradition. By the end of the year, the firm intends to shift from its existing site in Lake City, Georgia, which is 200,000 square feet in size, to a huge building that is over 500,000 square feet in size and is equipped with cutting-edge technology. This move is expected to accelerate the company's development even further.
GSC Steel Stamping is committed to achieving its goals of excellence by continually reevaluating its processes, investing in cutting-edge technology, and recruiting the most talented employees. To ensure that it continues to be at the forefront of the automobile manufacturing sector, the firm invests a significant amount of importance on cultivating a culture that encourages technological advancement and innovation.
GSC Steel Stamping, LLC is proud to have a personnel that is both highly experienced and devoted. The plant operations management team has a total stamping expertise that exceeds two hundred years. GSC's reputation for dependability and competence is further strengthened by the fact that this team takes enormous delight in providing precise components of high quality on time while maintaining a regular delivery schedule.
As the biggest minority-owned automobile stamping facility in the world, GSC Steel Stamping, LLC takes great pride in its position. The firm is well-positioned to achieve tremendous growth by the year 2026 as a result of its strategic acquisitions, dedication to excellence, and continual innovation. This is a monument to the company's unrelenting devotion to quality, accuracy, and the pleasure of its customers.
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