22 March 2021
Visiongain has published a new report on Metal Forming Market Report to 2031: Forecasts by By Vehicle Type (IC Engine and Electric Vehicle) By Technique (Deep Drawing, Stamping, Roll & Stretch, Hydroforming) By Material (Steel and Aluminium) By Forming Type (Hot, Warm, and Cold). PLUS Profiles of Leading Metal Forming Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Metal Forming market was valued at US$ xx billion in 2019 and is projected to reach at a market value of US$ xx billion by 2031. The market is anticipated to witness positive growth over the forecast period, despite the disruptions created by COVID-19 in the year 2020. The growth of the market can be attributed to the increasing support from the regional governments through incentives, loans and subsidies boosting vehicle demand.
COVID-19 Impact on Metal Forming Market
COVID-19 negatively impacted the Metal Forming market due to ceasing of automotive and ancillary production between March and May due to precautionary lockdown announced by the government to contain the spread of the virus. The temporary shut of vehicle manufacturing and component manufacturing plants and steel decline in vehicle demand created significant turbulence and significant supply-demand disruptions. However, with the resumption of the economic activities the market back-tracked the growth path, however, with a slower pace. The market still lies down below the pre-COVID level, and the recovery may take some more time.
The growing vehicle production activities across the globe tends to supplement the metal forming market growth. Apart from passenger cars, which holds majority share of the demand. Commercial vehicle manufacturing has been increasing, in turn boosting the market growth. Further, incentives by various regional government on manufacturing of electric vehicles is anticipated to boost the demand. There is significant demand by OEMs and the regulatory bodies towards light weighting of automotive parts, which also acts as a factor supporting growth.
Growing sales of electric passenger cars and two wheelers offers significant opportunity. Incentives by various regional government on manufacturing of electric vehicles is anticipated to boost the demand. Further, focus of global regulatory bodies and regional government to curb tailpipe emission requires light weighting of auto parts and components. Players in the metal forming market has been competing in the light weighting batter for long. But significant opportunity still exists for light weighting of electric vehicle and its components.
Some of the company’s profiled in this report include Benteler, Tower International, Magna International, Toyota Boshoku Corporation, Aisin Seiki, Kirchhoff, Mills Products, Hirotec, Superform Aluminium, Hörnlein. Additional companies’ active in the market includes PWO, Ernst Umformtechnik, Metal Flow, Stewart EFI, Gestamp Automoción, Vari-Form, LTC Roll, Martinrea International Inc, Multimatic, Kaizen Metal Forming and JBM Auto. Players in the market has been observed partnering with OEMs and Tier 1 suppliers for research and development of novel products/components for their advanced technology next-gen vehicles.
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