As per the report published by FMI, the global automotive stamping market share is projected to have a rapid-paced CAGR of 5.3% during the forecast period. The current valuation of the market is US$ 10,490.0 Million in 2022. The market value of automotive stamping is anticipated to reach a high of US$ 17,581.6 Million by the year 2032.
Automotive stamping is gaining wide usage due to the rising vehicle production across the globe. According to the findings of Future Market Insights, growing technological advancements like hydraulic metal stamping, hybrid electromagnetic sheet stamping, and laser metal stamping enable the manufacturers in the market to reduce the overall cost and are likely to fuel the automotive stamping market.
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In addition to that, it is anticipated by the expert analysts at FMI that high growth in the export of automotive components for engine and transmission parts is likely to boost the growth of the automotive stamping market.
However, FMI has analyzed that pressure on suppliers for cost reduction is expected to restrain the growth of the market. In the recent past, it is identified that automakers have focused on weight reduction and improvement of the performance of the vehicles, and in order to achieve these aspects, the automakers are using advanced materials that are more expensive than the conventional ones. Hence, it is predicted that cost reduction is becoming a challenging job, keeping under consideration the present competitive scenario of the market and the rising emergence of plastic as a metal alternative.
Furthermore, the complex operation of newly installed technologies is another factor that hampers the expansion of the established players in the market from adopting new and advanced technology like high tonnage presses.
Key Takeaways from the Automotive Stamping Market
- The Passenger Vehicle segment is projected to account for an approximate market share of 38.4% during the forecast period.
- The Cold Stamping segment is anticipated to expand at a CAGR of 5% during the period 2022-2032.
- North America is expected to possess an 18% market share during 2022, further registering a CAGR of 4.9% during 2022-2032.
- India is expected to dominate the country-wise segment and accounted for a market valuation of US$ 6.23 Billion in the base year.
- Cold Stamping segment is expected to reach a market valuation of US$ 14.64 Billion by 2032.
“Major automotive industries are preferring the blanking process of stamping as this technology is allowing to fabricate metal into smaller and manageable pieces to be more tightly packaged in and around vehicles.” – Says an FMI Analyst
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Competition Landscape in the Automotive Stamping Market
The companies are expanding their footprints with new innovative technologies so that they can have an edge over their competitors. However, the market is fragmented, with several local players present in the market.
Growing collaborations and partnerships between OEMs and stamped component suppliers, in order to enhance product development and manufacturing, are expected to be the major trend in the automotive stamping market.
Clow Stamping Company, D&H Industries Inc., Shiloh Industries Inc., PDQ Tool & Stamping Co., Magna International Inc., and Integrity Manufacturing are some of the key players in the market.
Recent Developments in the Automotive Stamping Market:
- In July 2022, Hyundai Motor Company and Common Goal announced their collaboration to drive change and create a more sustainable future. Hyundai Motor and Common Goal have joined forces to promote sustainability, believing that football is one of the few cultural forces that can help shift society toward a more sustainable and equitable society for all. The partnership hopes to use the power of football to rally people in support of our planet and its preservation for future generations. Hyundai and Common Goal will raise awareness and emphasize the importance of solidarity for a sustainable planet through this call to action.
- In July 2022, Schuler introduced its newly created camera-based system called “Visual Quality Inspection” (or VQI for short) that detects defective parts automatically, which can immediately correct production errors, avoid hours of delays, and improve customer relationships in the long run.
- In February 2017, Gestamp Automobile India Private Limited invested US$ 40 million to establish a hot stamping plant in Pune to tailor increasing demand for safer and lightweight vehicles in the country.
- In February 2017, Gestamp Automobile India Private Limited set up a new plant in Pune, in order to provide increased demand for the stamped component requirement from Ford, Tata Motors, and Fiat Chrysler Automotive (FCA).
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Key Segments Profiled in the Automotive Stamping Industry Survey
Automotive Stamping Market by Foaming Temperature:
- Hot Stamping
- Cold Stamping
Automotive Stamping Market by Stamping Process:
- Mechanical Process
- Hydraulic Process
- Pneumatic Process
Automotive Stamping Market by Number of Stations Required:
- Single Tool Station
- Progressive Stations
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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