by The automotive hydroformed parts market is estimated to be valued at US$ 12.888 Mn or billions in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive hydroformed parts are lightweight structural components produced using a manufacturing process called hydroforming. In this process, tubes or blanks are formed into complex shapes by applying fluids at high pressures. Some common automotive hydroformed parts include instrument panel beams, seat frames, rails, A-pillars, B-pillars, rocker panels, and suspension arms. Hydroformed parts provide benefits such as mass reduction, enhanced structural integrity, smooth contours, and design flexibility as compared to conventional stamped metal parts.
Market Dynamics:
The growing emphasis on vehicle lightweighting and fuel efficiency is a major driver for the automotive hydroformed parts market. Regulations regarding CO2 emissions from vehicles are becoming increasingly stringent. For example, the Corporate Average Fuel Economy (CAFE) standards in the US mandate an average fuel economy of 54.5 mpg for new passenger cars and light trucks by 2025. Thus, auto manufacturers are focusing on reducing vehicle weight through deployment of advanced lightweight materials such as aluminum and high-strength steel as well as novel manufacturing processes including hydroforming. Additionally, hydroformed parts also facilitate improved vehicle design performance and safety. The technology allows developing complex geometries that cannot be obtained through traditional stamping. This enhances the structural rigidity as well as passenger protection in collisions.
Segment Analysis
The automotive hydroformed parts market is dominated by the passenger vehicles segment as this segment accounts for more than 60% market share. Passenger vehicles require a large number of hydroformed components such as bumpers, side members, rocker panels etc. for enhanced safety, durability and aesthetics. With rising disposable income and changing lifestyle, the demand for passenger vehicles is increasing globally which is contributing to the growth of this segment.
PEST Analysis
Political: Stable political environment and supportive government policies towards automotive industry in several countries is aiding the growth of automotive hydroformed parts market.
Economic: Growth in employment rate and rising disposable income of middle class consumers is increasing the sales of vehicles worldwide which is positively impacting the demand for hydroformed components.
Social: Changing preferences towards vehicles with advanced safety features and aesthetics is driving the consumption of hydroformed parts.
Technological: Developments in material science and manufacturing processes are helping manufacturers to produce intricate hydroformed parts with better formability and strength.
Key Takeaways
The global Automotive Hydroformed Parts Market Growth is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing safety concerns and changing design preferences. The market size for 2023 is estimated to be US$ 12.888 Mn.
Asia Pacific is expected to be the fastest growing as well as the largest market during the forecast period due to rapid growth in vehicle production and sales in major economies like China and India. China being the largest automotive manufacturer worldwide contributes significantly to the regional market growth.
Key players operating in the automotive hydroformed parts market include Alf Engineering, F-TECH, Magna International, Metalsa, Nissin Kogyo, Sango Co., Ltd., Tata Precision Tubes, Tenneco, Thyssenkrupp AG, Vari-Form, and Yorozu. Players are focusing on new product development, expanding manufacturing facilities and collaborations with OEMs for technology transfer to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
