iCrowd Newswire – Jul 20, 2020
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Automotive Structural Sheet Metal Market. The growth sectors of the Automotive Structural Sheet Metal Market are identified with precision for a better growth perspective.
Market Research Future (MRFR) expects the automotive structural sheet metal market 2020 to gain considerable impetus at a high rate between 2018 and 2023, which is the evaluation period. We will provide COVID-19 impact analysis with the report, offering all the key developments that can affect the market post the coronavirus disease outbreak.
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Notable Boosters and Main Challenges
The substantial growth of the automotive structural sheet metal market in recent years has been the result of the surge in car ownership and the expanding automotive industry worldwide. The large-scale production of different vehicle models can also be a plus point for the global market. Structural sheet metals are observing widespread demand in the developing nations in light of the growing car ownership and the sharp economic surge. The increasing per capita income and the consequent boom in the automobile sales can also provide lucrative opportunities to the automotive structural sheet metal market in emerging regions.
The weight reduction in vehicles is an emerging trend, with the rising use of light weight metal components also gaining speed among automakers since these have excellent specific strength and low density. Technological innovations in manufacturing of structural sheet metals like coining techniques and hybrid electromagnetically assisted sheet metal stamping machines can also amp up the industry growth in the coming years.
On the downside, the market growth can be negatively impacted by the fluctuations in the price of aluminum and steel, which are some of the commonly used structural sheet metals. The use of substitutes like fiber and plastic composite components in vehicles can also be another growth demoting factor in the global market. With that said, the automotive structural sheet metal market will be quick to recover, due to the increasing hype surrounding autonomous, mobility services, digitization, electric powertrains and driving within the automotive industry across the globe.
Top Market Participants
Top market participants are A&E Manufacturing Company(U.S.), ATAS International Inc(U.S.), Associated Materials LLC(U.S.), BlueScope Steel Limited(Australia), ABC Sheet Metal(U.S.), Noble Industries(U.S.), United States Steel Corporation(U.S.), Alcoa Inc(U.S.), Autoline Industries Ltd (India), Bud Industries Inc. (U.S.), Wise Alloys LLC(U.S.), Prototek(India), Nucor Corporation(U.S.), General Sheet Metal Works Inc(U.S.), NCI Building Systems Inc. (U.S.), and more.
Eagle has added new features in its Eagle Lightweight GT to enhance the driving experience. The new model now boasts of panels that are made of advanced lightweight aluminum, which considerably brings down the car weight.
Vehicle type and application are the key segments depending on which the automotive structural sheet metal market has been considered in the MRFR study.
The vehicle types taken in account are commercial vehicles and passenger vehicles.
The application-wise market sections can be exterior and chassis.
The automotive structural sheet metal industry has been regionally segregated into Europe, MEA/the Middle East & Africa, APAC/Asia Pacific and North America.
Europe, along with North America, has taken the lead in the global market for automotive structural sheet metal. Both the regions are known for their well-developed automotive sectors with heavy concentration of world renowned automakers like Ford, BMW and Fiat. Also, the large scale spending that goes into research and development activities for development of more advanced vehicles also induces major profits for the regional markets. The accelerated sale of electric and hybrid vehicles along with the surge in engine downsizing trend to control emission level also promotes market expansion in Europe as well as North America.
The APAC market’s expansion rate has been incredible, as a result of the increasing vehicle ownership and the overall striking growth of the automotive industry. The rapid shift of international manufacturers to the region to leverage the high availability of government subsidies, tax rebates and cheap labor also back the growth of the automotive structural sheet metal market. China can remain as the top performing market in the region, thanks to the rampant demand of aluminum while producing transmission, chassis, and various exterior and interior components.
In MEA, the automotive industry is still not quite developed, which means that the automotive structural sheet metal industry in the region can expect moderate growth in the ensuing years. However, these regions can present several attractive opportunities over the next few years, as many automotive structural sheet metal manufacturers are increasingly investing to benefit from the mounting demand for cars and other vehicles.
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Keywords: Automotive Structural Sheet Metal Market, Automotive Structural Sheet Metal Market Size, COVID-19 Analysis