Analysts’ Viewpoint on Automotive Sheet Metal Components Market Scenario
Rise in concern regarding excessive carbon emission and continuous surge in fuel prices across the globe are likely to propel the automotive sheet metal components market, in terms of volume and revenue, during the forecast period. Increased demand for lightweight components, which reduces the overall weight of the vehicle and leads to comparatively low fuel consumption to run the engine, is boosting the automotive sheet metal components market growth. Moreover, companies in the automotive sheet metal components market are focusing on high-growth applications such as interior, drivetrain, engine, exterior, and chassis to keep their businesses growing post the COVID-19 pandemic.
The transportation industry, one of the leading contributors of polluting agents to the environment due to the mounting numbers of vehicles across the globe, has been under radar of environmentalists for a long while. In order to change the situation, strict regulations imposed on vehicle-makers to launch market vehicles with higher rate of fuel efficiency are driving development in the automotive industry. Thus, to achieve higher fuel efficiency, engine downsizing and lighter vehicle parts are some of the most notable changes being made in vehicles of late.
In order to make vehicles and their engines lighter, automobile manufacturers are demanding suppliers to provide lightweight sheet metal components to support the performance of lighter vehicle engines. Aluminum and steel sheet metals are being designed in much more refined and thinner forms as compared to old times in order to make them applicable for lighter automobile applications. These factors are expected to drive the global market for automotive sheet metal components market over the next few years.
Moreover, rise in awareness regarding impact of air pollution on the environment as well as the ecosystem is encouraging sales of electric vehicles.
The demand for fuel-efficient and low carbon emission vehicles is increasing globally due to the growing concern for climate change, global warming, and non-renewable crude oils. Mergers and acquisitions between various companies are boosting the automotive sheet metal components market. Researchers from the Indian Institute of Technology Madras (IITM), the University of North Texas, and the US Army Research Laboratory have created a magnesium alloy that has exponentially better characteristics, and can be used to replace steel and aluminum in automotive and aerospace components. The current industrial application of wrought magnesium alloys in structural components is limited due to its poor moderate or low strength. The use of lightweight materials in vehicle bodies has been emphasized as a way to reduce the carbon footprint of cars. Lighter cars need less fuel to operate and hence, they play an important role in improving energy efficiency.
The rapid growth of the automotive sector has led to significant demand for luxurious vehicles in the past few years, especially of hatch back, sedan, SUVs, sports cars, etc. However, climate change and global warming have become a global issue, and most countries are trying to minimize the use of bulky engines and other heavy components in vehicles, which, in turn, is estimated to fuel the automotive sheet metal components market growth.
Stringent regulatory norms regarding carbon emission and pollution control is another factor mandating the use of lightweight materials in vehicles, which, in turn, is further driving the global market. According to a survey, around 25% of global pollution takes place due to carbon emission by vehicles. Novelis developed AdvanzTM 7UHS-s701, which is the company's strongest automotive aluminum product to date. The ultra-high-strength material, which is technologically advanced, is the future of high-strength material in automotive applications. It provides a clear alternative to the most advanced high-strength steel goods.
Inventions and R&D of new materials from various alloys that are light in weight and have longer life would play a significant role in the automotive sheet metal components market in the near future. Additionally, new approaches and technologies that are being discovered for the manufacturing of upright and reliable sheet metal components, which can be mounted with perfection in an automobile, are projected to propel the global automotive sheet metal components market.
In terms of material, the global automotive sheet metal components market has been bifurcated into steel and aluminum. The steel segment held a major share of 56.11% in 2021 and will maintain the status quo with a growth rate of more than 3.12% during the forecast period. In the automotive industry, steel sheet components are extensively utilized. Steel components account for around 65% of a vehicle's total weight. Steel has excellent corrosion resistance, while still being weldable and formable. Various steel grades are available on the market to best fit the individual needs of each application. Moreover, aluminum is a highly durable and lightweight material, which exerts a comparatively light load on the vehicle chassis.
According to World Steel Association, 30% of the total steel produced in the world is used in automotive sector and mechanical equipment manufacturing, which is driving the growth of automotive sheet metal components.
In terms of application, the global automotive sheet metal components market has been classified into interior, drivetrain, engine, exterior, and chassis. The exterior and chassis segments held significant shares of 34.67% and 34.42% in 2021, and will maintain the status quo with a growth rate of more than 3.11% during the forecast period. Moreover, a decline in the size of an engine has a great impact on vehicle performance and adoption of aluminum is comparatively slow and steady, as aluminum sheet metal components are expensive. All these factors are likely to propel the demand for automotive sheet metal components market during the forecast period.
Asia Pacific held the largest volume share of 39.11% in 2021 of the global automotive sheet metal components market. In Asia Pacific, China is the largest market for automotive sheet metal components. In the automobile sector, the country possesses vast resources and technological potential. Furthermore, rising demand for passenger vehicles in China and India is fueling the automotive sheet metal components market in Asia Pacific.
Europe accounted for more than 28% share of the global automotive sheet metal components market in 2020, with Germany dominating the market in the region. Increasing use of sheet metal components in emerging vehicle segments, such as electric and hybrid vehicles, is anticipated to drive the market in Europe at a moderate pace during the forecast period.
The global automotive sheet metal components market is consolidated with a small number of manufacturers controlling majority of the market share. Key firms are spending significant sums of money on comprehensive research and development. Expansion of product portfolios and mergers & acquisitions are the significant strategies adopted by the key players.
Novelis Inc., Aleris International Inc., General Stamping and Metal Works, O’Neal Manufacturing Services, Mayville Engineering Company, Inc., Larsen Manufacturing, LLC, Amada Co. Ltd., Paul Craemer GmbH, Omax Autos Ltd., and Frank Dudley Ltd. are the prominent entities operating in this market.
Each of these players has been profiled in the automotive sheet metal components market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
Attribute |
Detail |
Market Size Value in 2021 |
US$ 117.5 Bn |
Market Forecast Value in 2031 |
US$ 157.2 Bn |
Growth Rate (CAGR) |
2.9% |
Forecast Period |
2022–2031 |
Historical Data Available for |
2017–2021 |
Quantitative Units |
US$ Bn for Value & Units for Volume |
Market Analysis |
It includes cross segment analysis at global as well as regional level. Furthermore, qualitative analysis includes drivers, restraints, opportunities, key trends, Porter’s Five Forces analysis, value chain analysis, and key trend analysis. |
Competition Landscape |
|
Format |
Electronic (PDF) + Excel |
Market Segmentation |
|
Regions Covered |
|
Countries Covered |
|
Companies Profiled |
|
Customization Scope |
Available upon request |
Pricing |
Available upon request |
The automotive sheet metal components market was valued over US$ 117.5 Bn in 2021
The automotive sheet metal components market is expected to grow at a CAGR of 2.9% by 2031
The automotive sheet metal components market will value more than US$ 157.2 Bn in 2031
Rise in demand for passenger vehicles, lightweight components that reduce the overall weight of the vehicle and lead to comparatively low fuel consumption to run the engine, and electric and hybrid vehicles is driving the market growth
The steel segment accounts for 56.11% market share
Asia Pacific is the most lucrative region in the global automotive sheet metal components market
The prominent players operating in the automotive sheet metal components market are Novelis Inc., Aleris International Inc., General Stamping and Metal Works, O’Neal Manufacturing Services, Mayville Engineering Company, Inc., Larsen Manufacturing, LLC, Amada Co. Ltd., Paul Craemer GmbH, Omax Autos Ltd., and Frank Dudley Ltd.
1. Executive Summary: Global Automotive Sheet Metal Components Market
1.1. Global Automotive Sheet Metal Components Market Volume (Billion Units) and Value (US$ Bn), 2022‒2031
2. Market Overview
2.1. Introduction
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Opportunity
2.3. Market Factor Analysis
2.3.1. Porter’s Five Force Analysis
2.3.2. Value Chain Analysis
2.3.3. List of Key Manufacturers
2.3.4. List of Customers
2.3.5. Level of Integration
2.3.6. SWOT Analysis
2.4. Regulatory Scenario
2.5. Key Industry Development
2.6. Key Industry Trends
3. Global Automotive Sheet Metal Components Market Analysis and Forecast, by Material
3.1. Definition
3.2. Market Snapshot
3.3. Global Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Material, 2022‒2031
3.3.1. Steel
3.3.2. Aluminum
4. Global Automotive Sheet Metal Components Market Analysis and Forecast, by Application
4.1. Definition
4.2. Market Snapshot
4.3. Global Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Application, 2022‒2031
4.3.1. Interior
4.3.2. Drivetrain
4.3.3. Engine
4.3.4. Exterior
4.3.5. Chassis
5. Global Automotive Sheet Metal Components Market Analysis and Forecast, by Region
5.1. Market Snapshot
5.2. Global Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Region, 2022‒2031
5.2.1. North America
5.2.2. Europe
5.2.3. Asia Pacific
5.2.4. Middle East & Africa
5.2.5. South America
6. North America Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, 2022‒2031
6.1. Market Snapshot
6.2. North America Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Material
6.2.1. Steel
6.2.2. Aluminum
6.3. North America Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Application
6.3.1. Interior
6.3.2. Drivetrain
6.3.3. Engine
6.3.4. Exterior
6.3.5. Chassis
6.4. North America Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Country
6.4.1. U.S.
6.4.2. Canada
6.4.3. Mexico
7. Europe Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, 2022‒2031
7.1. Market Snapshot
7.2. Europe Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Material
7.2.1. Steel
7.2.2. Aluminum
7.3. Europe Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Application
7.3.1. Interior
7.3.2. Drivetrain
7.3.3. Engine
7.3.4. Exterior
7.3.5. Chassis
7.4. Europe Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Country and Sub-region
7.4.1. Germany
7.4.2. U.K.
7.4.3. France
7.4.4. Italy
7.4.5. Spain
7.4.6. Nordic Countries
7.4.7. Russia & CIS
7.4.8. Rest of Europe
8. Asia Pacific Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, 2022‒2031
8.1. Market Snapshot
8.2. Asia Pacific Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Material
8.2.1. Steel
8.2.2. Aluminum
8.3. Asia Pacific Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Application
8.3.1. Interior
8.3.2. Drivetrain
8.3.3. Engine
8.3.4. Exterior
8.3.5. Chassis
8.4. Asia Pacific Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Country and Sub-region
8.4.1. China
8.4.2. India
8.4.3. Japan
8.4.4. South Korea
8.4.5. ASEAN
8.4.6. ANZ
8.4.7. Rest of Asia Pacific
9. Middle East & Africa Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, 2022‒2031
9.1. Market Snapshot
9.2. Middle East & Africa Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Material
9.2.1. Steel
9.2.2. Aluminum
9.3. Middle East & Africa Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Application
9.3.1. Interior
9.3.2. Drivetrain
9.3.3. Engine
9.3.4. Exterior
9.3.5. Chassis
9.4. Middle East & Africa Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Country and Sub-region
9.4.1. GCC
9.4.2. Turkey
9.4.3. South Africa
9.4.4. Rest of Middle East & Africa
10. South America Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, 2022‒2031
10.1. Market Snapshot
10.2. South America Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Material
10.2.1. Steel
10.2.2. Aluminum
10.3. South America Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Application
10.3.1. Interior
10.3.2. Drivetrain
10.3.3. Engine
10.3.4. Exterior
10.3.5. Chassis
10.4. South America Automotive Sheet Metal Components Market Volume (Billion Units) & Value (US$ Bn) Forecast, by Country and Sub-region
10.4.1. Brazil
10.4.2. Argentina
10.4.3. Rest of South America
11. Competition Landscape
11.1. Market Analysis by Company (2021)
11.2. Market Player – Competition Matrix (By Tier and Size of companies)
11.3. Key Market Players (Details – Overview, Recent Developments, Strategy)
11.3.1. Novelis Inc.
11.3.1.1. Overview
11.3.1.2. Recent Developments
11.3.1.3. Strategy
11.3.2. Aleris International Inc.
11.3.2.1. Overview
11.3.2.2. Recent Developments
11.3.2.3. Strategy
11.3.3. General Stamping and Metal Works
11.3.3.1. Overview
11.3.3.2. Recent Developments
11.3.3.3. Strategy
11.3.4. O’Neal Manufacturing Services
11.3.4.1. Overview
11.3.4.2. Recent Developments
11.3.4.3. Strategy
11.3.5. Mayville Engineering Company, Inc.
11.3.5.1. Overview
11.3.5.2. Recent Developments
11.3.5.3. Strategy
11.3.6. Larsen Manufacturing, LLC
11.3.6.1. Overview
11.3.6.2. Recent Developments
11.3.6.3. Strategy
11.3.7. Amada Co. Ltd.
11.3.7.1. Overview
11.3.7.2. Recent Developments
11.3.7.3. Strategy
11.3.8. Paul Craemer GmbH
11.3.8.1. Overview
11.3.8.2. Recent Developments
11.3.8.3. Strategy
11.3.9. Omax Autos Ltd.
11.3.9.1. Overview
11.3.9.2. Recent Developments
11.3.9.3. Strategy
11.3.10. Frank Dudley Ltd.
11.3.10.1. Overview
11.3.10.2. Recent Developments
11.3.10.3. Strategy
11.3.11. Other Key Players
List of Tables
Table 1: Global Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Material, 2022‒2031
Table 2: Global Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Material, 2022‒2031
Table 3: Global Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Application, 2022‒2031
Table 4: Global Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Application, 2022‒2031
Table 5: Global Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Region, 2022‒2031
Table 6: Global Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Region, 2022‒2031
Table 7: North America Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Material, 2022‒2031
Table 8: North America Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Material, 2022‒2031
Table 9: North America Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Application, 2022‒2031
Table 10: North America Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Application, 2022‒2031
Table 11: North America Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Country, 2022‒2031
Table 12: North America Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Country, 2022‒2031
Table 13: Europe Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Material, 2022‒2031
Table 14: Europe Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Material, 2022‒2031
Table 15: Europe Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Application, 2022‒2031
Table 16: Europe Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Application, 2022‒2031
Table 17: Europe Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Country and Sub-region, 2022‒2031
Table 18: Europe Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Country and Sub-region, 2022‒2031
Table 19: Asia Pacific Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Material, 2022‒2031
Table 20: Asia Pacific Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Material, 2022‒2031
Table 21: Asia Pacific Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Application, 2022‒2031
Table 22: Asia Pacific Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Application, 2022‒2031
Table 23: Asia Pacific Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Country and Sub-region, 2022‒2031
Table 24: Asia Pacific Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Country and Sub-region, 2022‒2031
Table 25: Middle East & Africa Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Material, 2022‒2031
Table 26: Middle East & Africa Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Material, 2022‒2031
Table 27: Middle East & Africa Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Application, 2022‒2031
Table 28: Middle East & Africa Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Application, 2022‒2031
Table 29: Middle East & Africa Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Country and Sub-region, 2022‒2031
Table 30: Middle East & Africa Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Country and Sub-region, 2022‒2031
Table 31: South America Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Material, 2022‒2031
Table 32: South America Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Material, 2022‒2031
Table 33: South America Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Application, 2022‒2031
Table 34: South America Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Application, 2022‒2031
Table 35: South America Automotive Sheet Metal Components Market Volume (Billion Units) Forecast, by Country and Sub-region, 2022‒2031
Table 36: South America Automotive Sheet Metal Components Market Value (US$ Bn) Forecast, by Country and Sub-region, 2022‒2031
List of Figures
Figure 1: Global Automotive Sheet Metal Components Market Value (US$ Bn) Projection, by Material, 2022‒2031
Figure 2: Global Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Material, 2022‒2031
Figure 3: Global Automotive Sheet Metal Components Market Value (US$ Bn) Projection, by Application, 2022‒2031
Figure 4: Global Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Application, 2022‒2031
Figure 5: Global Automotive Sheet Metal Components Market Value (US$ Bn) Projection by Region, 2022‒2031
Figure 6: Global Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Region, 2022‒2031
Figure 7: North America Automotive Sheet Metal Components Market Value (US$ Bn) Projection, by Material, 2022‒2031
Figure 8: North America Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Material, 2022‒2031
Figure 9: North America Automotive Sheet Metal Components Market Value (US$ Bn) Projection, by Application, 2022‒2031
Figure 10: North America Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Application, 2022‒2031
Figure 11: North America Automotive Sheet Metal Components Market Value (US$ Bn) Projection by Country, 2022‒2031
Figure 12: North America Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Country, 2022‒2031
Figure 13: Europe Automotive Sheet Metal Components Market Value (US$ Bn) Projection, by Material, 2022‒2031
Figure 14: Europe Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Material, 2022‒2031
Figure 15: Europe Automotive Sheet Metal Components Market Value (US$ Bn) Projection, by Application, 2022‒2031
Figure 16: Europe Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Application, 2022‒2031
Figure 17: Europe Automotive Sheet Metal Components Market Value (US$ Bn) Projection by Country and Sub-region, 2022‒2031
Figure 18: Europe Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Country and Sub-region 2022‒2031
Figure 19: Asia Pacific Automotive Sheet Metal Components Market Value (US$ Bn) Projection, by Material, 2022‒2031
Figure 20: Asia Pacific Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Material, 2022‒2031
Figure 21: Asia Pacific Automotive Sheet Metal Components Market Value (US$ Bn) Projection, by Application, 2022‒2031
Figure 22: Asia Pacific Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Application, 2022‒2031
Figure 23: Asia Pacific Automotive Sheet Metal Components Market Value (US$ Bn) Projection, by Country and Sub-region, 2022‒2031
Figure 24: Asia Pacific Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Country and Sub-region 2022‒2031
Figure 25: Middle East & Africa Automotive Sheet Metal Components Market Value (US$ Bn) Projection, by Material, 2022‒2031
Figure 26: Middle East & Africa Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Material, 2022‒2031
Figure 27: Middle East & Africa Automotive Sheet Metal Components Market Value (US$ Bn) Projection, by Application, 2022‒2031
Figure 28: Middle East & Africa Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Application, 2022‒2031
Figure 29: Middle East & Africa Automotive Sheet Metal Components Market Value (US$ Bn) Projection by Country and Sub-region, 2022‒2031
Figure 30: Middle East & Africa Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Country and Sub-region 2022‒2031
Figure 31: South America Automotive Sheet Metal Components Market Value (US$ Bn) Projection, by Material, 2022‒2031
Figure 32: South America Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Material, 2022‒2031
Figure 33: South America Automotive Sheet Metal Components Market Value (US$ Bn) Projection, by Application, 2022‒2031
Figure 34: South America Automotive Sheet Metal Components Market, (US$ Bn), Incremental Opportunity, by Application, 2022‒2031
Figure 35: South America Automotive Sheet Metal Components Market Value (US$ Bn) Projection by Country and Sub-region, 2022‒2031
Figure 36: South America Automotive Sheet Metal Components Market, US$ Bn, Incremental Opportunity, by Country and Sub-region 2022‒2031