by Hydroforming is a metal forming process used in automotive applications to form complex geometries out of metal tubes or sheet that cannot be produced with conventional processes such as stamping, turning, or welding. Hydroforming can produce parts with varied cross sections and complex contours that result in lightweight designs with high strength and rigidity. Some common automotive applications for hydroformed parts include A-pillars, B-pillars, bumpers, cross-car beams, instrument panels, knuckles, seat frames, shock towers, and swing arms.
The advantages of hydroforming over conventional forming processes include near-net shape forming capability, improved dimensional accuracy and mechanical properties, reduced machining requirements, and decreased assembly complexity and weight. Hydroforming enables automakers to meet stringent emission norms and fuel economy targets by reducing vehicle weight through optimized design and use of high-strength materials.
The global Automotive Hydroformed Parts Market size is estimated to be valued at US$ 12.888 Mn 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 key trends:
Strict emission regulations in regions such as Europe and China have further increased the focus on vehicle lightweighting. One primary trend in the automotive hydroforming market is the development of advanced high-strength steel (AHSS) alloys that can withstand higher pressures and complex forming without failure. Automakers are increasingly adopting multiphased steel variants such as martensitic stainless steel and quenched & partitioned steel to facilitate more complex geometric designs through hydroforming.
Porter’s Analysis
Threat of new entrants: The automotive hydroformed parts market requires high initial investments in tooling development to support mass production runs, which acts as a barrier for new players.
Bargaining power of buyers: A few automotive OEMs dominate the demand side, giving them stronger bargaining power over suppliers in terms of pricing and quality standards.
Bargaining power of suppliers: The market has a large number of parts suppliers, reducing individual supplier bargaining power over OEMs.
Threat of new substitutes: Hydroformed parts offer advantages over stamping and welding in terms of strength, weight reduction and design flexibility. Thus threat from substitutes is low.
Competitive rivalry: The market has several global players and regional suppliers competing intensely based on quality, pricing and delivery.
Key Takeaways
The global automotive hydroformed parts market is expected to witness high growth over the forecast period of 2023 to 2030. The global Automotive Hydroformed Parts Market is estimated to be valued at US$ 12.888 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market due to high vehicle production in China, Japan and India. Stringent emission norms are driving OEMs to increasingly adopt lightweight materials like hydroformed parts to enhance fuel efficiency in the region. North America is another major market for automotive hydroformed parts supported by large automotive manufacturing base in the US and Canada. Growing demand for lightweight vehicles to meet CAFE standards makes North America an important regional market.
Key players operating in the automotive hydroformed parts market are Alf Engineering, F-TECH, Magna International, Metalsa, Nissin Kogyo, Sango Co., Ltd., Tata Precision Tubes, Tenneco, Thyssenkrupp AG, Vari-Form, and Yorozu. The market is characterized by mergers and acquisitions alongside new product development as companies focus on expanding their capabilities and capacities.
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