The 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, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive hydroformed parts refer to the structural components manufactured through hydroforming process. Hydroforming utilizes liquid pressure to form metal components into desired shapes. This process provides benefits such as reducing weight, improving strength and dimensional accuracy over traditional metal forming methods. Key automotive components produced through hydroforming include bumpers, beams, rails and others. This technology helps automakers reduce vehicle weight and improve fuel efficiency.
Market Dynamics:
Increasing automotive production globally is a major driver fueling growth of the automotive hydroformed parts market. Rising vehicle ownership rates in emerging economies coupled with stringent emission regulations is propelling vehicle production. According to International Organization of Motor Vehicle Manufacturers, global motor vehicle production increased from around 93 million units in 2017 to over 95 million units in 2019. Growing emphasis on lightweight materials for fuel efficiency is also driving adoption of hydroformed components in the automotive industry. Additionally, advancements in hydroforming technologies are enabling production of more complex parts in shorter timeframes, supporting market growth.
SWOT Analysis
Strength: The automotive hydroforming process helps manufacturers produce complex automotive components that are strong, lightweight and cost-effective. Hydroforming increases functionality while reducing component weight by around 30%. It allows the production of seamless, complex parts that cannot be produced through other conventional manufacturing methods.
Weakness: Initial investment required for setting up hydroforming facilities is high as it involves expensive hydroforming presses and dies. Frequent replacement of dies increases operating costs. Lack of skilled labor for operating advanced hydroforming technologies.
Opportunity: Increasing adoption of lightweight materials in automobiles to meet stringent fuel efficiency and emission norms provide growth opportunities. Demand for vehicle electrification is opening up opportunities to hydroform battery housing and electric vehicle chassis parts.
Threats: Fluctuations in raw material prices can impact profit margins. Shift towards 3D printing and additive manufacturing technologies poses a threat to certain hydroforming applications over the long run.
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 adoption of lightweight solutions by OEMs to meet emission regulations.
Regional analysis
Asia Pacific dominated the global market in 2023, accounting for around 35% share, owing to high vehicle production in China, India, Japan and South Korea. Europe is anticipated to witness significant growth at 8.1% CAGR during the forecast period due to focus on electric vehicle adoption.
Key players
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. Magna International, Metalsa and Thyssenkrupp AG hold major market share due to their global presence.
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