Demand for lightweight vehicles to drive global automotive sheet metal components market

Transparency Market Research, Albany, N.Y., reports that the global automotive sheet metal components market will exhibit a moderate 3.7 percent CAGR from 2017 to 2025, rising from a valuation of $104.30 billion in 2016 to $142.41 billion in 2025.

Steel contributed nearly 60 percent to the overall revenue accumulated by the global automotive sheet metal components market in 2016 and is expected to remain the most preferred metal over the forecast period.

In terms of geography, the market is led by Asia-Pacific. China, one of the largest manufacturers of sheet metal components globally and one of the leading consumers of passenger vehicles, is expected to continue to drive the Asia-Pacific market.

In the past few years, there has been a vast rise in the production of vehicles across the globe as demand and usage of passenger vehicles has increased. This, coupled with the rising demand for lightweight vehicles, is driving the demand and growth of sheet metal components used in the production of automobiles. A small percentage of hybrid and electric vehicles are already available in the market, and the percentage is expected to grow at a healthy pace in the coming years because of their low emission of pollutants.

With the rise in the number of hybrid and electric vehicles in the automobile market, the application and market for sheet metal components in such vehicles also are expected to flourish in the near future. Moreover, the strengthening trend of engine downsizing of automobiles is expected to influence the growth of the automotive sheet metal components market globally.

Steel and aluminum are the two most used materials in automotive sheet metal components manufacturing, so their price and availability greatly affect the overall market of automotive sheet metal components. China currently is the leading producer of aluminum and steel globally, but it has been curbing its production of these metals to reduce the level of air and water pollution. This has been creating a huge gap between the supply and demand of aluminum and steel worldwide. In addition, availability and price volatility of aluminum and steel are expected to inhibit the global automotive sheet metal components market.

To view a sample PDF of this report, visit www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=21887.