by 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, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hydroforming is a manufacturing process which uses pressurized fluid to form heated panels or tubes into a specific shape without breaking the material. This process provides high strength, complex shapes, and precise tolerances in the formed parts. Hydroformed automotive parts delivers hollow profiles that are lighter in weight than solid parts while also providing structural strength. The process is increasingly being adopted in the automotive industry to produce chassis, beams, suspension arms, trailing arms, bumpers, and A-pillars among other parts to meet the demand for lightweight yet durable vehicles. The advantages of using hydroformed parts in automobiles include reduced vehicle weight, improved fuel efficiency, increased safety, and design flexibility.
Market key trends:
One of the major trends in the automotive hydroformed parts market is the shifting focus towards lightweight vehicles. Regulatory norms aimed at curbing vehicular emissions are forcing automakers to reduce vehicle weight and improve fuel efficiency. Hydroforming technology helps automakers design vehicles with lighter metal structures that are competitively priced. Moreover, the growing electric vehicle market is another factor driving demand as lightweight parts extend driving range. Increased adoption of advanced high-strength steels and aluminum is also boosting the market. Advanced materials are well-suited for complex hydroforming shapes. OEMs are actively collaborating with hydroforming suppliers to develop innovative, optimized, and cost-efficient solutions.
Porter’s Analysis
Threat of new entrants: The automotive hydroformed parts market requires high R&D and capital investments to manufacture parts, posing a barrier for new players.
Bargaining power of buyers: Automotive OEMs have significant bargaining power over suppliers due to the fragmented nature of the market and competition driving prices down.
Bargaining power of suppliers: The presence of a large number of hydroforming part suppliers limits their individual bargaining power over automotive manufacturers.
Threat of new substitutes: No major substitute technologies exist for hydroforming in the manufacture of complex automotive structural and safety parts.
Competitive rivalry: The market remains highly competitive due to intense price competition amongst established multi-national manufacturers.
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 demand for light-weight automotive components.
The market size for 2023 is US$ 12.888 Mn. Regional analysis Asia Pacific dominates the global market and is expected to grow at the fastest rate during the forecast period due to the large automotive production base in China and India.
Key players operating in the automotive hydroformed parts market include Alf Engineering, F-TECH, Magna International, Metalsa, Nissin Kogyo, Sango Co., Ltd., Tata Precision Tubes, Tenneco, Thyssenkrupp AG, Vari-Form, and Yorozu. Key players are focusing on new product development and expansion in growing regional markets to gain higher shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
