According to forecasts, the automotive stamping market is expected to be US$ 11,014.5 million in 2023 and US$ 18,460.7 million by 2033.
Due to a rise in vehicle production throughout the area, Asia-Pacific is now leading the automotive metal stamping industry. The market is projected to experience significant development due to the region's rapidly growing small- and medium-scale manufacturing sectors.
Nevertheless, the expanding usage of plastics and composites as metal substitutes is a significant factor likely to slow market expansion and provide a fresh challenge to the automotive metal stamping business over the projection period.
Regulatory agencies aim to improve working conditions, safety regulations, waste management, and the materials employed, which is predicted to fuel market expansion during the projection period. One of the key things impeding the market's growth is the expensive maintenance of the machinery used in the metal stamping process.
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Competitors Winning Strategies
As the dies are used repeatedly to produce components with constant shapes and sizes that need close tolerances and requirements, automotive manufacturers typically use metal stamping to manufacture parts like hubcaps and fenders.
The market is anticipated to increase for certain reasons, including manufacturers' ability to machine products and lean manufacturing techniques to eliminate waste during operations.
Recent Development:
- In July 2022, Schuler unveiled Visual Quality Inspection, a newly developed camera-based technology that automatically identifies defective components, corrects manufacturing problems immediately, prevents lengthy delays, and enhances customer relationships over time.
- In November 2021, Magna International and Ford teamed up to provide battery enclosures made of aluminum extrusions and stampings for Ford's F-150 Lightning.
- Autoneum declared its expansion of aluminum sheet forming technology in October 2021. The company's stamped aluminum components cover batteries effectively and cheaply while preventing electromagnetic interface in electric cars.
- Challenge Manufacturing, a Walker, Michigan-based provider of automotive structures, announced in July 2020 that it acquired the Cusseta, Alabama, Great Lakes Metal Stamping facility.