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Automotive Hydroformed Parts Market Outlook 2030 -
Hydroforming is a metal fabricating and forming process which allows shaping of metals such as steel, stainless steel, copper, aluminium, and brass. Hydroforming is a special type of die forming that uses high pressurized hydraulic fluid to press room temperature working material into a die to give it a desired shape. Conventional stamping process uses welded joints, rivets to form a particular component but now with the help of hydroforming unibody components can be manufactured. The different types of hydroforming processes are tube hydroforming and sheet hydroforming. In sheet hydroforming one die and a sheet of metal has been used where the raw sheet is driven into the die with the help of high-pressure water on one side of the sheet. This high-pressure water moulds a sheet in the die forming the desired shape. Moreover, in tube hydroforming the metal tubes are expanded in a desired shaper using two die halves. It mostly used in the automotive industry, and it is used for manufacturing of light weight vehicles and complex automotive parts. In addition, hydroformed parts are cheaper, durable, manufacturing time is less, it is an automated process, and creates little waste than other processes.
COVID-19 Impact Analysis:
Due to COVID-19 pandemic government across all the major countries have announced lockdown and various other strict regulations. The pandemic has led to shutdown of manufacturing units in the automobile sector thus disrupting the demand for hydroformed parts. Also, due to the pandemic the demand for vehicles has fallen since lowering of people’s disposable income which further affected the automotive hydroformed parts market. Moreover, since the outbreak, curfews have been imposed in almost every country, wherein only a few authorized individuals are allowed to travel, resulting in further decline in the sale of automobiles. In addition, social distancing norms and other restrictions has led to unavailability of labour which delayed the manufacturing process. Also, due to the lockdown supply was affected since, there was unavailability of raw materials required for manufacturing of hydroformed parts. Thus, COVID-19 pandemic had a negative effect on the growth of automotive hydroformed parts market
Top Impacting Factors
Market Trends
Rise in demand for light weight vehicles
Due to stringent emission norms by government worldwide original equipment manufacturers (OEMs) have shifted their focus on building light weight vehicles by using aluminium and composites material. This material will help in reducing the vehicle weight along with lowering the fuel consumption since low energy will be consumed during acceleration. For instance, European Union (EU) in April 2019 announced that the average fuel economy across the manufacturers fleet should be equivalent to 57 United States (U.S) miles per gallon mpg in 2021 and targeted to increase it to 92 miles per U.S gallons by 2030. Therefore, OEMs are focusing on making the vehicles lighter thus, it is expected to drive growth of automotive hydroformed parts market.
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Questions answered in the automotive hydroformed parts market research report:
Key Market Segments
Key Market Players