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| Report Code: A12803 | Nov 2023 | Pages: NA | ||
| Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Automotive Tube Hydroformed Parts Market
Request Now !The hydroforming is a component manufacturing process, where fluid pressure is applied to ductile material such as brass, aluminum, low alloy steel, and stainless steel to form into desired component shapes. This process helps to create complex parts with a high strength-to-weight ratio. In this process instead of welding parts together, a unibody component structure created with the help of specialized die molds. Vehicle weight plays a crucial role in vehicle fuel economy. The government regulations related to vehicle economy is compelling auto manufacturers to come up with innovative solutions for reducing weight of vehicles. Moreover, the OEMs and component manufacturers across the globe are focused on implementing various manufacturing processes and advanced technologies to reduce vehicular weight without compromising the structural integrity of the vehicles. Furthermore, usage of hydroforming provides versatility in component manufacturing, as it can be used for all metals and alloys. For instance, steel, copper, aluminum, brass, alloys components can be manufactured into parts using hydroforming process. It also increases the quality and precision of the manufacturing process. Manufacturing automotive parts using traditional stamping method is cumbersome and expensive compared to hydroforming process. Moreover, usage of hydroformed process provides higher strength to weight ratio, which results in better structural integrity of the vehicle.
COVID-19 Impact analysis
The global automotive tube hydroformed parts market has faced the severe challenges during the COVID-19 pandemic as the production houses got closed, inventories started overflowing, and the demand completely subsided. Services across the globe have halted due to the ban on transportation. Airlines and ships stopped operating in many countries, which made cargo transportation impossible. This is estimated to result in huge losses to manufacturers. Automobiles makers, consumer electronics, and pharmaceuticals in various countries rely on China and other developed countries for the supply of several raw materials. However, due to the pandemic, this got severely affected. The supply chain has been broken for a very long while now due to lockdown and the demand has completely subsided, which are estimated to take a very long time to revive.
Top Impacting Factors
The automotive tube hydroformed parts market trends are as follows:
Rise in demand for fuel efficiency
The luxury and sports vehicles manufacturers are focused on using hydroformed parts, as it provides increased rigidity, design flexibility, and dimensional variability to the vehicle. Moreover, increasing adoption of these parts in economic and mid-size passenger car is expected drive the market growth over the forecast period. Germany, France, and Italy has large number of luxury and premium vehicles which has less low fuel efficiency. The OEMs in the region are opting for hydroformed components in these vehicles as it provides high strength-to-weight ratio and helps to improve the fuel efficiency of the vehicle. For instance, in April 2019, the EU announced that the average fuel economy across the manufacturers’ fleets should be equivalent of about 57 U.S. miles per gallon mpg in 2021. EU is targeted to increase it to 92 miles per U.S. gallons by 2030. Usage of this hydroformed part results in weight reduction and provides greater structural reinforcement between the outer and inner box. Thus, rise in demand for fuel efficiency is driving the automotive tube hydroformed parts market.
Growing demand for safer and more enhanced driving experience
With increase in road accidents, awareness of safety among people is increasing daily. This leads to increase in demand for automotive tube hydroformed parts market. Safety features reduce the chances of damages. Therefore, increase in awareness leads to the growth of the automotive tube hydroformed parts market in the coming years. By improving the structural properties of the vehicle for offering superior protection during the event of a crash. The growing demand for safer and more efficient driving experience will boost the automotive tube hydroformed parts market in the forecast period.
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Automotive Tube Hydroformed Parts Market Report Highlights
| Aspects | Details |
|---|---|
| By Type |
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| By Material |
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| By Vehicle |
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| By Region |
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| Key Market Players | Nissin Kogyo, Vari-Form, Thyssenkrupp AG, Alf Engineering, F-TECH, Tata Precision Tubes, Sango Co. Ltd., Metalsa, Magna International, Tenneco |
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