The automotive sheet metal components market is estimated to observe considerable growth opportunities owing to an increase in the demand for automotive vehicles around the world. Barring the COVID-19 pandemic lockdown, the sales of automotive vehicles have been steady for long and this aspect will prove to be a good growth contributor for the automotive sheet metal components market.
However, the volatility in the prices of aluminum and steel are estimated to hamper the growth of the automotive sheet metal components market. Furthermore, the lockdown restrictions during the COVID-19 pandemic served as a restraint to the growth of the automotive sheet metal components market. However, the relaxations in the restrictions will assure restabilization of the growth of the automotive sheet metal components market.
Automotive Sheet Metal Components Market: Growth Boosters
- The government bodies of numerous countries have imposed several norms on restricting emissions to reduce the harm to the environment. The most efficient way to ensure low emissions is making the vehicle lightweight. This aspect will boost the growth of the automotive sheet metal components market to a considerable extent.
- The growing demand for steel sheet components will bring exponential growth for the automotive sheet metal components market. Nearly 60% of the total weight of a vehicle comprises steel components. Steel supports good corrosion resistance while maintaining the formability and weldability. Thus, these factors will have a profound impact on the growth trajectory of the automotive sheet metal components market.
- Of all the regions, Asia Pacific is estimated to capture massive growth for the automotive sheet metal components market. The expanding demand for passenger vehicles in densely populated countries like India and China will bring substantial growth opportunities. Furthermore, these countries have also emerged as automobile production hubs. These factors will bring exponential growth for the automotive sheet metal components market.
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Some well-established players in the automotive sheet metal components market are Paul Craemer GmbH, Larsen Manufacturing, LLC, Omax Autos Ltd, Mayville Engineering Company, Inc., General Stamping and Metal Works,, Amada Co. Ltd., and O’Neal Manufacturing Services.