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| Automotive Hydroformed Parts Market |
The 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:
Automotive hydroformed parts are lightweight components manufactured through a
forming process that uses pressurized fluid to shape metal blanks into complex
cross-sectional frames and assemblies. Hydroforming helps improve safety,
reduce costs, increase efficiency, and deliver lighter, stronger and better
quality parts compared to other techniques. It allows fabricating complex and
intricate shapes that are difficult to produce through other forming processes.
Market key trends:
Technological advancements in hydroforming technology and equipment are
expected to drive the market growth over the forecast period. Key players are
making significant investments in research and development to improve
hydroforming capabilities. For instance, in 2022, Yorozu introduced the
HYDROPRESS-R, an advanced robot hydroforming system with augmented intelligence.
The new system boosts efficiency and accuracy by automating tasks through
integrated programming software. It opens up new applications requiring varied
complex shapes and assemblies. Such innovations are increasing adoption of
hydroforming technology among automakers to develop lightweight and durable
vehicles of the future.
Porter’s Analysis:
Threat of new entrants: The high setup cost in terms of technology and
machinery required for hydroforming process acts as a barrier for new
companies.
Bargaining power of buyers: Buyers have moderate bargaining owing to the
presence of several established players providing hydroformed components.
However, switching costs for buyers are low.
Bargaining power of suppliers: The suppliers of raw materials like steel have
low to moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Threat of substitution is low as hydroformed
components have superior strength-to-weight ratio than other forming techniques
like stamping.
Competitive rivalry: Intense as major players compete on innovation, quality,
and pricing.
SWOT Analysis:
Strengths: Hydroforming provides complex shapes with high strength-to-weight
ratio. It reduces assembly parts and production costs.
Weaknesses: High setup costs and expensive dies/molds. Requires high pressure
hydraulic equipment.
Opportunities: Growing demand for fuel-efficient vehicles drives the market.
Upcoming trends like autonomous vehicles and EVs present growth prospects.
Threats: Stagnant automotive production volumes in some regions. Trade wars and
geo-political risks impact automakers.
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
lightweight vehicle components to improve fuel efficiency. The market size for
2023 is US$ 12.888 Mn.
Regionally, Asia Pacific dominates the market and is expected to grow at
fastest pace owing to large automobile production bases in China, India, and
Japan. Countries like India and China are forecast to drive future growth.
Key players operating in the Automotive Hydroformed Parts market are Alf
Engineering, F-TECH, Magna International, Metalsa, Nissin Kogyo, Sango Co.,
Ltd., Tata Precision Tubes, Tenneco, Thyssenkrupp AG, Vari-Form, and Yorozu.
Major players are focusing on new product development through investments in
hydroforming technology to strengthen their market position.
Read More,
https://www.newsstatix.com/automotive-hydroformed-parts-market-trends-size-and-share-analysis/
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