The global automotive hydroformed parts market is increasing rapidly owing to the advantages offered by hydroforming over conventional metal forming techniques such as improved mechanical strength and fatigue life of parts along with design flexibility. Hydroforming uses high-pressure hydraulic fluid to form metal sheets or tubes into complex shapes for use in structural and safety-critical automotive components. The forming process involves shaping metal through Pressurized fluid rather than mechanical force, allowing designers to achieve complex geometries that would be difficult to produce through other manufacturing methods. Some key hydroformed components include B-pillars, rocker panels, side sills, cross members, front-end modules, and others. Hydroforming helps reduce manufacturing costs and part assembly complexity through consolidation of multiple stamped parts into a single hydroformed part.
The Global Automotive Hydroformed Parts Market is estimated to be valued at US$ 14.85 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Automotive Hydroformed Parts Market Analysis are EVERLIGHT ELECTRONICS CO. LTD., First Edmund Optics Inc., Harting Technology, KYOTO SEMICONDUCTOR Co., Ltd., OSRAM International GmbH., ROHM CO., LTD., Sensors AG, Thorlabs, Inc., TT Electronics, and Vishay Intertechnology, Inc.
Key opportunities in the market include growing demand from electric vehicles and focus on lightweight integrated structural components. Hydroforming technology allows designing of parts withribs, beads, chambers for crash energy management and other features helping achieve structural performance targets with reduced weight.
Advancements in multi-stage hydroforming and technology integration with robotics, controls, and tooling are expected to further improve part design flexibility and productivity. Many players are also developing solutions for hydroforming of aluminum and mixed-material assemblies to expand application range.
Market Drivers
Stringent fuel economy and emission norms globally are driving automakers to focus on vehicle weight reduction through usage of advanced high-strength steels and aluminum along with optimized part designs. Hydroforming helps replace multiple stamped parts with single complex hydroformed components resulting in significant reduction in vehicle weight. This remains a key factor propelling growth of the automotive hydroformed parts market.
Current challenges in the Automotive Hydroformed Parts Market
The automotive hydroformed parts market is facing challenges due to the global shortage of semiconductor chips, which is impacting automobile production across the world. Automakers are cutting down vehicle production schedules due to lack of availability of chips. This is negatively impacting the demand for hydroformed parts from OEMs. Additionally, fluctuating prices of raw materials such as steel and aluminum are increasing production costs for hydroformed part manufacturers. Technological advancements in additive manufacturing can also pose a challenge as it may replace hydroforming technology for certain automotive applications.
SWOT Analysis
Strength: Hydroforming technique provides flexibility in design of complex shapes and good mechanical strength to parts. It reduces manufacturing costs and part count.
Weakness: High setup and tooling costs. Requires high pressure forming equipment.
Opportunity: increasing demand for lightweight vehicles provides opportunities for adoption of hydroformed structural components. Growing electric vehicle market also requires innovative lightweight solutions.
Threats: Alternative manufacturing technologies like metal 3D printing and stamping can replace hydroforming in future.
Geographical Regions: North America currently holds the largest share in the automotive hydroformed parts market in terms of value, led by the U.S. This is attributed to high vehicle production and presence of major OEMs in the region. Asia Pacific is also a major market with China being the largest producer of vehicles worldwide.
The fastest growing region for the automotive hydroformed parts market is expected to be Asia Pacific due to rapidly increasing vehicle demands from China and India. Government initiatives towards electrification of vehicles will also drive the adoption of lightweight hydroformed components in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
