Automotive Sheet Metal Components Global Market Report 2024

The primary material types used in automotive sheet metal components are steel and aluminum. Steel, a sturdy alloy of iron and carbon, is commonly employed in constructing the vehicle's foundational chassis, door beams, roofs, and body panels, serving as the structural framework that forms the vehicle's core. These components are distributed through diverse channels, including offline and online sales, and are utilized in different areas of the vehicle such as interior, drivetrain, engine, exterior, and chassis.

The automotive sheet metal components market research report is one of a series of new reports that provides automotive sheet metal components market statistics, including automotive sheet metal components industry global market size, regional shares, competitors with an automotive sheet metal components market share, detailed automotive sheet metal components market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive sheet metal components industry. This automotive sheet metal components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The automotive sheet metal components market size has grown steadily in recent years. It will grow from $129.21 billion in 2023 to $135.22 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%.
During the historical period, growth in the automotive sheet metal components sector was driven by conventional manufacturing methods, high vehicle production volumes, cost-efficient processes, the need for robust structural integrity, and the flexibility in design offered by sheet metal materials. These factors collectively contributed to the expansion and evolution of the automotive sheet metal components industry.

The automotive sheet metal components market size is expected to see steady growth in the next few years. It will grow to $162.86 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. In the forecast period, the growth of the automotive sheet metal components sector is expected to be propelled by the widespread adoption of electric vehicles, incorporation of advanced safety enhancements, adherence to global regulatory standards, the need for intelligent connectivity solutions, and the reinforcement of supply chain resilience. Significant trends anticipated in this period involve a focus on lightweight materials for enhanced fuel efficiency, the utilization of intricate shapes and sophisticated manufacturing methods, the influence of electrification on component design, expanded use of aluminum alloys, and emphasis on strengthening supply chains through localization strategies.

The automotive sheet metal components market is poised for growth, propelled by the increasing demand for electric vehicles (EVs). Electric vehicles, reliant on lightweight materials for efficiency, are driving a shift from traditional steel components to aluminum, magnesium, and other lightweight alloys. This shift in material preferences is expected to boost the demand for sheet metal components that can be shaped, stamped, and welded into intricate forms. Notably, the Global EV Outlook 2022 report in September 2022 revealed a doubling of electric vehicle sales from the previous year, reaching 6.6 million units in 2021. As electric vehicles continue to gain traction, the automotive sheet metal components market is anticipated to experience significant growth.

The growth of the automotive sheet metal components market is further driven by stringent fuel efficiency regulations. Governments and regulatory agencies worldwide are establishing fuel efficiency regulations to lower fuel consumption, reduce greenhouse gas emissions, and promote environmental sustainability. Manufacturers are responding by incorporating high-strength steel sheets and advanced lightweight alloys to decrease overall vehicle weight. Automotive sheet metal components play a crucial role in achieving weight reduction due to their exceptional strength-to-weight ratio. An example is the National Highway Traffic Safety Administration's announcement in April 2022 of new corporate average fuel economy standards in the United States, aiming for a fleet-wide average of approximately 49 miles per gallon for passenger cars and light trucks by model year 2026. The implementation of stricter fuel efficiency regulations is set to drive the automotive sheet metal components market.

Technological advancements emerge as a prominent trend in the automotive sheet metal components market, with major companies focusing on innovation to strengthen their market position. In September 2022, Desktop Metal Inc., a US-based firm specializing in design and 3D printing systems, introduced the Figur G15. This platform utilizes cutting-edge Digital Sheet Forming (DSF) technology to mold standard sheet metal on demand directly from a digital design file, eliminating the need for stamping equipment, molds, dies, or presses. The proprietary build box design reduces force distribution during construction, ensuring excellent precision in a flexible, progressive manner. The Figur G15 addresses high initial costs and long lead times associated with specialized tools, making sheet metal forming accessible to new applications and improving business agility in the digital era.

Prominent companies in the automotive sheet metal components market are strategically focusing on collaboration with major manufacturing counterparts to fortify their market position. Strategic collaborations enable companies to form alliances with firms possessing expertise that can transform envisioned concepts into tangible realities. An illustrative example is Novelis Inc., a US-based industrial aluminum manufacturing company, which announced a strategic partnership with Sortera Technologies, Inc., a US-based metal processing company specializing in industrial scrap metal sorting and recycling, in July 2022. Novelis aims to leverage Sortera's cutting-edge sorting technologies, including data analytics and sophisticated sensors, to enhance the recycling and repurposing of a larger volume of automotive post-production and post-consumer scrap. Sortera's innovative sorting technology will assist Novelis in segregating various alloys from automotive waste, including aluminum sheet components, redirecting them back into the production of similar goods, promoting sustainability in the industry.

In August 2022, Markforged Holding Corp, a US-based creator of an integrated metal and carbon fiber additive manufacturing platform, made a strategic move by acquiring Digital Metal from Höganäs AB for $32 million. This acquisition significantly expands Markforged's capabilities in high-throughput metal additive component production, aligning with its vision for distributed manufacturing by delivering high-volume production of accurate metal parts directly to the market. Digital Metal, a Sweden-based firm specializing in additive manufacturing, contributes to Markforged's portfolio by offering expertise in automotive sheet metal components and part production services. This strategic acquisition reinforces Markforged's commitment to staying at the forefront of innovation in the automotive sheet metal components market.

Major companies operating in the automotive sheet metal components market report are Novelis Inc., Aleris International Inc., General Stamping and Metal Works, O’Neal Manufacturing Services, Mayville Engineering Company Inc., Larsen Manufacturing LLC, Amada Co. Ltd., Paul Craemer GmbH, Omax Autos Ltd., Frank Dudley Ltd., Jobro Sheet Metal Technology AB, ABC Sheet Metal, A&E Manufacturing Co. Inc., General Sheet Metal Works Inc., Autoline Industries Ltd., JBM Group, SKH MANAGEMENT STRATEGY SERVICES INDIA LLP, Spare Autotech (P) Ltd., Tempco Electric Heater Corporation, KDM Steel, Suzhou Jinming Precision Manufacturing Co. Ltd., Approved Sheet Metal, Quintus Technologies AB, China Steel Corporation, Alpha Manufacturing Ltd., Associated Commercial Enterprises, Repute Steel and Engineering Company, Trans-Matic Manufacturing Company Inc., Magna International Inc., Tower International Inc., Martinrea International Inc., Gestamp Automoción S.A., BENTELER Automotive Pvt.Ltd..

Asia-Pacific was the largest region in the automotive sheet metal components market in 2023. The regions covered in the automotive sheet metal components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive sheet metal components market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The automotive sheet metal components market consists of sales of mild steel, stainless steel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.