by Automotive stamping refers to transferring an image or pattern to a metal sheet by pressing a tool against the sheet. It is an integral part of automotive manufacturing as various metal body panels of vehicles undergo stamping to take shape. Automotive stampings include parts like hoods, doors, front-ends, roofs, Deck lids, and more. Stamped body parts provide strength as well as facilitate the assembly of other vehicle components. The process allows for mass production of identical parts in high volumes.
The global automotive stamping market size is estimated to be valued at US$ 4655.93 Million in 2023. Stamped metal body panels provide rigidity and protection to vehicles. They also help automakers meet strict safety standards. Furthermore, stampings allow seamless integration of other vehicle parts like windows, doors etc during assembly. The process is now highly automated to achieve precision and reduce production costs. Robots handle most of the stamping operations. The global India Automotive Stamping Market is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.
Market key trends:
One of the key trends in the India automotive stamping market is the increasing use of advanced high-strength steels (AHSS). AHSS grades like dual phase (DP), martensitic (MS), complex phase (CP), and transformation-induced plasticity (TRIP) steels are gradually replacing conventional steels. They offer higher tensile strength with minimal increase in weight. This allows automakers to build lighter yet stronger vehicles and meet stringent crash test standards. It is estimated that the proportion of AHSS used in an average passenger vehicle will rise to over 50% by 2025 from the current 30%. Indian automakers are investing in advanced stamping lines and dies/tooling compatible with new AHSS grades to make lighter vehicles.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. The large capital requirements and competitive environment acts as a barrier for new players. However, the moderate growth prospects attract new local players.
Bargaining power of buyers: The bargaining power of buyers is high. The market has many automotive OEMs who can negotiate lower prices from stampers due to fierce competition among stampers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Some key raw materials suppliers enjoy bargaining power. However, rising demand mitigates their influence.
Threat of new substitutes: There are limited threat from new substitutes. Automotive stamping process has wide acceptance.
Competitive rivalry: The competition is intense. Players focus on differentiating through technology, quality, and timely delivery.
Key Takeaways
The India Automotive Stamping Market Demand is expected to witness high growth. The growing automobile production supported by ‘Make in India’ initiative will drive the demand for automotive stamping components. The global India Automotive stamping Market is estimated to be valued at US$ 4655.93 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.
Regional analysis – Western and Southern regions dominate India’s automotive stamping market due to presence of major automakers. Maharashtra and Gujarat contributes over 50% market share owing to thriving auto manufacturing clusters. Meanwhile, emerging states like Tamil Nadu, Karnataka, and Andhra Pradesh are fastest growing markets.
Key players – Key players operating in the India automotive stamping market are Avery Dennison, Magna International, Gestamp, Diehl, Martinrea International, Huada Automotive, Shiloh Industries, Kalyani, ThyssenKrupp and Tata Steel. They majorly cater to passenger vehicles segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
