Automotive stamping refers to the process of transforming flat metal sheets into specific automotive parts of desired shapes and sizes by using stamping dies or tools under mechanical force or hydraulic presses. Some of the important automotive stamping components include body panels, hoods, doors, trunk lids, and others. The automotive stamping process offers benefits such as mass producibility, dimensional accuracy, and cost-effectiveness. The growing automobile manufacturing industry in India has augmented the need for automotive parts produced via stamping.
The Global Automotive stamping Market in India is estimated to be valued at US$ 5,363.64 million in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the India Automotive stamping are Avery Dennison Corporation, CCL Industries Inc., Multi-Color Corporation, UPM Raflatac, 3M Company, Brady Corporation, RR Donnelley & Sons Company, Mondi Group, WS Packaging Group, Inc., Constantia Flexibles Group, Fuji Seal International, Inc., Consolidated Label Co., Resource Label Group, LLC, Inland Label & Marketing Services, LLC, Fort Dearborn Company.
Key opportunities in the market include rising investments by major OEMs towards localization of automotive parts manufacturing and capacity expansion projects by prominent automotive stamping manufacturers.
The India Automotive stamping Market Growth is also witnessing significant owing to growing automobile production in the country. Several global automakers are setting up manufacturing bases in India to cater to the rising domestic demand as well as export opportunities presented by neighboring markets.
Market Drivers
The key driver for the growth of the automotive stamping market in India is the rising automobile production in the country. According to the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle production in India increased from 3.37 million units in 2016–2017 to 4.02 million units in 2020-2021. Increased focus of the Indian government on promoting local manufacturing under schemes like Make in India and production-linked incentives is also driving the demand for automotive stamping in the country.
PEST Analysis
Political: The government’s focus on local manufacturing through schemes like Make in India has benefited automotive stamping manufacturers in the country. Stringent emission norms have also pushed automakers to use lighter materials like aluminum and high strength steel in automotive bodies.
Economic: Growth in automobile sales over the years, backed by rising income levels and economic development, has boosted demand for auto components including India Automotive stamping Market body parts. The depreciating Rupee also makes locally manufactured parts more competitive against imports.
Social: People are increasingly adopting personal vehicles for commuting as well as leisure travel which is expanding the market for new vehicle models and related auto components. Rapid urbanization is also contributing to this social trend.
Technological: Advanced stamping techniques involving hot stamping, tailored blank technology and use of new lightweight materials allow more complex shapes to be formed accurately while reducing weights. Adoption of robotics, automation and Industry 4.0 standards is improving productivity.
Geographical concentration of the India automotive stamping market in terms of value:
The market is dominated by regions with major automotive manufacturing clusters like Maharashtra, Tamil Nadu, Haryana, Gujarat and Karnataka which account for over 65% of the country’s total automobile production. Proximity to automakers aids just-in-time deliveries for stampers in these auto hub states.
Fastest growing region for the India automotive stamping market:
The northern and eastern states are anticipated to see stronger growth. States such as Uttar Pradesh, West Bengal, Bihar, Jharkhand, Chhattisgarh and Odisha offer incentives for auto component localisation under industrial policies as well as availability of land and labor to attract new investments. Automakers are also setting up additional facilities here to cater to demand from these emerging markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
