According to Research and Markets’ new report, "Automotive Metal Stamping Market Analysis by Technology (Blanking, Embossing, Bending, Coining, Flanging), by Application (Cars, Commercial Vehicles, Recreational Vehicles, Transportation) and Segment Forecasts to 2024," the global automotive metal stamping market is expected to reach $112.38 billion in eight years.

Increased sheet metal usage in the production of automobile chassis, transmission components, and interior and exterior structural components is expected to drive market growth over the forecast period. In addition, technological advancements, including the use of hybrid electromagnetically assisted sheet metal stamping machines that reduce failures by controlling the strain distribution during stamping, are expected to have a positive effect on industry growth.

The automotive manufacturing sector in Asia Pacific and Latin America is developing rapidly, with major overseas OEMs establishing production plants to capture the local automobile demand. This has enabled technology transfer to these regions, thus promoting industry growth over the next eight years.

The report notes that blanking in the automotive stamping process accounted for more than 35 percent of the revenue share in 2015. Rising use of the technology in mass production lines is expected to propel demand over the forecast period.

Coining is expected to grow significantly at a CAGR of more than 3 percent from 2016 to 2024. Growing use of the technology in manufacturing precision parts that require finer polished surface finishes is likely to spur demand.