Rubber Forming Market Is Estimated To Witness High Growth Owing To Opportunity For Increased Usage I

Author : Raj Dhote | Published On : 22 Jan 2024

India Automotive Stamping Market

The rubber forming process involves using heat and compression to reshape uncured rubber into components for numerous end-use industries. Rubber products formed through this process find widespread applications where elasticity, flexibility, and shock absorption are required. Components made through rubber forming are used in the automotive, healthcare, electronics, appliances, and construction industries. The automotive industry utilizes rubber formed components in seals, hoses, mounts, and gaskets to increase efficacy and longevity of vehicles.

The global rubber forming Market is estimated to be valued at US$ 29,862.91 million in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The medical industry offers lucrative growth opportunities for the rubber forming market. Rubber components formed through this process find increasing usage in medical devices, implants, surgical & examination gloves, and other medical equipment. Properties of rubber like biocompatibility, flexibility, and elasticity make it suitable for various medical applications. Rising healthcare expenditure and increasing surgical procedures being conducted globally are propelling the demand for medical devices and components. The rubber forming market players can capitalize on this opportunity by developing novel medical-grade rubber compounds and precision forming techniques to manufacture components with properties required for critical healthcare applications. This will help increase their revenue share from the high-growth medical vertical over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the automotive stamping market requires substantial R&D investments and automation machinery to match the standards of existing players.

Bargaining power of buyers: The bargaining power of buyers is moderate since automakers can negotiate the price with stamping manufacturers based on their demand volumes.

Bargaining power of suppliers: The bargaining power of suppliers is low as automotive stamping market has many integrated manufacturers and stamping vendors to meet automakers' requirements.

Threat of new substitutes: The threat of new substitutes is low as automotive stamping has no cost-effective substitutes for producing vehicle parts economically at scale.

Competitive rivalry: The competitive rivalry is high among stamping manufacturers to gain more orders from automakers by improving productivity and reducing costs through advanced technologies.

SWOT Analysis

Strength: India is one of the largest automobile markets globally with the presence of major OEMs. Growing vehicle production in the country raises the demand for automotive stampings.

Weakness: Fragmented nature of the industry poses challenges in achieving economies of scale. High import duties increase input costs for manufacturers.

Opportunity: Shift towards electric vehicles and lightweight materials provide opportunities for manufacturers to adopt new stamping technologies. Growth of auto exports from India offers new avenues.

Threats: Rising raw material prices due to supply constraints can squeeze margins. Intense price wars among manufacturers impacts profitability.

Key Takeaways

The India Automotive Stamping Market Growth is projected to witness robust growth on account of rising vehicle production in the country to meet strong domestic demand as well as government initiatives to promote automobile manufacturing. The global rubber forming Market is estimated to be valued at US$ 29,862.91 million in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024-2031.

Regional analysis: Within India, southern states such as Tamil Nadu, Telangana and Karnataka dominate the automotive stamping market owing to the presence of major automakers and component suppliers in these regions. States like Maharashtra and Gujarat are other major contributors driven by their industrial development.

Key players: Key players operating in the India automotive stamping market are Avery Dennison, Magna, Benteler, Gestamp, Dongfeng Motor Corporation, and others. These players are focusing on expanding their production capacities and capabilities through new facilities as well as advanced press lines and joining technologies.

For more insights, read- https://www.ukwebwire.com/india-automotive-stamping-market-growth-and-forecasts-analysis/

 

For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/luxury-travel-market-is-estimated-to-witness-high-growth-owing-to-increased-adventurism