Tailored Blank Market Size, Share, Growth, and Industry Analysis, By Type (Steel Tailored Blank, Aluminum Tailored Blank and Others), By Application (Passenger Vehicle, Commercial Vehicle and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Tailored Blank Market Report Overview

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The global tailored blank market size was USD 3795.6 million in 2021 and is projected to touch USD 9637.32 million by 2031, exhibiting a CAGR of 9.8% during the forecast period.

Tailored blanks, also known as semi-finished parts, are often created from sheets of various metals, thicknesses, coatings, or other types of material. These will undergo thorough drawing or stamping after joining. ThyssenKrupp created tailored blanks to create sheets that were broader than those produced at the time's rolling mills. Modern products like door panels, which are thick near the hinges and thin near the lock to withstand various loads or corrosion attacks, are made from customised blanks.

Wider sheets than those produced on the time's existing rolling mills were made possible by the development of tailored blanks. Modern products like door panels, which are thick near the hinges and thin near the lock to withstand various loads or corrosion attacks, are made from customised blanks. Compared to traditional sheets, they are frequently lighter and less expensive. Steel is usually used to make tailored products. Tailor-made blanks made of aluminium and other materials are also available but less frequently.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The global COVID-19 pandemic has been unprecedented and staggering, with the tailored blank market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 crisis has affected the world economy with stringent lockdown and halt of day to day operations in every industry. The panic situation has created a negative impact in the industries with the restrictions imposed by the government. This has resulted in decline in the market as well, there was a direct and indirect impact from various industries manufacturing tailored blanks. With the revival of the market post COVID-19 is seeing a recovery of the market where the blanks are restructured with product innovation and investments into R&D activities to develop the advanced technologies to meet advanced requirements will project a proposed increase in the forecasted period.

LATEST TRENDS

"Indulgence in the Lightweight Construction to Attract the Market Share"

Innovation and continuous product development are two pillars of industrial growth. Almost all the tailored products developed and introduced to the market are used in modern lightweight construction. The demand for lightweight construction and functionality is constantly growing all the time. Constant advancement in the tailored products has resulted in cost effectiveness and mass production suitability. With the laser-welded blanks made of aluminium, the research department of Baosteel tailored products has brought to market a product that is even lighter and thus much cheaper to use than a mono blank which is made of aluminium.

Tailored Blank Market Segmentation

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• By Type

Based on type the tailored blank market is classified as steel, aluminum and others.

• By Application

Based on application the tailored blank market is classified as passenger vehicle, commercial vehicle and others.

DRIVING FACTORS

"Spike in Use of Vehicles to Boost the Market Growth "

Tailored Blanks are manufactured from individual steel or aluminium sheets of varying thickness, strength, and coating that are laser welded together. The vehicle body, chassis, interiors, exteriors, seating, powertrains, electronics, closures, roof systems, and modules are just a few examples of automotive elements and components. To provide consumers with the optimum driving experience, all the parts and components are put in a vehicles with the help of tailored products. There are numerous benefits to using tailored products; the manufacturing process ensures that the right material is used in the right place and reduces part weight. Only high-quality, expensive materials are used when absolutely necessary. In high-stress areas, stronger materials can be used. This improves energy absorption by increasing rigidity. Material utilisation is maximised through optimised nesting. Reduced investment costs are achieved by using fewer parts in tools and assembly lines. The elimination of overlapping joints improves corrosion properties.

"The Numerous Applications in the Automotive Industry to Multiply the Market Share"

Millions of cars worldwide utilize tailored products now a days, most of them are used in the automotive industry. In parts like door inner panels, B-pillars, and side panels, the highest safety standards are combined with cost-effective, lightweight design. They satisfy various requirements such as tailored products employ less materials overall, which reduces the weight of the car and greatly lowers the cost because the high-end expensive materials are only used when absolutely essential. Additionally, the amount of extra reinforcements and overlapping joints on the car body are decreased by tailored products. In order to satisfy our customers' expectations, tailored products greatly simplifies the process of automobile body assembly.

RESTRAINING FACTORS

"Challenges Associated with the Manufacturing to Restrain Market Expansion"

The process needs to be transformed to building applications, which will require overcoming a variety of production challenges. A number of manufacturing challenges, including increased weld duration, precise section cutting, and stable clamping, are presented by the rise in component size from automotive to construction items. Additionally, considerations for the surface finish, cost management concerns, and blanking distribution will be necessary. Hence the resultant can restrain the tailored blank market growth globally.

Tailored Blank Market Regional Insights

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"Asia Pacific to Dominate the Market with Rapid Development and Growth"

Due to the existence of numerous manufacturers operating in the market, the automobile sector in the Asia Pacific region is a highly competitive and fragmented market. Increasing regional demand has prompted a number of multinational automotive OEMs and component manufacturers to establish a presence in the area. The entire Asia Pacific tailored blank market share is expected to be influenced by the high demand for automotive components and accessories for repair and maintenance.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The report is an extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Baosteel (China)
• Arcelormittal (Luxembourg)
• Shiloh (U.S.)
• JFE (Japan)
• Ansteel Group (China)
• POSCO (South Korea)
• TATA (India)

REPORT COVERAGE

The report covers the information on the advancement outlooks with new inventions and SWOT analysis.The market elements situation, with the development areas of the market in the upcoming years. Market segmentation information including the subjective and quantitative research including the effect of financial and strategy viewpoints are discussed in the report. The report also disseminates the information on the regional and nation level assessment incorporating the demand and supply dominators that are affecting the development of the market. The competitive landscape including market share of major players, along with the new research methodologies and strategies adopted by players for the  forecasted period is listed in the report.