BAY STREET-Big Canadian parts makers may grow even bigger

* Magna, Linamar and Martinrea seen growing market share

* Companies making strategic buys, taking over contracts

* Automakers plan to cull weaker firms from supply lists (In U.S. dollars unless noted)

By John McCrank

TORONTO, July 5 (Reuters) - Canada's top auto parts makers are likely to take more market share and new sales from their smaller rivals as the sector consolidates in the wake of the upheaval that drove General Motors Corp GMGMQ.PK and Chrysler into bankruptcy.

The size and scale of the big listed players, and the growing desire of automakers to assure stable supplies, mean their shares may still offer good value even after their recent rally, analysts say.

Magna International (MGa.TO: Quote, Profile, Research), Martinrea (MRE.TO: Quote, Profile, Research) and Linamar Corp (LNR.TO: Quote, Profile, Research) were all hit hard as the crisis in the global auto industry deepened earlier this year, with their share prices hitting 2009 lows in March.

But the big Canadian companies have escaped the fate of some of their U.S. counterparts, such as Lear Corp (LEA.N: Quote, Profile, Research) and Visteon Corp VSTN.PK, which were forced to file for bankruptcy.

"The Canadian companies have had good balance sheets and that's enabled them to do well," said David Tyerman, an analyst at Genuity Capital Markets.