Report ID: SQMIG15J2026 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 66 | Figures: 76Global Dolomite Mining Market
Report ID: SQSG15J2007 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 63 | Figures: 75
Automotive Metal Market size was valued at USD 102.08 billion in 2021 and is poised to grow from USD 106.16 billion in 2022 to USD 151.1 billion by 2030, growing at a CAGR of 4% in the forecast period (2023-2030).
Growing demand for various types of vehicles coupled with abundant raw material raw material availability is the major factor for the growth of the global automotive metal market. In addition, a rise in the government efforts to enhance the manufacturing capacities of vehicles in the emerging economies such as India, Indonesia, and China are projected to impact the market positively during the forecast period.
According to our findings, in 2021, around 79.1 million motor vehicles were produced across the world, with an increase of 1.3% compared to the last year. China was the leading manufacturer with a number of more than 26 million vehicles followed by the United Sates. Moreover, on an average, more than 900 kg of steel is used per vehicle, and approximately 55% of a vehicle weight comes from steel, according to the World Steel Association. This growth in the number of vehicles production across the globe and a large percentage of metal in the vehicles indicates towards a healthy growth of the global automotive metal market throughout the forecast period.
The automotive metal sector has been witnessing a significant development in the terms of materials as well as technologies used in the manufacturing process of vehicle components. In addition, stringent regulations on fuel efficiency have facilitated research & development to develop cost-effective and lightweight materials for the automotive industry. Technologies such as 3D printing are being utilized all over the world for the manufacturing of large automotive metal parts.
US Automotive Metal Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global automotive metal market is segmented on the basis of product type, end-use, and region. By product type, the market is segmented into steel, aluminium, and magnesium. By end-use, the market is categorized into passenger vehicles, light weight commercial vehicle, and heavy weight commercial vehicle. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.Analysis by Product Type
By product type, steel segment dominated the automotive metal market with a revenue share of more than 60% in 2021, and is expected to maintain its dominance throughout the forecast period. Affordability and superior properties of the latest steel grades such as advanced high strength steel are the major factors driving the segment growth. Moreover, steel is considered to have high recycling capacities as compared to the other types of metals. End of Life Vehicles regulation in the countries such as Japan, South Korea, and India are projected to propel the utilization of steel in the automotive sector during the forecast period. According to World Steel Association, around 55-60% of overall weight of a passenger car contains steel and an average light truck or an SUV contains 3000 pounds of metals.
Automotive Metal Market Analysis by End-Use
By end-use, passenger cars dominated the market with a contribution of significant share in 2021. Rising demand in the emerging nations such as China, India, Brazil, and Indonesia are likely to be the major factor driving the growth of segment. In 2021, more than 57 million passenger car units were produced across the globe. The market has witnessed a decent increase in consumers willingness and disposal income to spend on vehicles with better quality and luxury features. It has led manufacturers to focus on the development of new innovative products with high quality features at low cost. These factors are likely to drive the market growth of global automotive metals over the forecast period.
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Asia Pacific region dominated the global automotive metal market in 2021, and accounted for more than 45% of the overall market revenue. Increasing consumer preference, favourable government initiatives, environmental regulations, and growing population among key players are the leading factors for growth of the market in the region over the forecast period. Manufacturers of automotive industry are continuously coming with latest technology featurers and designs coupled with advanced manufacturing process in order to meet the rapidly changing consumer demands.
Furthermore, North America is expected to grow at a significant rate over the forecast period owing to rise in the population, increasing per capita income of consumers, and initiatives undertaken by the government. The region has seen a rapid growth in urbanization, change in consumer lifestyles, and technological advances in the recent years, which has led to the growth of automotive metal industry. For instance, in January 2020, a US based manufacturer of magnesium products ALLITE Inc. partnered with a Chinese public research university Xi’an Jiaotong University for the research on magnesium alloy.
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Automotive Metal Market Drivers
Automotive Metal Market Restraints
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The global automotive metal market is highly fragmented with the presence of several local and international players across the globe such as HBIS Group, Tata Steel Group, Shagang Group, and ArcelorMittal. For the expansion of their product portfolio and consumer base, the key players in the industry are opting merger & acquisition, partnerships, and collaboration as the key strategies.
Top Players in the Global Automotive Metal Market
Automotive Metal Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global automotive metal market is witnessing a strong growth during the forecast period. Owing to the rise in the demand for vehicles, technology development, and increasing R&D investment in green infrastructure. Furthermore, manufacturers have been conducting extensive research for the development of grades which enables them to reduce car weight equivalent to other metals and also cos-effectiveness. However, continuous increase in the prices of raw material requires in then production of automotive metal is a key restrain to the market growth in the near future.
|Market size value in 2021||USD 102.08 billion|
|Market size value in 2030||USD 106.16 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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KEY COMPANY PROFILES
For the Global Automotive Metal Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Metal Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Automotive Metal Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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