Automotive Metal Market Regional Analysis

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.