Automotive Metal Market Updates

Global Automotive Metal Market size was valued at USD 153.8 billion in 2023 and is poised to grow from USD 160.41 billion in 2024 to USD 224.65 billion by 2032, growing at a CAGR of 4.3% during the forecast period (2025-2032).

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. 'ArcelorMittal (Luxembourg) ', 'Nippon Steel Corporation (Japan) ', 'POSCO (South Korea) ', 'Tata Steel (India) ', 'Baosteel Group (China) ', 'Alcoa Corporation (USA) ', 'Rio Tinto (UK/Australia) ', 'RUSAL (Russia) ', 'Norsk Hydro ASA (Norway) ', 'Magna International Inc. (Canada) ', 'Benteler International AG (Germany) ', 'thyssenkrupp AG (Germany) ', 'Gestamp Automoción, S.A. (Spain) ', 'Toyota Boshoku Corporation (Japan) ', 'Aisin Corporation (Japan) ', 'Vale S.A. (Brazil) ', 'Anglo American plc (UK) ', 'Southern Copper Corporation (USA) ', 'Constellium SE (France) ', 'Novelis Inc. (USA) '

Progress in the technology and materials for the manufacturing of vehicle components has been a major key factor driving the automotive metal market growth in the coming years. Due to this advancement in technology R&D are now able to create lightweight and even cost-effective components foe the automotive industry because of then regulation on stringent fuel efficiency. Magnesium and aluminum are the fastest growing metals in the sector owing to their lightweight and easy compatibility. Due to these lightweight metals, manufacturing companies are able to produce cars, bodies, and powertrains according to the demand and is expected to drive the global market over the forecast period.

Increasing demand for electric vehicles for the reduction of emission and lightweight weight across the world have propelled the market growth during the forecast period. Due to the rise in the pollution levels by vehicles, consumers are shifting their preferences towards lightweight and electric vehicles for the reduction of green house effect. It has led to an extensive growth in the automotive industry and also affect the demand for lightweight metals such as magnesium and aluminum.

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.