Global Automotive Metal Market

Automotive Metal Market Size, Share, Growth Analysis, By Product Type(Steel, Magnesium), By End-Use(Passenger Vehicles, Light Weight Commercial Vehicles) - Industry Forecast 2024-2031


Report ID: SQSG15J2007 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 63 | Figures: 75

Automotive Metal Market Insights

Automotive Metal Market size was valued at USD 102.08 billion in 2019 and is poised to grow from USD 106.16 billion in 2023 to USD 151.1 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).

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 2019, 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.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Automotive Metal Market size was valued at USD 102.08 billion in 2019 and is poised to grow from USD 106.16 billion in 2023 to USD 151.1 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).

The 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 S.A.', 'ThyssenKrupp', 'POSCO', 'Nippon Steel Corporation', 'JFE Steel Corporation', 'Tata Steel Limited', 'Baosteel Group Corporation', 'Novelis Inc.', 'AK Steel Holding Corporation', 'Kobe Steel, Ltd.', 'China Baowu Steel Group Corporation Limited', 'Nucor Corporation', 'Hyundai Steel Co.', 'SSAB AB', 'Essar Steel India Limited', 'JSW Steel Limited', 'ThyssenKrupp Materials Trading GmbH', 'Outokumpu Oyj', 'U.S. Steel Corporation', 'AMAG Austria Metall AG'

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 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 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.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Automotive Metal Market

Product ID: SQSG15J2007

$5,300
BUY NOW GET FREE SAMPLE