Automotive Metal Market
Report ID: SQSG15J2007
Automotive Metal Market Size, Share, Growth Analysis, By Product Type(Steel, Magnesium, Aluminium), By End-Use(Passenger Vehicles, Light Weight Commercial Vehicles, Heavy Weight Commercial Vehicles), By Region - 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.
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Automotive Metal Market Segmental Analysis
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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Automotive Metal Market Regional Insights
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 Dynamics
Automotive Metal Market Drivers
- 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.
Automotive Metal Market Restraints
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Automotive Metal Market Competitive Landscape
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
- 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
Automotive Metal Market Recent Developments
- In August 2022, Tata Steel announced that it will invest more than USD 65 million into a hydrogen-based steel manufacturing firm in Netherland. To expand the production of hydrogen-based steel due to the potential of hydrogen to decarbonize steel manufacturing.
- In June 2022, Nippon Steel Corporation developed the world’s first Eco-Friendly commercially pure titanium, TranTixxi-Eco, and has started supplying this as well to Snow Peak, Inc. from June 2022.
Automotive Metal Key Market Trends
- 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.
Automotive Metal Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 102.08 billion |
| Market size value in 2031 | USD 151.1 billion |
| Growth Rate | 4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Metal Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Metal Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Metal Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Metal Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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