Global Automotive Metal Market

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 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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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.

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Global Automotive Metal Market

Report ID: SQSG15J2007

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