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

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.