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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Automotive Metals Market Outlook
The global automotive metals market stood at a value of around USD 119.29 billion in 2023. The market is further expected to grow at a CAGR of 6.2% in the forecast period of 2024-2032 to attain a value of USD 204.99 billion by 2032.
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Heightened Demand for Heavy Commercial Vehicles to Aid the Global Automotive Metals Industry
Based on end use, the heavy commercial vehicles segment is predicted to hold a significant market share in the automotive metals industry. This growth can be attributed to the increased investments in the infrastructure development across the world. This is leading to the heightened demand for heavy commercial vehicles worldwide, which is anticipated to propel the market growth. Furthermore, the increased industrialisation is also projected to aid the market growth in the coming years.
The Asia Pacific to Provide Lucrative Growth Opportunities for the Global Automotive Metals Industry Growth
The Asia Pacific is estimated to hold a substantial share of the automotive metals industry in the forecast period. This growth can be attributed to the presence of the leading market players in the region. In addition, the rising government investments supporting infrastructure development activities in the region are also predicted to drive the demand for heavy duty vehicles for construction applications. The rising population is augmenting the demand for residential, commercial, and industrial infrastructure, thereby, bolstering the market growth in the forecast period.
Automotive Metals: Market Segmentation
Automotive metals are metals, such as steel, aluminium, and magnesium, that are commonly used in the manufacturing of automobiles. These metals are combined with additional elements to produce alloys that are moulded to form different parts of the vehicle. Different metals offer different advantages, for instance, steel aids in the process of absorbing impact energy in a crash situation. Aluminium and magnesium, on the other hand, helps to reduce the overall weight of the car’s body, thus, reducing the fuel requirement.
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By product, the market is divided into:
- Aluminium
- Steel
- Magnesium
- Others
On the basis of application, the market can be segmented into:
- Body Structure
- Power Train
- Suspension
- Others
On the basis of end use, the market can be distributed into:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Growing Automotive Industry and the Rapid Technological Advancements to Drive the Global Automotive Metals Industry
The automotive metals industry is being driven by the growing automotive sector and the increasing demand for vehicles. The growing global population, rising disposable incomes, and the improving living standards are leading to a rise in demand for transportation and passenger cars, thus, aiding the industry growth. In addition, the rising demand for heavy duty vehicles and machinery in the forecast period, which are essential in the construction industry, has been catalysing the market growth. Furthermore, the rapid technological advancements and the need to create lightweight vehicles to reduce energy consumption are also expected to aid the industry growth in the forecast period.
Key Industry Players in the Global Automotive Metals Market
The report gives a detailed analysis of the following key players in the global automotive metals market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- ArcelorMittal
- POSCO INTERNATIONAL Corporation
- voestalpine Metal Forming GmbH
- Tata Steel Limited
- United States Steel Corporation
- thyssenkrupp AG
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Application |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global automotive metals market attained a value of nearly USD 119.29 billion.
The market is projected to grow at a CAGR of 6.2% between 2024 and 2032.
The major market drivers include the surging demand for passenger and commercial vehicles, rapid technological advancements, and increasing investments in R&D activities by leading automotive companies.
Rapid urbanisation and industrialisation and the surging population with high disposable incomes are the key trends fuelling the market demand for automotive metals.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant products considered in the market report include aluminium, steel, and magnesium, among others.
The major applications of automotive metal include body structure, power train, and suspension, among others.
The significant end uses of the product include passenger cars, light commercial vehicles, and heavy commercial vehicles.
The major players in the market are ArcelorMittal, POSCO INTERNATIONAL Corporation, voestalpine Metal Forming GmbH, Tata Steel Limited, United States Steel Corporation, and thyssenkrupp AG, among others.
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