Global Automotive Metals Market Outlook 2023-2028
According to the latest report by IMARC Group, titled “Automotive Metals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global automotive metals market outlook.The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global automotive metals market size reached US$ 93.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 125.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.85% during 2023-2028.
Automotive metals refer to raw materials used to manufacture various parts of vehicles, such as wheels, chassis, bodies, panels, and doors. They comprise steel, magnesium alloys, copper, plastics, aluminum, composites, rubber, glass, leather, and carbon fiber reinforced polymer (CFRP). Automotive metals are easy-to-weld materials that can be clipped and joined with conventional welding equipment and techniques.
They are cost-effective, highly durable, and assist in improving the fuel efficiency of vehicles. Automotive metals also aid in reducing the weight of cars and providing safety to passengers and drivers. In addition, they offer chemical, thermal, and environmental resistance to motorcars for increasing their shelf-life. As a result, automotive metals find widespread applications in passenger cars and light and heavy commercial vehicles.
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The escalating demand for personal vehicles to cover distances between work, home, educational institutions, shopping malls, etc., across the globe and the expanding automobile industry are among the primary factors driving the automotive metals market.Besides this, the launch of favorable policies by the government bodies to enhance the manufacturing capabilities of cars and to promote the usage of environment-friendly materials to reduce carbon footprints is further augmenting the market growth.
Moreover, the growing popularity of lightweight substances, including aluminum and magnesium, in manufacturing body structures, car components, and power trains is also catalyzing the global market. Apart from this, the inflating number of investments by the leading players in research and development (R&D) activities for the introduction of various metals that reduce the weight of the vehicle and greenhouse gas emissions are acting as significant growth-inducing factors.Furthermore, the rising need for steel to manufacture automobile parts, owing to its high strength and affordability, is anticipated to propel the automotive metals market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Allegheny Technologies Incorporated, ArcelorMittal S.A., JSW Steel Ltd, Nippon Steel Corporation, Novelis Inc. (Hindalco Industries Limited), Nucor Corporation, POSCO, Tata Steel Ltd, Thyssenkrupp AG, United States Steel Corporation and Voestalpine AG.
The report has been segmented the market into following categories:
Breakup by Product:
Market Breakup by Application:
- Body Structure
- Power Train
Breakup by End Use:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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