Market Overview 2022-2027

IMARC Group has recently released a new research study “Automotive Metals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

What are the growth prospects of the Automotive Metals Industry?

The global automotive metals market size reached US$ 87.85 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 119.35 Billion by 2027, exhibiting a growth rate (CAGR) of 5.10% during 2022-2027.

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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What is a Automotive Metals Market?

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. 

What are the major market drivers in the Automotive Metals Market ?

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.   

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Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Product:

o   Aluminum

o   Steel

o   Magnesium

o   Others 

Breakup by Application:

o   Body Structure

o   Power Train

o   Suspension

o   Others
 

Breakup by End Use:

o   Passenger Cars

o   Light Commercial Vehicles

o   Heavy Commercial Vehicles

 By Geography:

·         North America (United States, Canada)

·         Europe (Germany, France, United Kingdom, Italy, Spain, Others)

·         Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)

·         Latin America (Brazil, Mexico, Others)

·         Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

List of Major Key Players:

The major players in the market are  

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.

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