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Automotive Metal Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI2320

Automotive Metal Market size will experience steady growth from 2023 to 2032, owing to the increasing vehicle demand across the globe.

The remarkable rise in demand for passenger vehicles, backed by increasing disposable income in developing economies, primarily drive the demand for raw material used in the automotive industry. Thus, the increasing vehicle production and the subsequent rise in the use of metals in auto components such as chassis, engines, roofs, panels, wheels, brakes, and radiators will foster lucrative growth opportunities for the automotive metal market by 2032. 

Stringent government regulations for reducing vehicle emission has led to OEMs demanding lightweight materials for their vehicle production. The demand for lightweight steel, aluminum & magnesium, and technological advancements focused on increasing material strength will support the industry's growth.

However, highly-priced products and stringent government regulations on low carbon emission, reducing body weight, and enhancing fuel efficiency will hinder automotive metal market expansion. Also, using high-grade carbon & plastic material can replace metals in the vehicle. Currently plastic accounts for 15 % of vehicle body weight. Increasing usage of carbon fiber and plastic in vehicle parts will restrict sector development during 2023-2032.

 Moreover, the current decline in the sales of automobiles triggered by the rising inflation levels and unprecedented sanctions imposed on Russia will impact automotive metal market dynamics. The ongoing situation has limited people's expenditure on cars and impacted the industry value chains, which may downsize business revenues by 2032.

Manufacturers and raw material suppliers possess growth opportunities due to the increasing market for electric vehicles and the integration of new systems for safety & comfort. The high demand for electric vehicles will increase material requirements over the next ten years. 

On the basis of product, the automotive metal market is categorized into steel, aluminum, and magnesium. High usage of steel in automotive manufacturing, because of its superior strength, will drive the demand for steel by 2032. According to World Steel Association, the overall body weight of a passenger car contains 55-65 % steel weight, while the average light truck or SUV has 3000 pounds of metal. Increasing the usage of magnesium alloys in interior parts of the vehicle will support the revenue generation from this segment.

Regarding applications, the market is classified as body structure, power train and suspension. The body segment is expected to witness significant rise by 2032. The expansion is attributed to the ease of maintenance & repair of stamped body parts and high recyclability compared to other alternatives. The development in suspension is credited to the increasing use of alloys for manufacturing suspension of armored vehicles.

The powertrain includes various parts, including a drive shaft, clutch hubs, universal joints, and transmission shafts & gears. The demand is increasing due to the superior mechanical strength, porosity, and resistance to heat of the material required for pressure valves, fittings & flanges, and valve bodies.

Based on end use, the industry can be segmented as passenger vehicles (PCV), lightweight commercial vehicles (LCV), and heavy-weight commercial vehicles (HCV). Passenger vehicles dominate the overall market, led by the increased demand for passenger cars. Light commercial vehicles will exhibit the highest growth rate as their manufacturing requires a high amount of raw material. Moreover, stringent government regulation for weight reduction in vehicles will support the growth in the LCV end-use industry.

North America automotive metal market to observe significant progress between 2023 and 2032, due to the presence of several vehicle manufacturers in the region. Relaxation in regulations regarding standards for reducing greenhouse emissions and vehicle fuel efficiency goals by the Trump government will support the industry growth. Moreover, the government reviewing other standards related to vehicle emission and border adjustment tax is also expected to affect the regional growth.

Major manufacturing companies are Tata steels, Hyundai steel, Essar steel, Thyssenkrupp AG, Novalis, Posco, Voestalpine Group, Nippon Steel & Sumitomo Metal Corporation, United steel corporation, ArcellorMittal, UACJ Corporation, Kobe Steel, AMG Advanced Metallurgical Group, Constellium NV, Massey Ferguson Ltd., and Norsk Hydro among others. The companies focus on new product development as part of their key growth strategy.

What Information does this report contain?

Historical data coverage: 2018 to 2022; Growth Projections: 2023 to 2032.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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