Automotive Metals Market Report by Product (Aluminum, Steel, Magnesium, and Others), Application (Body Structure, Power Train, Suspension, and Others), End Use (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), and Region 2024-2032
The global automotive metalsmarket size reached US$ 97.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 143.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.23% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 97.9 Billion
Market Forecast in 2032
US$ 143.8 Billion
Market Growth Rate 2024-2032
4.23%
Automotive metals are raw materials used to manufacture different parts of vehicles, such as bodies, wheels, chassis, panels, and doors. They comprise aluminum, steel, magnesium alloys, copper, plastics, composites, rubber, glass, leather, and carbon fiber reinforced polymer (CFRP). They are easy-to-weld materials that can be cut and joined with conventional welding equipment and techniques. They are highly durable and cost-effective and assist in improving the fuel efficiency of vehicles. Automotive metals also aid in reducing the weight of vehicles and providing safety to drivers and passengers. Besides this, they offer thermal, chemical, and environmental resistance to vehicles for increasing their shelf-life.
Automotive Metals Market Trends:
At present, there is a rise in the demand for personal vehicles to cover distances between home, work, educational institutions and shopping malls across the globe. This, along with the burgeoning automobile industry, represents one of the key factors driving the market. Besides this, governments of several countries are undertaking initiatives to enhance the manufacturing capabilities of vehicles. They are also focusing on promoting the usage of environment-friendly materials to reduce carbon footprints. Moreover, the growing utilization of lightweight materials, such as aluminum and magnesium, in manufacturing car components, body structures, and power trains is positively influencing the market. In addition, the rising demand for sports cars among the masses is offering lucrative growth opportunities to industry investors. Apart from this, key market players are extensively investing in research and development (R&D) activities to introduce various metals that help reduce the weight of the vehicle and greenhouse gas emissions. Additionally, the increasing employment of steel to manufacture various parts of vehicles due to its high strength and affordability is contributing to the growth of the market. Furthermore, the growing application of advanced technologies, such as 3D printing, in manufacturing various vehicle components is offering a positive market outlook.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global automotive metalsmarket report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on product, application and end use.
Breakup by Product:
Aluminum
Steel
Magnesium
Others
Breakup by Application:
Body Structure
Power Train
Suspension
Others
Breakup by End Use:
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
Segment Coverage
Product, Application, End Use, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
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.
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global automotive metals market was valued at US$ 97.9 Billion in 2023.
We expect the global automotive metals market to exhibit a CAGR of 4.23% during 2024-2032.
The rising utilization of automotive metals, as they assist in reducing the weight of vehicles and providing safety to drivers and passengers, is primarily driving the global automotive metals market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for automotive metals.
Based on the product, the global automotive metals market can be divided into aluminum, steel, magnesium, and others. Currently, steel accounts for the majority of the global market share.
Based on the application, the global automotive metals market has been segregated into body structure, power train, suspension, and others. Among these, body structure currently exhibits clear dominance in the market.
Based on the end use, the global automotive metals market can be bifurcated into passenger cars, light commercial vehicles, and heavy commercial vehicles. Currently, passenger cars hold the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global automotive metals market include 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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