Global Automotive Metals Market to Grow at a CAGR of 6.2% During 2024-2032, Aided by the Growing Demand for Passenger Vehicles

The global automotive metals industry is being driven by the rising demand for passenger vehicles by consumers. This can be attributed to the rising global population, which is catalysing the demand for transportation. In addition, the rising disposable incomes, improved living standards, and enhanced purchasing power of consumers are also expected to contribute to the overall market growth. Moreover, the growing demand for heavy commercial vehicles, owing to the increased industrial and infrastructure development activities, is driving the demand for durable automotive components. The rapid technological advancements are further expected to enhance the production of automotive components utilising metals as the starting material, thereby supporting the market.

The growing demand for improved automobiles with lightweight design and low fuel consumption, through the swift integration of advanced technological solutions, is anticipated to support the market growth in the forecast years. For instance, in January 2021, Constellium SE (NYSE: CSTM) announced a collaboration with Novelis Inc. to launch Alumobility, a nonprofit organisation, which offers innovative strategies to support the adoption of aluminum automotive body sheets. Furthermore, another leading automotive metals vendor, Norsk Hydro ASA (OTCMKTS: NHYKF), in April 2019, announced the expansion of its aluminum production at Husnes for the automotive industry. With the integration of technological innovations, the casting operation activity will be upgraded to enable the production of efficient products for the expansive automotive aluminum forging industry. Such developments are expected to positively impact the automotive metals industry growth in the forecast period.

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Market Breakup by Product, Application, End Use, and Region:

• The market is divided, based on product, into aluminum, steel, and magnesium, among others.

• On the basis of application, the market can be distributed into body structure, power train, and suspension, among others.

• The industry is segmented, on the basis of end use, into passenger cars, light commercial vehicles, and heavy commercial vehicles.

• Region-wise, the global market for automotive metals can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for automotive metals is being driven by the heightened consumer demand for passenger vehicles.

• The rising global population and the rising industrial activities are propelling the demand for heavy commercial vehicles, which has significantly contributed to the market expansion.

• The rapid technological advancements in the automotive metal manufacturing operations are also aiding the industry growth.

• The rising investments in research and development of improved automotive components and solutions are further propelling the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for automotive metals for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the products, applications, end uses, and regions of automotive metals.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global automotive metals market are ArcelorMittal, POSCO INTERNATIONAL Corporation, voestalpine Metal Forming GmbH, Tata Steel Limited, United States Steel Corporation, and thyssenkrupp AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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