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Global Automotive Metals Market to Grow at a CAGR of 6.2% During 2022-2027, Aided by the Growing Demand for Passenger Vehicles

According to a new report by EMR titled, ‘Global Automotive Metals Market Report and Forecast 2022-2027’, the market attained a value of around USD 99.6 billion in 2020. The industry is further expected to grow at a CAGR of 6.2% between 2022 and 2027.

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.

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 (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) 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.

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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