Global Automotive Metals Market Surpasses $93 Billion in 2022, Expected to Reach $125 Billion by 2028

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Oct 25, 2023, 18:45 ET

DUBLIN, Oct. 25, 2023 /PRNewswire/ -- The "Automotive Metals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global automotive metals market has achieved a significant milestone, reaching a market size of US$ 93.4 billion in 2022. Looking ahead, industry analysts project substantial growth, with the market anticipated to reach US$ 125.1 billion by 2028, displaying a remarkable Compound Annual Growth Rate (CAGR) of 4.85% during the forecast period from 2023 to 2028.

Automotive metals constitute the essential raw materials used in the production of various vehicle components, including bodies, wheels, chassis, panels, and doors. These materials encompass aluminum, steel, magnesium alloys, copper, plastics, composites, rubber, glass, leather, and carbon fiber reinforced polymer (CFRP). Automotive metals are known for their weldability, durability, cost-effectiveness, and their role in enhancing vehicle fuel efficiency. They also contribute to reducing vehicle weight, thereby enhancing driver and passenger safety. Additionally, automotive metals offer thermal, chemical, and environmental resistance, further extending the shelf-life of vehicles.

Key Market Trends:

The market is currently experiencing an upsurge in the demand for personal vehicles for daily commuting, reflecting a growing trend worldwide. This surge, coupled with the burgeoning automobile industry, serves as a major catalyst for market growth. Governments in various countries are actively promoting vehicle manufacturing and encouraging the use of environmentally friendly materials to reduce carbon emissions. Furthermore, the adoption of lightweight materials like aluminum and magnesium in car component manufacturing, body structures, and powertrains is positively impacting the market. The increasing popularity of sports cars among consumers is also creating attractive growth opportunities for industry investors.

Leading market players are making substantial investments in research and development (R&D) efforts to introduce innovative metals that reduce vehicle weight and greenhouse gas emissions. The utilization of steel for manufacturing various vehicle parts due to its strength and affordability is contributing to market expansion. Moreover, the adoption of advanced technologies like 3D printing in the production of vehicle components is driving a positive market outlook.

Key Market Segmentation:

The report provides an in-depth analysis of key trends within each sub-segment of the global automotive metals market, including forecasts at the global, regional, and country levels for the period 2023-2028. The market is segmented based on product, application, end use, and region.

Breakdown by Product:

Aluminum
Steel
Magnesium
Others

Breakdown by Application:

Body Structure
Power Train
Suspension
Others

Breakdown by End Use:

Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles

Breakdown by Region:

North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has been thoroughly examined, with profiles of key players including 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.

Key Questions Answered:

What was the global automotive metals market size in 2022?
What is the projected growth rate for the global automotive metals market from 2023 to 2028?
What are the key drivers of the global automotive metals market?
How has COVID-19 impacted the global automotive metals market?
What is the market breakdown by product?
How is the market segmented by application?
What is the market breakdown by end use?
Which regions play a significant role in the global automotive metals market?
Who are the key players in the global automotive metals market?

For more information about this report visit https://www.researchandmarkets.com/r/yrwwqu

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