Automotive Metal Market to Grow with a CAGR of 5.89% Globally through to 2028
Automotive Production and Sales Growth,
Stringent Emission Standards and Fuel Efficiency Regulations, and Technological
Advancements in Automotive Materials are factors driving the Global Automotive
Metal market in the forecast period 2024-2028.
According to TechSci Research report, “Global Automotive
Metal Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Automotive Metal Market stood at USD 86 billion
in 2022 and is anticipated to grow with a CAGR of 5.89% in the forecast period,
2024-2028. Automotive metals are used as raw materials to make the body,
wheels, chassis, doors, panels, and other parts of vehicles. They consist of
composites, rubber, glass, leather, steel, aluminum, magnesium alloys, copper,
plastics, and carbon fiber reinforced polymer (CFRP). These are simple-to-weld
materials that can be joined and cut using standard welding tools and methods.
They help increase cars' fuel efficiency and are incredibly affordable and
durable. Automotive metals also contribute to vehicle weight reduction and
passenger and driver safety. In addition, they provide vehicles with resistance
to heat, chemicals, and the environment, extending their shelf life.
Browse over market data Figures spread through XX Pages and an in-depth TOC on "Global Automotive Metal Market.”
The Global Automotive Metal market is a cornerstone of
the automotive industry, encompassing a diverse array of metals used in the
manufacturing of vehicles. This market is vital for producing durable, safe,
and efficient automobiles, as metals play a central role in vehicle
construction, body design, powertrain components, and numerous other
applications. The automotive metal market is shaped by a multitude of factors,
ranging from technological advancements and environmental concerns to market
dynamics and regulatory requirements. One of the principal drivers of the
Global Automotive Metal market is the relentless pursuit of lightweighting to
enhance fuel efficiency. As the automotive industry grapples with stringent
fuel economy standards and emissions regulations, the adoption of lightweight
materials, including advanced metals like aluminum and magnesium, has become
essential. These lightweight metals offer the advantage of reducing the overall
weight of vehicles, contributing to improved fuel efficiency, lower carbon
emissions, and compliance with environmental standards. Lightweighting aligns
with the industry's overarching goal of minimizing the environmental impact of
transportation and fostering sustainability.
Furthermore, the market is influenced by the
increasing emphasis on safety and crashworthiness in vehicle design. Metals
such as high-strength steel are indispensable for manufacturing vehicle
structures, providing the necessary structural integrity to protect occupants
during collisions. These high-strength materials are strategically used in
various safety-critical components, including crumple zones, side-impact
structures, and reinforced passenger compartments, effectively dissipating
impact forces and reducing the severity of injuries. The automotive metal
market plays a pivotal role in developing vehicles that meet or exceed safety
regulations, making road transportation more secure for everyone.
The demand for automotive metals is also driven by
technological advancements in materials and production processes. Continuous
research and development efforts have led to the creation of advanced metal
alloys with superior properties, such as enhanced strength, formability, and
corrosion resistance. These alloys meet the demanding performance requirements
of modern vehicles, expanding their applications in various components, from
chassis and powertrains to interior elements. Additionally, innovations in metal
processing and manufacturing techniques, including high-pressure die casting
(HPDC) and advanced heat treatment processes, have opened up new opportunities
for the utilization of metals in the automotive sector. These innovations have
been instrumental in overcoming previous limitations and enabling the
production of intricate and lightweight components, which enhance the appeal of
metals in vehicle manufacturing.
The Global Automotive Metal market is further
propelled by the rise of electric vehicles (EVs) and the broader transition to
alternative propulsion technologies. Electric vehicles benefit significantly
from lightweight metals like aluminum, which contribute to enhanced energy
efficiency, extended battery range, and overall vehicle performance. Metals are
critical for the design of EV components, including battery casings, electric
motors, and lightweight body structures, which are central to the development
of energy-efficient electric mobility. As the EV market continues to grow, the
demand for automotive metals, particularly lightweight alloys, is expected to
expand, reinforcing their significance in the automotive industry.
Moreover, the market is influenced by the adoption of
advanced joining techniques and mixed-material structures. Automakers are
increasingly using innovative methods to join metals with other materials, such
as composites and plastics, to optimize vehicle weight while maintaining safety
and performance standards. These mixed-material structures enable automakers to
leverage the strengths of each material while mitigating their respective
weaknesses. However, differences in thermal expansion rates between metals and
other materials can present challenges in terms of joining and structural
integrity. Advanced techniques like friction stir welding and adhesive bonding
have been employed to address these challenges, allowing for the seamless
integration of metals with other materials.
Another critical driver is the growing trend of
connected and autonomous vehicles. As vehicles become more sophisticated and
technologically advanced, there is a need for materials that can support the
integration of sensors, cameras, and other electronic components. Metals, with
their adaptability and versatility, are well-suited to accommodate the wiring,
sensors, and electronic components required for connectivity and autonomous
driving features. This trend extends to electric and autonomous vehicles, where
metals play a crucial role in supporting the integration of complex systems and
components.
Consumer preferences for advanced safety features,
comfort, and convenience are also driving the demand for automotive metals.
Automakers are incorporating features such as advanced driver-assistance
systems (ADAS), connectivity, and infotainment systems, which necessitate
materials capable of accommodating these technologies without adding excessive
weight to the vehicle. Metals, particularly those with high strength-to-weight
ratios, offer a favorable solution for automakers to meet consumer expectations
for safety and advanced technologies while maintaining vehicle performance.
Major companies operating in Global Automotive
Metal Market are:
- Allegheny Technologies Incorporated
- ArcelorMittal S.A.
- JSW Steel Ltd
- Nippon Steel Corporation
- Novelis Inc. (Hindalco Industries
Limited)
- Nucor Corporation
- Tata Steel Ltd
- Thyssenkrupp AG
- United States Steel Corporation
- Voestalpine AG.
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“The Global
Automotive Metal market is a fundamental component of the automotive industry, playing
a pivotal role in vehicle construction and technology advancement. Key drivers
include the pursuit of lightweight materials to improve fuel efficiency,
enhance safety, and meet environmental standards. Technological innovations
have led to advanced metal alloys and production techniques, expanding the
applications of metals in various vehicle components. The growth of electric
vehicles (EVs) further drives the demand for lightweight metals, as they
contribute to improved energy efficiency and extended battery range. The
adoption of advanced joining techniques, mixed-material structures, and
materials that support connectivity and autonomous features also shapes the
market. Challenges include competition from alternative materials, corrosion
resistance, and the industry's growing focus on recycling and sustainability.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Automotive
Metal Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium
& Heavy Commercial Vehicle), By Product Type (Aluminium, Steel, Magnesium,
Others), By Application Type (Body Structure, Power Train, Suspension, Others),
By Region, Competition, 2018-2028”, has evaluated the future growth
potential of Global Automotive Metal Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Automotive Magnesium Alloy Market.
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