IMARC Group, a leading market research company, has recently releases report titled “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”, Offers a comprehensive analysis of the industry, which comprises insights on the global automotive metals market.
How Big is the Automotive Metals Market?
The global automotive metals market 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.
Industry Overview of Automotive Metals
Automotive metals encompass a range of raw materials employed in producing various vehicle components like bodies, wheels, chassis, panels, and doors. These materials contain aluminum, steel, magnesium alloys, copper, plastics, composites, rubber, glass, leather, and carbon fiber reinforced polymer (CFRP). Automotive metals possess characteristics that make them easily weldable and compatible with conventional welding equipment and techniques. They exhibit exceptional durability and cost-effectiveness while contributing to enhanced fuel efficiency. Automotive metals also play a crucial role in reducing vehicle weight and ensuring driver and passenger safety. They provide thermal, chemical, and environmental resistance, thereby prolonging the lifespan of vehicles.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/automotive-metals-market/requestsample
What are the growth prospects and trends in the automotive metals industry?
There is a surge in the need for personal automobiles to travel between residences, workplaces, educational institutions, and shopping centers worldwide. This, in conjunction with the expanding automobile industry, constitutes one of the primary factors propelling the market. Moreover, numerous governments are taking steps to enhance vehicle manufacturing capabilities and promote the use of environmentally friendly materials to decrease carbon emissions.
Besides this, the market is being positively influenced by the increasing adoption of lightweight materials like aluminum and magnesium in the production of car components, body structures, and power trains. Additionally, the rising popularity of sports cars among the general population presents profitable growth prospects for industry investors. Furthermore, major market participants are heavily investing in research and development (R&D) endeavors to introduce different metals that can reduce vehicle weight and greenhouse gas emissions.
Apart from this, the market is experiencing growth due to the extensive utilization of steel for manufacturing various vehicle parts, owing to its affordability and high strength. Moreover, the favorable market outlook is further bolstered by the growing implementation of advanced technologies such as 3D printing in the manufacturing of diverse vehicle components.
Leading Companies Operating in the Global Automotive Metals Industry:
- 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
- Voestalpine AG.
Automotive Metals Market Report Segmentation:
The report has segmented the market into the following categories:
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
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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