Automotive Metals Market Size Is Anticipated To Reach USD 226.89 Billion By 2030


 San Francisco, 11 April 2024: The Report Automotive Metals Market Size, Share & Trends Analysis Report By Product (Aluminum, Steel), By Application (Body Structure, Power Train), By Vehicle-type (Passenger, LCV, HCV), By Region, And Segment Forecasts, 2024 - 2030

The global automotive metals market size is expected to reach USD 226.89 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.4% over the forecast period. The rising penetration of electric vehicles (EVs) is propelling the demand for metals in the global automotive industry.

The efficiency of an EV is heavily dependent on the weight of the vehicle body. Incorporating lightweight materials such as magnesium and aluminum into the design of the EV chassis can help maintain high strength while reducing the vehicle’s overall weight. This, in turn, can result in improved performance.

Based on product, steel dominated with the largest market revenue share in 2023.Steel is a widely used material in the automotive industry. It is used to build the framework or chassis underneath the car's body, which helps to safeguard passengers during an accident. Steel is commonly used in creating door beams, roofs, and even body panels of most cars manufactured today.

Based on application, body structure held the largest revenue share in 2023. Body structure of a car is a crucial component that connects all the different parts. It also houses the drive train and, most importantly, carries and protects passengers and cargo. Due to its importance, metals are widely used to manufacture this component.

Based on region, Europe is expected to register a CAGR of 5.4% in terms of revenue during the forecast period. This growth is mainly due to the generous subsidies offered by governments in the region, which are driving up demand for EVs and thereby positively impacting the market. For instance, in March 2022, Italy announced subsidies of up to EUR 6,000 (~USD 6,570) towards the purchase price of new EVs as part of its plan to support the country's automotive industry.

The competitive rivalry is high in the market as the key manufacturers are investing to set up new plants and expanding their existing manufacturing capacity. For instance, In October 2023, POSCO completed the construction of an automotive steel plate plant in China. The plant is a joint venture between POSCO and HBIS, with an annual production capacity of 450,000 tons.

Access Research Report of Automotive Metals Market @ https://www.grandviewresearch.com/industry-analysis/automotive-metal-market

Automotive Metals Market Report Highlights

  • Based on vehicle type, passenger vehicles held the largest revenue share of over 64.0% in 2023.Metals demand in passenger cars is driven by the shifting inclination toward weight reduction while ensuring vehicle safety
  • Based on product, magnesium is expected to register a CAGR of 13.0% in terms of revenue over the forecast period. Magnesium has highest strength-to-weight ratio of all the structural metals. Thus, its demand in lightweight vehicles is expected to increase
  • Based on region, Asia Pacific accounted for over 47.0% of the market share in 2023. The largest share is due to the increasing demand for EVs and lightweight vehicles in China, India, South Korea, and Singapore
  • Based on application, suspension system is expected to grow at a CAGR of 5.9% in terms of revenue over the forecast period. Suspension control arms are critical safety components. In the past, these parts were traditionally made from steel
  • In April 2023, Valin ArcelorMittal Automotive Steel, a company based in China, announced the commencement of production for its Phase II project. The project includes the installing a second continuous galvanization line (CGL#2) with an annual production capacity of 450,000 tons. With this addition, the company's total capacity will increase to 2 million tons annually

Automotive Metals Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 174.79 billion

Revenue forecast in 2030

USD 226.89 billion

Growth Rate

CAGR of 4.4% from 2024 to 2030

Base year for estimation

2023

Historical data

2018 - 2022

Forecast period

2024 - 2030

List of Key Players in the Automotive Metals Market

  • Alcoa Corporatio
  • Allegheny Technologies
  • ArcelorMittal
  • China Steel Corporation
  • Essar Steel
  • Hyundai Steel Co., Ltd.
  • Kaiser Aluminum
  • Nippon Steel & Sumitomo Metal Corporation
  • Novelis
  • POSCO
  • Tata Steel Limited.
  • thyssenkrupp AG
  • United States Steel Corporation
  • voestalpine AG

Access Press Release of Automotive Metals Market @ https://www.grandviewresearch.com/press-release/global-automotive-metal-market

 

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