Automotive Metal Market Size Worth $226 Billion, Globally, by 2026 at 4.52% CAGR - Straits Research

The demand for the automotive metal market is estimated to rise due to the growing demand for automobiles. The automobile demand is subjected to the expanding population, technical advancements, and ascending disposable income.

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New York, United States, Oct. 05, 2021 (GLOBE NEWSWIRE) -- The Automotive metal market is expected to grow at a compound annual growth rate (CAGR) of 291.52% in the forecast period from 2020 to 2026

The global automotive metal market is expected to reach USD 226.41 billion by 2026.

Automotive OEMs are introducing lightweight metals to meet the demand for lightweight vehicles. Additionally, the demand for an electric vehicle is surging due to stringent government regulations on vehicle emissions. According to IEA, the registration of electric cars spiked by 41% in 2020, estimating nearly 10 million electric cars on the road. 

COVID-19: Drop-in Metal Prices and Automobiles Demand

The automotive industry was already facing a downturn, and COVID-19 added additional stress on the industry. The industry faced a shortage of vehicles parts due to the shutdown of production lines. According to the Society of Automobile Manufacturers Association, vehicle production in India fell by 97pc, and the output dropped by 67pc.

The market also witnessed a change in the metal prices as the demand and supply were ambiguous. Aluminum prices fell by 21.49%, from USD 1807/tonne to USD 1421.5/tonne between January to April. Simultaneously, steel prices also dropped by 16% compared to the previous year. However, the prices will go back to normal once the demand for the automobile rises.

The conditions are expected to improve by the end of 2021. The Government of India approved five industrial projects worth USD 19.60 billion to boost steel production capacity by 27.5 million tonnes in July 2021.

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Automotive metal Market by Type

Supremacy of Steel Over Other Metals

Steel is extensively used in manufacturing automobiles, such as traditional mild steel, high-strength steel, advanced high strength steel. Advance high strength steel (AHSS) contributes to nearly 60% of vehicle body structure and reduces vehicle weight. In addition, it reduces around 2–3 tonnes of greenhouse gas over the vehicle's total life cycle. Further, the market for AHSS is expected to grow due to its features such as micro-structures and high tensile strength.

The need for lightweight vehicles to reduce carbon emissions has propelled automotive OEMs towards lightweight metals. Thus, aluminum is expected to outpace other metals in the coming future. Additionally, a primary factor that drives consumer preference is the range of electric vehicles. Weight reduction is essential to achieve the highest range through given battery size and weight. Thus, manufacturers introduce innovative materials for electric vehicles.

Automotive metal Market by Application

Body Structure Acquires Maximum Metal

According to the World Steel Association, on average, 900 kg of steel is used per vehicle, 40% of which is used in body structure. Body structure formation requires the highest amount of metal in an automobile. Body structure offers protection during a crash and also provides the strength needed for other vehicle components. In order to meet the need for lightweight vehicles, materials such as high-strength steel, magnesium alloys, aluminum alloys are expected to burgeon interest in OEMs.

Automotive metal Market by End-User

Electric Vehicles Foster the Demand for Automotive Metals

By end-user, the internal combustion engine vehicles dominate the market. Petrol and diesel have been part of human life for decades. However, vehicle weight is a crucial factor in fuel consumption. Fuel consumption has become the hottest topic of discussion among automotive OEMs. Hence, the use of lightweight metals such as high-strength steel, AHSS, aluminum, etc., is expected to grow.

Further, stringent government regulations to reduce carbon emissions are boosting the production of electric vehicles. According to the IEA, over 10 million electric cars were on the world's roads in 2020. The transformation is on the upsurge and can outpace the dependency of the ICE vehicles.

Automotive Metal Market by Regions

Dominance of APAC in the Automotive Metal Market

APAC dominates the overall automotive metal markets due to the expanding population, soaring disposable income, etc., in China and India. According to the IBEF, domestic automobile sales increased at a CAGR of 2.36%, with 26.36 million vehicles manufactured in India during FY16–20.

North America is another crucial region for the automotive industry, with the U.S. contributing to immense growth. Growing urban population combined with rising GDP rate are expected to bolster the automotive industry in North America. Additionally, an initiative taken to reduce carbon emissions by manufacturing fuel-efficient vehicles is expected to increase. The purpose of the initiative is to reduce carbon emissions by reducing the weight and increasing the production of EVs.

According to the IEA, the federal government of Canada provided USD 220 million to the ford motor company for the production of electric vehicles. Besides, prominent players such as Ford, Toyota, Volkswagen, etc., are driving the automobile industry in North America.

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Detailed Table of Content

1              Introduction

1.1          Market Definition

1.2          Market Scope

2              Research Methodology

2.1          Primary Research

2.2          Research Methodology

2.3          Assumptions and Exclusions

2.4          Secondary Data Sources

3              Executive Summary

4              Market Overview

4.1          Report Segmentation and Scope

4.2          Value Chain Analysis: Automotive metal Market

4.2.1      Vendor Matrix

4.3          Key Market Trends

4.3.1      Drivers

4.3.2      Restraints

4.3.3      Opportunities

4.3.4      Challenges         

4.4          Porter’s Five Forces Analysis

4.4.1      Bargaining Power of Suppliers

4.4.2      Bargaining Power of Buyers

4.4.3      Threat of Substitution

4.4.4      Threat of New Entrants

4.4.5      Competitive Rivalry

4.5          Covid-19 Impact Analysis             

4.5.1      Pre-Covid-19 Market Scenario Analysis  

4.5.2      Post-Covid-19 Market Scenario Analysis

4.5.3      Measures Taken by Top Players

5              Global Automotive Metal Market by Type

5.1          Introduction

5.1.1      Market Size and Forecast (Value)

5.2          Aluminium

5.2.1      Market Size and Forecast (Value)

5.3          Steel

5.3.1      Market Size and Forecast (Value)

5.4          Manganese

5.4.1      Market Size and Forecast (Value)

5.5          Others

5. 5.1     Market Size and Forecast (Value)

6              Global Automotive Metal Market by Application

6.1          Introduction

6.1.1      Market Size and Forecast (Value)

6.2          Body Structure

6.2.1      Market Size and Forecast (Value)

                6.3          Power Train

                                6.3.1      Market Size and Forecast (Value)

6.4          Suspension

6.4.1      Market Size and Forecast (Value)

6.5          Others

6.5.1      Market Size and Forecast (Value)

7              Global Automotive Metal Market by End-User

7.1          Introduction

7.1.1      Market Size and Forecast (Value)

7.2          Passenger Vehicles

7.2.1      Market Size and Forecast (Value)

7.3          Commercial Vehicles

7.3.1      Market Size and Forecast (Value)

8              Regional Overview

8.1          Introduction

8.1.1      Market Size and Forecast (Value)

8.2          North America

8.2.1      Economic Overview

8.2.2      Market Scenario

8.2.3      The U.S.

8.2.4      Canada

8.3          Europe

8. 3.1     Economic Overview

8. 3.2     Market Scenario

8. 3.3     Germany

8. 3.4     The U.K.

8. 3.5     France

8. 3.6     Italy

8. 3.7     Spain

8. 3.8     The Rest of Europe

8.4          Latin America

                                8.4.1      Economic Overview

                                8.4.2      Market  Scenario

                                8.4.3      Mexico

                                8.4.4      Brazil

                8.4.5      Rest of Latin America

8.5          Asia-Pacific

8.5.1      Economic Overview

8.5.2      Market Scenario

8.5.3      China

8.5.4      Japan

8.5.5      India

8.5.6      Australia

8.5.7      South Korea

8.5.8      The Rest of Asia-Pacific

8.6          The Middle East and Africa

8.6.1      Economic Overview

8.6.2     Market Scenario

8.6.3      Saudi Arabia

8.6.4      UAE

8.6.5      Egypt

8.6.6      South Africa

8.6.7      The Rest of Middle East & Africa

9              Competitive Landscape — Manufacturers and Suppliers

9.1          Competition Dashboard

9.2          Market Share Analysis, 2020

9.3          Competition Dashboard

9.4          Key Developments

10           Company Profile

10.1        Tata Steel

10.2        Thyssenkrupp AG

10.3        Novalis

10.4        Essar Steel

10.5        Hyundai Steel

10.6        Arcelor Mittal SA

10.7   Others

11           Conclusion and Recommendation

12           Acronyms and Abbreviations

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