IMARC Group, a leading market research company, has recently releases report titled “Automotive Metals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global automotive metals market share, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Automotive Metals
Automotive metals encompass a range of materials, including steel, aluminum, and various alloys, meticulously chosen for their unique properties and suitability for different vehicle components. They are recyclable and promote sustainability by reducing the demand for new raw materials and minimizing environmental impact. These metals serve as the building blocks for everything from the vehicle’s body and chassis to its engine and transmission components. They can withstand harsh conditions, impacts, and heavy loads, ensuring the structural integrity of vehicles. As they can also absorb and dissipate energy during collisions, protecting passengers and minimizing injury risks, the demand for automotive metals is rising around the world.
How Big Is the Automotive Metals Market?
The global automotive metals market size reached US$ 93.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 125.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.85% during 2023-2028.
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What are the growth prospects and trends in the automotive metals industry?
At present, the growing focus on fuel efficiency represents one of the key factors offering a favorable market outlook. As stringent environmental regulations push automakers to reduce emissions, there is a rise in the demand for automotive metals, such as advanced high-strength steel and aluminum alloys, that offer reduced weight without compromising safety.
This trend also aligns with the shift toward electric and hybrid vehicles, where weight reduction directly translates to extended battery life and improved mileage.
Moreover, the rising consumer inclination towards eco-friendly vehicles is increasing the adoption of recyclable materials like aluminum, which is bolstering the growth of the market across the globe.
What is included in market 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
Who are the key players operating in the industry?
The report covers the major market 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.
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