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Written by varun » Updated on: November 19th, 2024
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.
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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.
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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 the Global Automotive Magnesium Alloy Market.
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1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2.1. Objective of theStudy
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Vehicle Type Market Share Analysis (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles)
5.2.2. By Product Type Market Share Analysis (Aluminum, Steel, Magnesium, Others)
5.2.3. By Application Type Market Share Analysis (Body Structure, Power Train, Suspension, Others)
5.2.4. By Regional Market Share Analysis
5.2.4.1. Asia-Pacific Market Share Analysis
5.2.4.2. Europe & CIS Market Share Analysis
5.2.4.3. North America Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)
5.3. Global Automotive Metal Market Mapping & Opportunity Assessment
5.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
5.3.2. By Product Type Market Mapping & Opportunity Assessment
5.3.3. By Application Type Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis
6.2.2. By Product Type Market Share Analysis
6.2.3. By Application Type Market Share Analysis
6.2.4. By Country Market Share Analysis
6.2.4.1. China Market Share Analysis
6.2.4.2. India Market Share Analysis
6.2.4.3. Japan Market Share Analysis
6.2.4.4. Indonesia Market Share Analysis
6.2.4.5. Thailand Market Share Analysis
6.2.4.6. South Korea Market Share Analysis
6.2.4.7. Australia Market Share Analysis
6.2.4.8. Rest of Asia-Pacific Market Share Analysis
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