Automotive Metal Market To Hit Value 9.33 Billion By 2025Posted by Mrudula Anil Karmarkar on December 7th, 2020 The global automotive metal market size is expected to reach USD 129.33 billion by 2025, at a growing of 4.4%, according to a new report by Grand View Research, Inc. The global vehicle demand was 78.2 million units in 2011 and increased to 93.9 million units in 2016. Increasing demand for vehicles worldwide has led to increase in the production of vehicles, thereby propelling the demand for automotive metals. The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor. Regulatory policies have led to increased focus towards the production of lightweight and fuel efficient cars which are anticipated to have a positive impact on the demand for aluminum, magnesium, high strength steel, and advanced high strength steel. Aluminum is the second majorly used metals in the automotive industry. It is used to manufacture engine radiators, wheels, bumpers, suspension parts, engine cylinder blocks, transmission bodies, hood, doors, and frame of the vehicles. The automotive metals market is expected to witness restrained growth due to the high cost of certain metals including magnesium & aluminum and increasing use of plastics as replacement of metals in certain automotive components. Some of the majorly used plastics in automotive industry are polypropylene, polyurethane, polyamide, acrylonitrile butadiene styrene, and poly vinyl chloride while polyethylene and PMMA are expected to witness the fastest growth in the demand over the next eight years. Further key findings from the report suggest:
The global automotive metal market size was worth USD 84.66 billion in 2016. Growing demand for vehicles coupled with abundant raw material availability are the key factors for the growth globally. In addition, government efforts to enhance the manufacturing capabilities in the emerging economies are anticipated to positively affect the market over the forecast period. The sector has been witnessing significant development in terms of materials as well as technologies used for the manufacturing of vehicle components. Stringent fuel efficiency regulations have facilitated R&D to develop lightweight & cost-effective materials for the automotive sector. Moreover, new technologies including 3D printing are being utilized for the manufacturing of large metal parts. Aluminum and Magnesium are the fastest growing materials in the automotive industry. Lightweight of these products has led to increase in their utilization in the manufacturing of car components, body structure, power train, etc. In addition, rising focus of consumers towards car racing and sports cars is likely to have a positive impact on the market growth over the next eight years. In the steel segment, manufacturers have been conducting extensive research for the development of grades which can reduce car weight equivalent to other metals and also provide cost effectiveness. AHSS is one of the fastest growing steel grades in the automotive sector. It not only leads to mass reduction but also reduces greenhouse gas emissions from the vehicles. ArcelorMittal SA, Voestalpine Steel Division, Magna International Inc., Alcoa Corporation, Hyundai Mobis, Schaeffler AG, Benteler International, Gestamp, Dana Limited, and GKN plc are some of the players in the global market. These companies are involved in the manufacturing of metal for the automobiles. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/4617/ibb The products are generally distributed to the end-users through direct supply agreements. However; some of the companies also prefer third party sources/distributors for the supply of their products in various economies. These products are used by vehicle manufacturers including Volkswagen Group, Toyota Motors, Daimler, Ford Motors, BMW Group, General Motors, Nissan Motors, and Honda Motors for manufacturing of vehicles. The automotive metals market is characterized by the presence of numerous manufacturers across the world. The companies generally cater to the demand a particular metal for the automotive industry.The key players across the industry adopted expansion and mergers & acquisition as their strategy in order to increase their reach and consumer base. Expansions were carried out through the setup of new facilities in the emerging markets. Grand View Research has segmented the global automotive metals market on the basis of product, application, end-use: Automotive Metal Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Automotive Metal Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Automotive Metal End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |