New York, United States, October 5, 2021 (GLOBE NEWSWIRE) – The automotive metals market is expected to grow at a compound annual growth rate (CAGR) of 291.52% during the forecast period of 2020 to 2026
the global automotive metals market should reach 226.41 billion USD by 2026.
Automotive OEMs are introducing light metals to meet the demand for light vehicles. In addition, the demand for an electric vehicle is increasing due to strict government regulations on vehicle emissions. According to the IEA, electric car registrations jumped 41% in 2020, estimating nearly 10 million electric cars in circulation.
COVID-19: falling metal prices and demand for automobiles
the automobile industry was already facing a downturn, and COVID-19 added additional stress on the industry. The industry has faced a shortage of vehicle parts due to the shutdown of production lines. According to the Society of Automobile Manufacturers Association, vehicle production in India fell 97% and production fell 67%.
The market also saw a change in metal prices as demand and supply were ambiguous. Aluminum prices fell 21.49% from $ 1,807 / tonne to $ 1,421.5 / tonne between January and April. At the same time, steel prices also fell by 16% compared to the previous year. However, prices will return to normal once the demand for the automobile increases.
Conditions are expected to improve by the end of 2021. The Indian government has approved five industrial projects worth $ 19.60 billion to boost steel production capacity of 27.5 million tonnes in July 2021.
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Automotive Metals Market by Type
Supremacy of steel over other metals
Steel is widely used in automobile manufacturing, such as traditional mild steel, high strength steel, advanced high strength steel. Advanced High Strength Steel (AHSS) contributes nearly 60% of the vehicle body structure and reduces vehicle weight. In addition, it reduces approximately 2 to 3 tons of greenhouse gases over the total lifespan of the vehicle. Also, the AHSS market is expected to grow due to its characteristics such as microstructures and high tensile strength.
The need for light vehicles to reduce carbon emissions has propelled car manufacturers to light metals. Thus, aluminum is expected to overtake other metals in the near future. In addition, the range of electric vehicles is one of the main factors determining consumer preference. Weight reduction is essential to achieve the highest range through the size and weight of the battery. Thus, manufacturers are introducing innovative materials for electric vehicles.
Automotive Metals Market by Application
The structure of the body acquires a maximum of metal
According to the World Steel Association, an average of 900 kg of steel is used per vehicle, 40% of which is used in the body structure. The formation of the body structure requires the greatest amount of metal in an automobile. The body structure provides protection in a crash and also provides the necessary strength to other vehicle components. In order to meet the need for light vehicles, materials such as high strength steel, magnesium alloys and aluminum alloys are expected to attract increasing interest among OEMs.
Automotive Metals Market by End User
Electric vehicles drive demand for automotive metals
By end user, internal combustion engine vehicles dominate the market. Gasoline and diesel have been part of human life for decades. However, the weight of the vehicle is a crucial factor in fuel consumption. Fuel consumption has become the hottest topic of discussion among automotive OEMs. Therefore, the use of light metals such as high strength steel, AHSS, aluminum, etc., is expected to increase.
In addition, strict government regulations aimed at reducing carbon emissions are boosting the production of electric vehicles. According to the IEA, more than 10 million electric cars were on the world’s roads in 2020. Transformation is in full swing and may move beyond reliance on ICE vehicles.
Automotive Metals Market by Regions
Dominance of APAC in the automotive metals market
APAC dominates the overall automotive metals market due to increasing population, surging disposable income etc in China and India. According to the IBEF, domestic auto sales have increased to a CAGR of 2.36%, with 26.36 million vehicles manufactured in India in fiscal year 16-20.
Another crucial region for the auto industry is North America, with the United States contributing immense growth. The growth of the urban population combined with the increase in the GDP rate is expected to support the automotive industry in North America. In addition, an initiative to reduce carbon emissions by manufacturing fuel efficient vehicles is expected to increase. The aim of the initiative is to reduce carbon emissions by reducing the weight and increasing the production of electric vehicles.
According to the IEA, the federal government of Canada provided $ 220 million to the Ford Motor Company for the production of electric vehicles. In addition, leading players such as Ford, Toyota, Volkswagen, etc. are driving the automotive industry in North America.
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Detailed Table of Contents
1.1 Market definition
1.2 Scope of the market
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 Segmentation and Scope of the Report
4.2 Value Chain Analysis: Automotive Metals Market
4.2.1 Matrix of suppliers
4.3 Key market trends
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 Impact analysis of Covid-19
4.5.1 Analysis of pre-Covid-19 market scenarios
4.5.2 Analysis of post-Covid-19 market scenarios
4.5.3 Actions taken by top players
5 Global Automotive Metals Market by Type
5.1.1 Market Size and Forecast (Value)
5.2.1 Market Size and Forecast (Value)
5.3.1 Market Size and Forecast (Value)
5.4.1 Market Size and Forecast (Value)
5. 5.1 Market Size and Forecast (Value)
6 Global Automotive Metals Market by Application
6.1.1 Market Size and Forecast (Value)
6.2 Body structure
6.2.1 Market Size and Forecast (Value)
6.3.1 Market Size and Forecast (Value)
6.4.1 Market Size and Forecast (Value)
6.5.1 Market Size and Forecast (Value)
7 Global Automotive Metals Market by End User
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
8.1.1 Market Size and Forecast (Value)
8.2 North America
8.2.1 Economic overview
8.2.2 Market scenario
8.2.3 United States
8. 3.1 Economic overview
8. 3.2 Market scenario
8. 3.3 Germany
8. 3.4 United Kingdom
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
8.4.5 Rest of Latin America
8.5.1 Economic overview
8.5.2 Market scenario
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
8.6.6 South Africa
8.6.7 The rest of the Middle East and Africa
9 Competitive Landscape – Manufacturers and Suppliers
9.1 Competition scoreboard
9.2 Market Share Analysis, 2020
9.3 Competition scoreboard
9.4 Key developments
10 Company profile
10.1 Steel Tata
10.2 Thyssenkrupp SA
10.4 Essar steel
10.5 Hyundai Steel
10.6 ArcelorMittal SA
11 Conclusion and recommendation
12 Acronyms and abbreviations
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