On the basis of product, Automotive Metal Market is categorized in to steel, aluminum, magnesium. High usage of steel in automotive manufacturing owing to superior strength will drive the demand for steel during forecast period. According to World Steel Association, overall body weight of passenger car contains of 55-65 % steel weight and average light truck or SUV contains 3000 pounds of metal. Increasing usage of magnesium alloys in vehicle interior parts will support the revenue generation from this segment.
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Automotive Metal Market Size will experience steady growth owing to increasing vehicle demand across the globe. Surge in passenger vehicle demand backed by increasing disposable income in developing economies primarily drive the demand for raw material used in automotive industry. Increasing vehicle demand has led increasing vehicle production which drives the demand for automotive metal market. Significant use of metals in auto components such as chassis, engine, roof, panels, wheels, brake, radiator will increase automotive metal market share during forecast period.
Manufacturers and raw material suppliers possess growth opportunity owing to increasing market for electric vehicles and integration of new systems for safety & comfort. High demand of electric vehicles will increase material requirement during forecast period.
Based on applications, automotive metal market is classified as body structure, power train and suspension. Body dominates the overall market and is expected to witness considerable growth during the study period. The growth is attributed to ease of maintenance & repair of stamped body parts and high recyclability compared to other alternatives. Growth in suspension is credited to increasing use of alloys for manufacturing suspension of armored vehicles.
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North America is expected to witness significant growth during the forecast timeframe owing to presence of several vehicle manufacturers in the region. Relaxation in regulations regarding standards for reducing greenhouse emissions and vehicle fuel efficiency goals by Trump government will support the industry growth. Moreover, government reviewing other standards related to vehicle emission and border adjustment tax is also expected to affect the industry growth in the region.
Major manufacturing companies are Tata steels, Hyundai steel, Essar steel, Thyssenkrupp AG, Novalis, Posco, Voestalpine Group, Nippon steel & Sumitomo Metal corporation, United steel corporation, ArcellorMittal, UACJ Corporation, Kobe Steel, AMG Advanced Metallurgical Group, Constellium NV,Massey Ferguson Ltd. and Norsk Hydro among others. The companies focus on new product development to increase strength to weight ratio of metal. For instance, in November 2016, ArcellorMittal launched new generation of advanced high strength steels for automotive applications.