PUBLISHER: Grand View Research | PRODUCT CODE: 1433732
PUBLISHER: Grand View Research | PRODUCT CODE: 1433732
The global automotive metals market size is expected to reach USD 226.89 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.4% over the forecast period. The rising penetration of electric vehicles (EVs) is propelling the demand for metals in the global automotive industry.
The efficiency of an EV is heavily dependent on the weight of the vehicle body. Incorporating lightweight materials such as magnesium and aluminum into the design of the EV chassis can help maintain high strength while reducing the vehicle's overall weight. This, in turn, can result in improved performance.
Based on product, steel dominated with the largest market revenue share in 2023.Steel is a widely used material in the automotive industry. It is used to build the framework or chassis underneath the car's body, which helps to safeguard passengers during an accident. Steel is commonly used in creating door beams, roofs, and even body panels of most cars manufactured today.
Based on application, body structure held the largest revenue share in 2023. Body structure of a car is a crucial component that connects all the different parts. It also houses the drive train and, most importantly, carries and protects passengers and cargo. Due to its importance, metals are widely used to manufacture this component.
Based on region, Europe is expected to register a CAGR of 5.4% in terms of revenue during the forecast period. This growth is mainly due to the generous subsidies offered by governments in the region, which are driving up demand for EVs and thereby positively impacting the market. For instance, in March 2022, Italy announced subsidies of up to EUR 6,000 (~USD 6,570) towards the purchase price of new EVs as part of its plan to support the country's automotive industry.
The competitive rivalry is high in the market as the key manufacturers are investing to set up new plants and expanding their existing manufacturing capacity. For instance, In October 2023, POSCO completed the construction of an automotive steel plate plant in China. The plant is a joint venture between POSCO and HBIS, with an annual production capacity of 450,000 tons.