Automotive Metal Market2017: Revenue, Opportunity, Application

Automotive Metal Market: 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.

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.

Stringent government regulations for reducing vehicle emission has led to OEMs demanding light weight materials for their vehicle production. Demand of light weight steel, aluminum & magnesium and technological advancements focused towards increasing material strength will support the industry growth.

However, highly priced products and stringent government regulation on low carbon emission, reduce body weight, with fuel efficiency will hinder industry growth. Also, use high grade carbon & plastic material can replace metals in vehicle. Currently plastic accounts for 15 % vehicle body weight. Increasing use of carbon fiber and plastic in vehicle part will restrict the industry growth during forecast period.

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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.

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.

Aluminum will exhibit significant growth rate owing to its lightweight and high recyclability. manufacturers focusing on overall vehicle weight reduction are increasing using aluminum over other metals will drive the demand.

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Asia Pacific dominates overall automotive metal market owing to largest automobile production industry leading to high raw material demand. Countries contributing to the regional growth are China & India with highest demand and high growth rate. High passenger vehicle demand will increase raw material consumption during the forecast period.

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.

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