The global automotive metals market is expected to
reach USD 129.33 billion by 2025, at a growing of 4.4. 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.
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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.
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Further
key findings from the report suggest:
- Aluminum is expected to witness a significant growth of 6.1%, in terms of revenue, from 2017 to 2025 on account of its superior properties and lightweight as compared to other metals
- Power train is expected to witness sluggish growth of 2.5%, in terms of volume, from 2017 to 2025 on account of growing utilization of plastic & composite materials in this application
- Heavy commercial vehicles are anticipated to witness a CAGR of 1.0%, in terms of volume, from 2017 to 2025 on account of declining production of these vehicles globally
- The declining sales of vehicles and overstocking of components by the distributors has led to a sluggish growth of the market in Middle East & Africa. However, the region is expected to witness growth over the coming years as companies are focusing on the untapped areas such as car components.
- In November 2016, ArcelorMittal launched three new products for automotive application including ductibor 1000, usibor 2000, and martlnsite 1700
- In February 2017, Tata Steel signed definitive agreement with Liberty House Group for the sale of its specialty steel business
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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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