Automotive Metal Market Research, Trends and Forecast by 2034

Automotive Metal Market Innovations, Demand Dynamics and Competitive Landscape

The automotive metal market is set to grow from USD 182.65 billion in 2025 to USD 269.80 billion by 2034, with an expected CAGR of 4.43% over the forecast period from 2025 to 2034.

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Introduction

The automotive metal market is a prominent sector of the automotive industry. This market deals in manufacturing and distribution of metal components for the automotive sector. There are several types of metals used in automotive sector including aluminum, steel, magnesium and some others. These metals find application for manufacturing various automotive parts such as body structure, power train, suspension and some others. The rising demand for passenger cars in different parts of the world has boosted the market growth. This market is expected to rise significantly with the growth of the metal industry across the world.

• According to the OICA, around 3448297 passenger cars were sold in Japan during 2022 that increased to 3992727 in 2023.

Highlights of the Automotive Metal Market

• Asia Pacific held the largest share of the automotive metal market due to the growing sales of automotives in this region.
• North America is expected to grow with a significant CAGR due to the rising demand for electric vehicles in this region.
• The steel segment held the highest share of the market due to its application in manufacturing body parts of automotives.
• The passenger cars segment led the industry due to the increasing demand for SUVs across the world.

Key Metrics and Overview

Automotive Metal: Figures and Stats

• According to the International Energy Agency, around 10.1 million EVs were sold in China during 2024.
• According to the OICA, around 23,489,639 commercial vehicles were sold globally in 2023.
• According to the World Steel Organization, around 1892 million tons of crude steel was manufactured in 2023.
• According to the American Iron and Steel Institute, around 1,667,000 net tons of steel was manufactured in the U.S. during March 2025.

Industry Leader Announcement

In January 2025, Dilip Oomme, the CEO of AM/NS India made an announcement stating that,”The dedicated two units mark a significant step toward our goal of providing high-quality, premium steel solutions tailored to the evolving needs of the automotive sector. This expansion strengthens India’s steel ecosystem and reinforces the ‘Atmanirbhar Bharat’ vision."

Geographical Insights

Asia Pacific held the highest share of the automotive metal market. The growing sales and production of vehicles in China and India has boosted the market growth. Also, the rising adoption of EVs coupled with presence of several metal companies is crucial for the industrial expansion. Moreover, the increasing demand for customed suspension and power train system is expected to boost the growth of the automotive metal market in this region.

Competitive Landscape

The automotive metal market is a highly competitive industry with the presence of several dominating players. Some of the crucial players in this industry consists of Alcoa Corporation; ATI; ArcelorMittal; China Steel Corporation, Novelis; POSCO; Essar Steel; Hyundai Steel Co., Ltd; Kaiser Aluminum; Nippon Steel & Sumitomo Metal Corporation; Tata Steel Limited; Thyssenkrupp AG, United States Steel Corporation and some others. These companies are constantly engaged in providing metals for automotive sector and adopting numerous strategies to maintain their dominant position in this industry.

• According to the annual report of ATI, the revenue of the company in 2022 was US$ 3836 million that increased to US$ 4174 million in 2023.

Market Segmentations

By Product

• Aluminum
• Steel
• Magnesium
• Others

By Application

• Body structure
• Power train
• Suspension
• Others

By Vehicle-type

• Passenger cars
• Light commercial vehicles
• Heavy commercial vehicles

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa