Global automotive metal market is driven by growing production automobiles across the globe

The global automotive metal market revenue is expected to expand at a lucrative CAGR over the forecast period. Increasing production of automobiles in developing economies is expected to drive revenue growth of the automotive metal market over the forecast period.

The global automotive metal market report has been segmented on the basis of product type, application, vehicle type, and region.

On the basis of product type, the global automotive metal market has been segmented into aluminum, steel, magnesium, and others. The aluminum segment is expected to grow at higher CAGR over the forecast period. Properties of aluminum such as lightweight and recyclability are expected to drive revenue growth of this segment.

On the basis of application, the global market has been segmented into body structure, powertrain, suspension, and others. The suspension segment is expected to grow at a steady rate over the forecast period. Automotive manufacturers are shifting towards lightweight metals such as aluminum and magnesium to reduce the weight of vehicle.

On the basis of vehicle type, the global target market has been segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The light commercial vehicles segment is expected to witness moderate growth rate over the forecast period. Increasing demand for transportation services in developing countries such as China, India, Brazil, Indonesia, and Vietnam is expected to support revenue growth of this segment over the forecast period.

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On the basis of region, the global automotive metal market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America market is expected to grow at a moderate rate over the forecast period. Increasing production of automobiles in the US and Canada is expected to drive revenue growth of North America automotive metal market. Moreover, the presence of a large number of automotive manufacturers in the region is expected to support revenue growth of North America automotive metal market.

Key players operating in the global automotive metal market include POSCO, ArcelorMittal, Tata Steels Limited, ThyssenKrupp AG, Voestalpine AG, Essar Steel Limited, United States Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, Kaiser Aluminum Corporation, and Novelis Inc.

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