Automotive Metals Market Size, Share & Trends Analysis Report By Product (Aluminum, Steel), By Application (Body Structure, Power Train), By Vehicle-type (Passenger, LCV, HCV), By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the automotive metals market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for automotive metals market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of automotive metals market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Automotive Metals Market Categorization:

The automotive metals market was categorized into four segments, namely product (Aluminum, Steel, Magnesium), application (Body structure, Power train, Suspension), vehicle-type (Passenger cars, Light commercial vehicles, Heavy commercial vehicles),  and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The automotive metals market was segmented into product, application, vehicle-type, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The automotive metals market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S.; Canada; Mexico; Germany; the UK.; Spain; France; Italy; China; India; Japan; South Korea; Thailand; Brazil; Argentina; Morocco; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Automotive metals market companies & financials:

The automotive metals market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• ArcelorMittal - ArcelorMittal was established in the year 2006 by the merger of Arcelor & Mittal Steel and is headquartered in Luxembourg. The company is the world’s leader in steel making with an annual average production capacity of 144 million tons of crude steel. It has steel-making facilities in 19 countries across the globe. There are presently 15 sites in six European countries, eight production sites for flat products across Canada, Mexico, and the U.S., and six production facilities in Asia, Africa, and the CIS region of flat and long products. The company marks its presence across various regions including Asia Pacific, North America, Europe, Central & South America, and Middle East & Africa with 1,99,000 employees in 60 countries. It is listed on the stock exchanges of Amsterdam, Luxembourg, New York, Paris, Barcelona, Madrid, Bilbao and Valencia.

• POSCO - POSCO (formerly Pohang Iron and Steel Company), was founded on April 1, 1968, and is headquartered in Pohang South Korea. The company is a multinational steelmaker with an annual production capacity of approximately 42 million tons. It operates in four business segments including trading, steel, construction, and engineering. In addition, it will expand fields of business activities in various regions, such as Asia, Europe, North America, and South America. It uses the following technologies for production such as FINEX, Strip Casting, Endless Hot Rolling Technology, Operation Technology, and CEM Technology. The company employed 29,648 employees.

• Tata Steels Limited - Tata Group. was established in the year 1868 by Jamsetji Tata and is headquartered in India. The company has over 100 operating companies in seven different business sectors including engineering, information & technology, communication, services, energy and chemicals, and consumer products. It has marked its presence in more than 100 countries across six continents with more than 5,81,470 employees. Tata Steel is one of the top global steel companies with an annual crude steel production capacity of 27.5 million tons. The company operates in various business segments such as construction, automotive, consumer goods, energy & power, agriculture, lifting & excavating, engineering, packaging, and aerospace. It offers a wide range of products including flat products, construction products, agricultural implements, and bearings.

• Voestalpine Group - Voestalpine Group was established in the year 1938 and is headquartered at Linz. The company serves various segments including steel, high-performance metal, metal engineering, and metal forming. With its Voestalpine offers fine-quality products and system solutions to the consumer goods & automotive industry in Europe and the oil & gas and aerospace industries globally. The company marks its presence in 50 countries with 500 group companies and 50,000 employees worldwide. Voestalpine Stahl GmbH is the leading company of the steel division, fully owned by Voestalpine AG. All other companies in the steel division are subsidiaries of Voestalpine Stahl GmbH.

• United States Steel Corporation - United States Steel Corporation, is headquartered in Pittsburgh, U.S. It was founded on March 2, 1901. The company is integrated into steel production with major manufacturing operations in Central Europe and the U.S. It operates in various segments including industrial machinery, automotive, container, construction, mining solutions, appliances, and oil & gas industry. It is recognized as a market leader in the production of tubular products and high-value-added steel sheets. United States Steel Corporation employed about 37,000 personnel to carry out manufacturing and sales operations of the company.

• Essar Steel - Essar Steel is a business segment of Essar. Essar was established in the year 1969 as a construction company and diversified into manufacturing, service, and retail. The company operates in various segments including metals & mining, services, energy, and infrastructure. The company marks its presence in four continents with over 60,000 employees. Essar Steel is one of India’s leading steel producers and is headquartered in Mumbai. Its annual production capacity is approximately 10 million tons maintained by a 20 million tons pellet facility. The company’s production operations include pellet making, steel making, and iron making. Its downstream facilities include a steel-processing facility, a cold rolling mill, an extra-wide plate mill, three pipe mills with coating facilities, and a galvanizing & pre-coated facility.

• Thyssenkrupp AG - Thyssenkrupp AG. was established in the year 1999 and is headquartered in Essen, Germany. The company operates in six business areas including elevator technology, components technology, materials services, industrial solutions, steel Americas, and steel Europe. It marks its presence in 78 countries with 471 subsidiaries and 1,56,000 employees. Business areas of Thyssenkrupp AG, Steel Europe, and Steel Americas are some of the world’s leading manufacturers and suppliers of carbon steel flat products. The segment has a highly efficient facility with around 30,800 employees which produces approx. 13 million tons of crude steel per annum.

• Novelis - Novelis was established in the year 2005 and is headquartered in the U.S. The company is a subsidiary of Aditya Birla. It world’s largest recycler of aluminum and the leading producer of aluminum flat-rolled products. The company operates through various market segments including beverage can, automotive, architecture & building, consumer goods, lithography & painting, industrial aluminum applications and PAE cast house equipment. Its customers contain some of the most popular brands in the world such as Ford, Coca-Cola, Jaguar LandRover, AB Inbev, and Samsung. The company operates through 32 offices located across various regions including North America, Asia, Europe, and South America.

• Kaiser Aluminum - Kaiser Aluminum was established in the year 1946 and is headquartered in the U.S. The company has ventured into manufacturing fabricated aluminum products for general engineering, aerospace, automotive, and custom industrial applications. The company ships more than 500 million pounds of product annually. The company has 12 fabrication facilities in North America. As of 2016, the company employed about 2,000 personnel to perform its operations.

• Alcoa - Alcoa was established in the year 1888 and is headquartered in New York City. The company is leading producer of aluminum products, bauxite, and alumina. The company has an attractive global alumina refining system, an innovative cast products network, the world's largest bauxite mining portfolio, and a flexible energy portfolio. It has ownership in seven active bauxite mines globally. The company operates in six countries such as Jamaica, Ghana, Iceland, Wales, Australia, and the U.S. As of 2016, the company employed about 14,000 personnel to perform its operations.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Automotive Metals Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Automotive Metals Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.