Driving Innovation: The Future of Automotive Metals
The global automotive metals market size is expected to reach USD 226.89 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.4% over the forecast period. The rising penetration of electric vehicles (EVs) is propelling the demand for metals in the global automotive industry. The efficiency of an EV is heavily dependent on the weight of the vehicle body. Incorporating lightweight materials such as magnesium and aluminum into the design of the EV chassis can help maintain high strength while reducing the vehicle’s overall weight. This, in turn, can result in improved performance. Based on product, steel dominated with the largest market revenue share in 2023.Steel is a widely used material in the automotive industry. It is used to build the framework or chassis underneath the car's body, which helps to safeguard passengers during an accident. Steel is commonly used in creating door beams, roofs, and even body...