Automotive Commodities Market by Type (Energy Commodities, Metals, Plastics & Polymers), Vehicle Type (Commercial Vehicles, Passenger Cars), End-user - Global Forecast 2024-2030

Automotive Commodities Market by Type (Energy Commodities, Metals, Plastics & Polymers), Vehicle Type (Commercial Vehicles, Passenger Cars), End-user - Global Forecast 2024-2030

The Automotive Commodities Market size was estimated at USD 383.72 billion in 2023 and expected to reach USD 409.01 billion in 2024, at a CAGR 6.90% to reach USD 612.21 billion by 2030.

Automotive commodities refer to the raw materials and components essential in the manufacturing and assembly of vehicles. This encompasses a wide range of materials such as steel, aluminum, plastics, rubber, glass, and increasingly rare earth elements and batteries for electric vehicles (EVs). The primary driver for the automotive commodities market is the global demand for vehicles, which hinges on economic growth, increasing consumer purchasing power, and urbanization. Technological advancements and the shift towards electric vehicles (EVs) have significantly influenced demand patterns for various commodities, particularly lithium, nickel, and cobalt. Despite the growth prospects, volatility in raw material prices, driven by geopolitical tensions, trade policies, and supply chain disruptions, poses a considerable risk for automotive commodities manufacturers. However, advances in material science, offering lighter, stronger, and more eco-friendly materials, present opportunities for market growth.

Regional Insights

In the Americas, the automotive commodities market has shown significant growth, driven by a rebound in automotive manufacturing and sales. Innovations in electric vehicle (EV) production have also spurred a surge in demand for specific commodities, such as lithium and sodium for batteries and rare earth elements for motors. Europe presents a positive growth landscape with a growing trend of electrification in the automotive industry. This shift significantly influences the demand for automotive commodities, with an increased interest in sustainable and recyclable materials. The Middle East is also contributing to the regional market, with growing interest in luxury and electric vehicles. Africa, while still an emerging market, is witnessing growth in automotive manufacturing and assembly, driven by foreign investment and an improving economic landscape. APAC emerged as the fastest-growing market for automotive commodities, buoyed by its strong manufacturing base and expanding automotive sector. China and Japan are at the forefront, with innovation in EVs and hybrid technologies driving demand for new commodities. Additionally, the region's focus on sustainability has spurred interest in recyclable and environmentally friendly automotive materials.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Automotive Commodities Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increasing global demand and production of automobiles
• Growing emphasis on sustainability and circular economy for automotive commodities

Market Restraints

• Fluctuating raw material prices associated with automotive commodities

Market Opportunities

• Ongoing technological advancements in automotive commodities
• Rising popularity of electric and automotive vehicles

Market Challenges

• Environmental impacts associated with automotive commodities manufacturing

Market Segmentation Analysis

• Type: Rising shift towards renewable energy commodities for modern day vehicles
• End-user: Demand for a broad spectrum of automotive commodities from automakers

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Automotive Commodities Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Automotive Commodities Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Automotive Industry Embraces Eco-Friendly Aluminum

The newly inaugurated Cassopolis facility by Norsk Hydro, situated in Michigan, is at the forefront of producing aluminum billets and ingots, predominantly catering to the automotive industry's burgeoning demands. As part of Hydro's commitment to sustainable manufacturing, the plant is equipped with state-of-the-art technologies such as low-pressure casting and an advanced laser-marking system that together enhance the traceability of products and the quality of alloys.

JSW Group-MG Motor India deal

SAIC Motor, a prominent Chinese automotive giant, has entered a joint venture with the JSW Group to bolster the operations of its Indian subsidiary, MG Motor India. The partnership is poised to initiate several strategic projects, including enhancing local sourcing, expanding production capabilities with a new manufacturing plant, and improving the electric vehicle (EV) charging infrastructure.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Automotive Commodities Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Automotive Commodities Market, highlighting leading vendors and their innovative profiles. These include AMG Advanced Metallurgical Group N.V., ArcelorMittal, Asahi Kasei Corporation, BASF SE, China BaoWu Steel Group Corporation Limited, China Steel Corporation, Constellium Group, Continental AG by Schaeffler Group, Cooper-Standard Holdings Inc., Covestro AG, Dana Holding Corporation, DuPont de Nemours, Inc., Evonik Industries AG, Hyundai Motor Group, JFE Steel Corporation, JSW Group, Magna International Inc., Martinrea International Inc., Nippon Steel Corporation, Norsk Hydro ASA, Nucor Corporation, Owens Corning, Posco International Corporation, Royal DSM, Saudi Basic Industries Corporation, Shin-Etsu Chemical Co., Ltd., Tata Steel Limited, and UACJ Corporation.

Market Segmentation & Coverage

This research report categorizes the Automotive Commodities Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Type
• Energy Commodities
• Metals
• Plastics & Polymers
• Rubber
• Vehicle Type
• Commercial Vehicles
• Passenger Cars
• End-user
• Auto Parts Manufacturers
• Automakers
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year