The global alloys for automotive market is growing at a rapid pace and is anticipated to register a favorable 7% CAGR during the assessment period (2016-2022). Some of the market trends and factors in this market as per an analysis conducted by Market Research Future (MRFR) include increasing government legislation to decrease the overall vehicle weight, research and development (R&D) on fuel economy and stringent emission norms. An alloy is a mixture comprising of two or more chemical elements of which one is a metal and is used in different applications. Its use is limitless resting on the materials used and the complexity of the alloy. Alloys such as titanium, stainless steel, nickel, copper and aluminum have various uses in different applications.
Automotive applications of alloys are increasing due to rising demand for fuel efficient cars to cut down fuel consumption and air pollution. In fact, the growing demand for fuel efficient cars with improved performance and reduced weight is the key factor that is propelling the growth of the alloys for automotive market. Strict regulations laid down by the government on environmental safety is also fueling the demand for this market. In addition, improvement in driving dynamics, growing demand for cars, rapid urbanization, increasing vehicle production and regulations on fuel efficiency will further drive the growth of the alloys for automotive market.
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In MRFR’s report, the global alloys for automotive market is segmented on the basis of type, application and vehicle.
Based on type, the alloys for automotive market is segmented into steel, copper, titanium and iron. Of these, steel alloy is likely to have the maximum market share during the assessment period owing to the higher usage of steel alloys in car production, particularly in developing countries such as India and China.
Based on application, it is segmented into powertrain, chassis, interior and exterior.
Based on vehicle type, the global alloys for automotive market is segmented into commercial vehicles and passenger vehicles. Of these, the passenger vehicles is expected to have a major share owing to the increasing demand for transportation and electric and new hybrid automotive models.
Leading players profiled in the alloys for automotive market include AGCO Corporation (US), Constellium (Netherlands), AMG Advanced Metallurgical Group NV (Netherlands), Norsk Hydro ASA (Norway), Kobe Steel, Ltd (Japan), ThyssenKrupp AG (Germany), UACJ Corporation (Japan), Alcoa Inc (US), Aditya Birla Group (India) and ArcelorMittal SA (Luxembourg).
Based on region, the global alloys for automotive market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Middle East & Africa. Of these, Asia Pacific accounts for the largest market share in the alloys for automotive market. This region has a high concentration for emerging economies such as India, China and Japan which lead the alloys for automotive market as these countries and the region as a whole are an automotive manufacturing hub. Moreover, rising production of cars owing to reduced overhead costs and accessibility of cheap labor has increased the growth of this market in the APAC region. Also, global shift in the economy owing to increasing buying power of the huge consumer population coupled with rapid urbanization has resulted in massive demand for automotive vehicles, thereby driving sales. Presence of unique socio-economic factors and increased sales in the region has largely encouraged car manufacturers in producing fuel efficient, lightweight cars to cater the demand. Asia Pacific is followed by North America and Europe.
November 2018- World leader in recycling and aluminum rolling, Novelis has partnered with Impression Technologies to discover innovative means to increase the larger use of aluminum through the process of hot stamping. The joint venture throws light on Novelis’ strategy in collaborating with partners all over the aluminum and automotive industries that are creating processes and products to attain cost-effective and innovative solutions, specifically for lightweight vehicles.
June 2018- Tata Steel joins hands with Thyssenkrupp to develop a new pan-European steel company which will be competitive and structurally robust. This 50-50 joint venture will focus on technology leadership, quality and performance.
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LIST OF TABLES
TABLE 1 GLOBAL ALLOYS FOR AUTOMOTIVE MARKET SNAPSHOT
TABLE 2 DRIVERS FOR THE MARKET
TABLE 3 RESTRAINTS FOR THE MARKET
TABLE 4 ALLOYS FOR AUTOMOTIVE MARKET, BY TYPE, 2016-2022 (USD MILLION)
TABLE 5 IRON: ALLOYS FOR AUTOMOTIVE MARKET, BY REGION, 2016-2022 (USD MILLION)
LIST OF FIGURES
FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 IMPACT ANALYSIS: DRIVERS AND RESTRAINTS
FIGURE 3 ALLOYS FOR AUTOMOTIVE MARKET, BY TYPE, 2016-2022 (
FIGURE 4 ALLOYS FOR AUTOMOTIVE MARKET, BY APPLICATION, 2016-2022
FIGURE 5 ALLOYS FOR AUTOMOTIVE MARKET, BY VEHICLES, 2016-2022
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