Global Alloy Market for Automotive: Overview
The automotive alloy is made up of magnesium or aluminum alloy. These are a blend of metal and other elements. The automotive alloys are softer and more ductile in nature and capable of providing more strength to the pure metals. These alloys are lighter and provide improved superficial appearance on the steel surface and better heat conduction. Steel is most preferred for automotive which is made up of an alloy of iron and carbon.
Global Alloy Market for Automotive: Growth Factors
Increasing demand for lightweight vehicles among consumer drives the global alloy market for automotive. Lightweight vehicles are more fuel-efficient and help to reduce carbon emissions. In addition, increasing the pace of vehicle production is further anticipated to boost the global market growth. Moreover, escalating demand for lightweight vehicles may enhance the global alloy market for automotive in the future. However, rapidly increasing urbanization and stringent regulations on fuel efficiency and greenhouse emissions are expected to propel the global market. Potential growth in the production of electric vehicles and integration of the comfort technologies and advanced safety in the vehicles is projected to propel the market global alloy market for automotive growth. Moreover, the original equipment manufacturers inclination to use lighter materials in vehicles for reduced vehicle weight may positively enhance the global market. However, the pretty high cost of aluminum and magnesium alloys may restrain the global alloy market for automotive growth to some extent.
Global Alloy Market for Automotive: Segmentation
The global alloy market for automotive is categorized based on applications as the exterior, structural, power train, and others. Based on types of alloy, the global market further segmented as magnesium, steel, aluminum, and others. Moreover, the global market is classified based on types of vehicle as a heavy commercial vehicle (HCV), passenger car, and light commercial vehicle (LCV). North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa show geographical segmentation of global alloy market for automotive.
Global Alloy Market for Automotive: Regional Analysis
Asia Pacific is experiencing higher growth in the automotive alloys owing to increasing vehicle production and rapid urbanization. In addition, stable economic growth in this region further boosts the global market. Indonesia, China, Thailand, and South Korea are contributing largely in the global alloy market for automotive due to growing demand for lightweight vehicles. Large population base in China and India contributed to significant growth in automobiles sales. Whereas, North America and Europe are considered matured markets for automotive alloys. Furthermore, the Middle East and Africa, Japan, and Latin America are growing at a steady rate.
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Global Alloy Market for Automotive: Competitive Players
Major players dominating the global alloy market for automotive are Norsk Hydro ASA, KOBE STEEL, LTD, UACJ Corporation, Alcoa Corporation, and ArcelorMittal S.A. Other key players influencing the global market are Constellium, Nippon Steel & Sumitomo Metal Corporation, Thyssenkrupp AG, AMG Advanced Metallurgical Group N.V., and Novelis, Inc.