Automotive Alloy Market is projected to grow at a significant CAGR during the forecast period from 2021 to 2027. Key factors driving the development of the market include research and development to improve fuel efficiency, stringent emission standards, and expanded government regulations to reduce overall vehicle weight. In addition, rapid urbanization, increasing vehicle production, increasing demand for automobiles, fuel economy regulations, and improving driving dynamics are further accelerating the market evolution. Automotive alloys are used in the manufacture of exterior and interior parts for powertrains, chassis, commercial and passenger cars to reduce weight and increase fuel economy. Additionally, the demand for lightweight vehicles is increasing across the globe. This in turn is increasing the demand for lightweight materials rather than heavy metals for manufacturing of vehicles parts, leaving a positive impact on the automotive allow market.
The Asia-Pacific region is expected to grow at a significant CAGR during the forecast period owing to the high population, rising per capita income, and the presence of major automobile manufacturers in the region. However, the high initial cost and engineering barriers might restrict the growth do the market during the forecast period. The automotive alloy market includes alloy manufacturers such as ArcelorMittal SA, Novelis Inc., UACJ Corporation, Kobe Steel, Ltd., AMG Advanced Metallurgical Group NV, Constellium NV, Massey Ferguson Ltd, Norsk Hydro ASA, and ThyssenKrupp AG among others.
(Get 15% Discount on Buying this Report)
A full report of Global Automotive Alloy Market is available at: https://www.orionmarketreports.com/automotive-alloy-market/59162/
The following Segmentation are covered in this report:
By Alloy Type
- Steel
- Aluminum
- Magnesium
- Others
By Vehicle Type
- Passenger car
- Light commercial vehicle
- Heavy commercial vehicle
By Area of Application
- Structural
- Powertrain
- Exterior
- Others
By Region
North America:
- US
- Canada
Europe:
- France
- Italy
- Germany
- UK
- Rest of Europe
Asia Pacific:
- India
- China
- Japan
- Australia
- Rest of APAC
The report covers the following objectives:
- Proliferation and maturation of trade in the global Automotive Alloy Market.
- The market share of the global Automotive Alloy Market, supply and demand ratio, growth revenue, supply chain analysis, and business overview.
- Current and future market trends that are influencing the growth opportunities and growth rate of the global Automotive Alloy Market.
- Feasibility study, new market insights, company profiles, investment return, revenue (value), and consumption (volume) of the global Automotive Alloy Market.
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
