Automotive Alloys Market Overview
The global automotive alloys market is estimated to grow phenomenally owing to rapid urbanization, increasing vehicle production and fuel efficiency regulations. The global automotive alloy market has immense growth potential in terms of electric vehicle production and integration of advanced safety and comfort technologies in vehicles.
The global automotive industry is gradually transitioning towards light weighted vehicles. Due to a growing demand for safety and comfort technologies, automotive vehicles are becoming heavier. Light weighted vehicles are more fuel efficient and contribute to reducing emissions. Research and development on fuel economy of automotive vehicles shows a direct correlation between fuel efficiency and vehicle weight. This has influenced the trend to reduce weight in automobiles and to opt for light weighted alloys in automotive body panels. Thus, OEMs are now getting inclined to use lighter materials in vehicles. Growing demand for fuel efficient vehicles, and government regulations on reduction in vehicle weight are estimated to drive the growth of light weighted automotive alloys in automobiles. Automotive alloys are classified as steel alloys, magnesium alloys, aluminium alloys and others (composites).
In the global automotive alloys market, steel alloys account for the largest market share owing to a growing demand for steel alloys in India and China for manufacturing vehicles. Original Equipment Manufacturers (OEMs) in the automotive industry use magnesium alloy as a light metal alloy. Magnesium alloy offers thermal stability, strength, rigidity, ductility and specific strength; it also weighs lighter. Magnesium alloy is primarily used in the automotive body & chassis structure of a vehicle (oil pumps, housings, the crank shaft, the cylinder crankcase, mounts, brackets and the radiator support), and other interior parts. The market for magnesium alloys is estimated to grow at a stable rate over the forecast period. The aluminium alloy segment is estimated to grow fastest owing to a high demand for light weighted vehicles with aluminium alloys.
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Global Automotive Alloys: Market Dynamics
Drivers:
It is projected that the global automotive alloys market will be driven by the high demand of light weighted vehicles and the increasing pace of vehicle production. Also, the global automotive alloys market is estimated to be fuelled by rapid urbanization and regulations on fuel efficiency and greenhouse emissions.
Restraints:
In the global automotive alloys market, the relatively high cost of magnesium and aluminium alloys may hamper growth over the forecast period.
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Global Automotive Alloys: Market Participants
Some of the market participants identified in the global automotive alloys market are:
- Constellium
- AMG Advanced Metallurgical Group N.V.
- KOBE STEEL, LTD
- Novelis, Inc.
- UACJ Corporation
- ArcelorMittal S.A.
- Nippon Steel & Sumitomo Metal Corporation
- Norsk Hydro ASA
- thyssenkrupp AG
- Alcoa Corporation
Following is the segmentation for the global automotive alloys market:
On the basis of type of alloy, the global automotive alloys market is segmented as
- Steel
- Aluminium
- Magnesium
- others
On the basis of application, the global automotive alloys market is segmented as
- Structural
- Powertrain
- Exterior
- Others
On the basis of type of vehicle, the global automotive alloys market segmented as
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
- Passenger Car
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Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint