According to SPER Market Research, The global market for automotive alloys experienced significant growth during the historical period. The market is rising due in large part to advances in fuel economy research and development, stringent pollution regulations, and expanding government regulations for lighter vehicles. In addition, the market is changing due to rapid urbanization, increased vehicle manufacturing, increased demand for automobiles, fuel economy regulations, and improvements in driving dynamics. Automotive alloys are used to build the powertrain, chassis, and external and interior components of commercial and passenger vehicles in order to reduce weight and increase fuel efficiency. The automotive alloy market has been segmented by type, sales channel, vehicle type, and geography. Various types of automotive alloys, including steel, magnesium, aluminium, and others, are available on the market.
Automotive Alloys Market Overview:
- Forecast CAGR (2022–2032): 8.33%
- Forecast Market Size (2032): 93.53 billion
Impact analysis in COVID-19, car sales dropped dramatically in the first few months of the previous year due to global shutdowns and fluctuations in oil prices. Leading automakers are implementing a variety of strategies to mitigate the negative impact on their operations, including assessing their dealerships’ readiness to resume services. Because of the immediate effects of COVID-19 on the automobile industry, assembly plants in the United States (US), manufacturing in Europe, and the export of Chinese parts have all been halted. However, given the ongoing efforts of leading firms to limit revenue losses through recovery methods such as mergers and acquisitions, the automobile industry can remain resilient as long as a COVID-19 breakthrough is not achieved.
Automotive Alloys Market Key Players:
The following companies are some of the major players in the global automotive alloy market: AMG Advanced Metallurgical Group N.V., Alcoa Corporation, ArcelorMittal S.A., Kobe Steel Ltd., Constellium, Novelis Inc., ThyssenKrupp AG, UACJ Corporation, Norsk Hydro ASA, and Nippon Steel & Sumitomo Metal Corporation.
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Global Automotive Alloys Market Segmentation:
By Product: Based on the Product, Global Automotive Alloy Market has been segmented as; Steel, Magnesium, Aluminium, and Others.
By Application: Based on the Application, Global Automotive Alloys are segmented as ; Structural, Powertrain, Exteriors and Others.
By Vehicle type: Based on Vehicle Type, Global Automotive Alloys are segmented as; Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle.
By Technology: Based on the Technology, Global Automotive Alloys Market is segmented as; Conventional, Smart Connected.
By Region: The automotive alloy market has been divided into four regions based on geography: North America, Europe, Asia-Pacific (APAC), and the rest of the globe. Due in large part to China’s developed automotive sector, APAC is expected to be the largest market for automotive alloys throughout the forecast period. For instance, in previous decade China produced more than one-third of all vehicles produced worldwide and more than two-thirds of all vehicles produced in the APAC area. Japan and India are also significant vehicle markets in addition to China. The region’s large population and improvements in the economic standing of individuals in developing nations like China, Indonesia, Thailand, and India are also factors contributing to the market’s expansion.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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