New York, NY, July 15, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Alloy Market For Automotive By Type (Aluminum, Steel, Magnesium, and Others), By Vehicle Type (HCV, Passenger Cars, and LCV), and By Application (Powertrain, Exterior, Structural, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018-2025”. According to the report, the global alloy market for automotive was USD 147.3 billion in 2018 and is expected to reach around USD 234.4 billion by 2025, at a CAGR approximately 7.03% from 2019 to 2025.
An alloy is a combination of two or more metals elements in a solid solution. The global alloy market for automotive is likely to grow significantly due to the growing demand for lightweight automobiles. Alloys have various useful characteristics, such as lightweightness, high strength, corrosion resistance, etc. Thus, using them in manufacturing cars and their parts yields exceptional results along with better driving dynamics due to the reduced weight. Moreover, it also helps in reducing carbon emissions. The dilating awareness of the adverse effects of emissions has spiked the demand for electric vehicles.
Browse through 54 Tables & 27 Figures spread over 126 Pages and in-depth TOC on “Global Alloy Market for Automotive Size Share: By Type, Application, Industry Segments, Analysis and Forecast to 2025”.
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Furthermore, the demand for aluminum wheels is constantly growing and using alloys results in better shock absorbing capabilities in vehicles and augments suspension. This is due to the less inertia transferred to the wheels. Using aluminum alloys facilitates an improved power to weight ratio along with excellent strength. All these factors lead to the overall improvement in the performance of vehicles. Thus, the global alloy market for automotive depicts promising returns in the years ahead. However, the high cost of alloys may slow down the global alloy market for automotive growth.
On the basis of type, the market includes aluminum, steel, magnesium, and others. The steel segment shows significant growth potential, due to its high demand in India, China, Thailand, and other developing countries. Moreover, developed countries import steel from developing economies for cost benefits. Magnesium alloys are anticipated to hold a considerable market share, as magnesium possesses thermal stability, strength, ductility, and is lightweight. Thus, it is used to produce various automotive parts like housings, pistons, crankshafts, etc. It is also the eighth most abundant element in the earth’s crust and weighs 35% lighter than aluminum alloys and consists of a high ultimate tensile strength (UTS). By vehicle type, the global alloy market for automotive includes HCV, passenger cars, and LCV. The application segment of the market comprises powertrain, exterior, structural, and others. The powertrain segment is speculated to contribute a prominent market share, due to the increasing need to achieve weight reduction and better performance of automobiles.
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North America holds a significant share of the global alloy market for automotive, owing to the extensive use of cars for commuting. The U.S. is the world’s second largest car producer by volume. The three big giants of the automobile industry—Ford, General Motors, and Chrysler—are all based in the country. Automobile production makes about 3% of the country’s GDP and exports billions of dollars’ worth of American steel and alloys. Due to stringent government norms, all the automotive producers are using alloys in their cars. Thus, the alloy market for automotive reflects continued growth in the future.
Europe holds a substantial share of the global alloy market for automotive, owing to its strong automobile background. The motor vehicle sector employs around 2.5 million people across the region and consists of 20% of the world’s motor vehicle production. In 2017, the exports from the regional industry generated 138 billion Euros in revenue. Europe is home to the world’s most elite car manufacturers, namely BMW, Audi, Ferrari, Mercedes, and Volkswagen. Ferrari uses aluminum castings and extrusions in the majority of its cars. Aluminum is used by most of the car producers, owing to its lightweight and superior strength.
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The Asia Pacific region is estimated to register the fastest growth rate and hold a major share of the global alloy market for automotive. This can be attributed to the rapid urbanization and growing regional demand for alloys. Moreover, the rising disposable income of the regional population leads to diverse increased purchase of a wide range of items. India and China are rapidly growing economies and form a huge platform for industrial growth for the Asia Pacific alloy market for automotive. Numerous car producers have their manufacturing facilities in India, due to the low cost of labor, less number of tax policies, and economical assembly costs. Additionally, government norms to reduce carbon emissions also promote the use of alloys for automobiles across the region.
The Middle East and Latin America are anticipated to show moderate growth in the global alloy market for automotive. There is an extensive demand for magnesium alloys in the Brazilian automotive sector. Countries close to these tropics experience great rainfall and magnesium being corrosion-resistant plays a vital role. Moreover, the stabilized inflation rates in the UAE provide ample market opportunities.
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Some major players of the global alloys market for automotive include Alcoa, ThyssenKrupp, AMG Advanced Metallurgical, Massey Ferguson, ArcelorMittal, Novelis, Norsk Hydro, Kobe Steel, and Constellium.
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The report segments the global alloy market for automotive as follows:
Global Alloy Market for Automotive: By Type
- Aluminum
- Steel
- Magnesium
- Others
Global Alloy Market for Automotive: By Vehicle Type
- HCV
- Passenger Cars
- LCV
Global Alloy Market for Automotive: By Application
- Powertrain
- Exterior
- Structural
- Others
Global Alloy Market for Automotive: By Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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