Strictgovernment regulations for environmental safety are also driving the alloys for automotive market size. Global market is expected to register a CAGR of about 7.60%by 2032
Alloys for the Automotive Market: COVID-19 Analysis
A COVID-19 impact analysis conducted by MRFR revealsa significant decline in vehicle sales during the initial months of 2020 due to
widespread shutdowns across countries and volatile oil prices. Leading
automotive Original Equipment Manufacturers (OEMs) are implementing various
strategies to mitigate the adverse effects on their businesses. They are
assessing their dealerships to resume services and adapt to the changing
landscape.
The short-term repercussions of COVID-19 on theautomotive sector led to the closure of assembly plants in the United States,
manufacturing disruptions across Europe, and the suspension of Chinese
component exports. However, until a breakthrough in the fight against COVID-19
is achieved, the automotive industry is expected to remain resilient. Leading
companies are actively pursuing recovery strategies such as mergers and
acquisitions to mitigate revenue losses.
KeyCompetitors in the Alloys for Automotive Market: • ArcelorMittalSA (Luxembourg) • Aditya Birla Group (India) • Alcoa Inc. (U.S.) • UACJ
Corporation (Japan) • ThyssenKrupp AG (Germany) • Kobe Steel Ltd. (Japan) •
Norsk Hydro ASA (Norway) • AMG Advanced Metallurgical Group NV (Netherlands) •
Constellium (Netherlands) • AGCO Corporation (U.S)
TopDrivers and Main Challenges
Despite the challenges posed by the COVID-19 crisis,the alloys for the automotive market are expected to remain stable in the
coming years. This resilience can be attributed to the global population's
continuous growth and the resulting increase in demand for efficient
transportation. This heightened demand has driven the expansion of both
commercial and passenger vehicles worldwide. Alloys are increasingly preferred
in vehicle manufacturing due to their numerous advantages over individual
components. These benefits include resistance to corrosion, enhanced strength,
and increased ductility, making alloys a valuable addition to the automotive
sector.
The automotive industry is progressively movingtowards lightweight vehicles, with a strong focus on research and development
to improve fuel efficiency. Improved fuel efficiency directly correlates with
reduced vehicle weight, which necessitates the use of lighter alloys in various
automotive body parts. Consequently, OEMs are increasingly adopting lightweight
materials in their vehicles, boosting the demand for lightweight alloys.
Several macroeconomic factors are poised to benefitthe automotive alloys market. These include rapid urbanization, regulations
promoting fuel efficiency, and greenhouse gas emissions reduction.
Additionally, as the usage of magnesium and aluminum alloys increases, their
prices are expected to decrease, further driving demand for these alloys in the
years ahead.
Alloys for Automotive Market Segmentation
The automotive alloys market share can be considered for type, backing application and vehicle type.
The market segmentation by type includes titanium, steel and iron.
Backing applications covered in the market study are powertrain aswell as chassis.
Vehicle types are passenger vehicles and commercial vehicles.
Alloys for Automotive Market RegionalInsight
Europe, North America, APAC or Asia Pacific and the Rest of theWorld or RoW are the top markets for allows for automotive, across which the
prevalent trends and opportunities have been reviewed in the report.
APAC is the most bankable market for alloys for automotive, followedby North America and Europe. The market performance in the region has been
remarkable as a result of the rising annual vehicle production as well as the
surge in the demand for vehicles. Japan, India and China are the most
profitable markets in the region, as they are known for housing a number of
leading automobile manufacturers.
The region is also known for being homes to a large number ofwell-established vendors dealing in alloys for automotive. High availability
raw metals, like aluminum, iron, steel, copper, and more that are used to
fabricate automotive alloys can also accelerate the growth of the regional
market in the following years.
With a considerable share in the global market, North America ranksamong the strongest regions across the globe. The market in North America benefits
from the extensive consumption of cars among people for commuting. Not only is
the U.S. the second biggest car producer in the world but also houses some of
the most prominent giants of the automobile sector, including General Motors,
Chrysler and Ford.
These factors induce massive market growth in the region.Moreover, strict government norms are prompting automotive producers to
increasingly use alloys in their vehicles, leading to better business growth in
the region.
Alloys for Automotive Market LatestNews
May 2020
Auto giant Suzuki (Japan) recently revealed its 2020 edition of thepopular car, Swift in the country. The updated model comes with a few changes
this time, featuring new alloy wheels, dual-tone paint-work as well as
blacked-out B-pillars.
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