The analysis of Market Research Future (MRFR), states that the global alloys for automotive market is slated to register a significant market valuation at a CAGR of approximately 7% over the review period.
Drivers and Restraints
The automotive applications of alloys are growing due to increasing demand for more fuel-efficient vehicles to reduce fuel consumption and air pollution. The growing demand for fuel-efficient vehicles with reduced weight and enhanced performance is the major driving factor of alloys for automotive market. Stringent government regulatory reforms for environmental safety are also driving the alloys for automotive market. These factors are estimated to have a significant impact on the global alloys for automotive market over the assessment period.
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The segmentation of the global alloys for automotive market has been conducted based on type, application, vehicles, and region. The types of alloys available in the market are iron, copper, steel, titanium, among others. These alloys have superior properties which enable their application in various parts of automobiles such as chassis, interior, exterior, and powertrain. Based on the vehicle, the market has been segmented into commercial vehicles and passenger vehicles. The passenger vehicles segment, as well as the commercial vehicles segment, are expected to witness significant growth from the developing regions across the globe.
Based on the region, the market has been segmented into North America, South America, Asia Pacific, Europe, and the middle east and Africa.
The North American alloys for automotive market is one of the most significant regions in the market and is estimated to witness substantial growth over the review period. This growth is driven by the established automotive industry in the region, especially in developed countries such as Canada and the US. The Alloys for Automotive market is anticipated to witness massive demand for automobile vehicles, majorly in the United States. There is an estimated rise in the need for commercial vehicles in the United States. With the growth in demand for commercial vehicles, there is a consequent rise in demand for Alloys for Automotive market. The expansion of the North America region is also expanding due to the adoption of converted mobile homes in the US. The presence of chief manufacturers in this region coupled with the availability of advanced technologies enables the Alloys for the Automotive market to prosper in this region. North America is a developed economy in terms of the investments, and the automotive industry is foreseeing huge investment by several market giants. This is owing to the rising demand for passenger cars over the review period.
The growth of the Asia Pacific region can be attributed to the improvement in adoption of passenger cars and consequently, the rise in adoption of Alloys for Automotive in the passenger cars. The current shift in the preference from mileage to looks and features is further anticipated to result in the high demand in the APAC Alloys for Automotive market. The global Alloys for Automotive market is also estimated to expand over the forecast period owing to the growing population, rapid industrialization, and dynamic expansion of the manufacturing sector. The demand for Alloys for Automotive is considerably dependent on vehicle production in developing countries such as India and China. The vehicle production is rising, which consequently drives the demand for Alloys for Automotive market.
The leading market players in the alloys for automotive market are Aditya Birla Group (India), ArcelorMittal SA (Luxembourg), AGCO Corporation (US), Alcoa Inc. (US), AMG Advanced Metallurgical Group NV (Netherlands), Kobe Steel, Ltd. (Japan), UACJ Corporation (Japan), ThyssenKrupp AG (Germany), Norsk Hydro ASA (Norway), and Constellium (Netherlands), and and others.
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