Alloys for Automotive Market Scope
The alloys
for automotive market 2023 can record a growth rate of close to 7% between
2016 and 2022 (review period), reveals Market Research Future (MRFR). We will
provide covid-19 impact Analysis with the report.
COVID-19 Analysis
An impact analysis on COVID-19 by MRFR reveals that there has been
a significant drop in vehicle sales in the first few months of 2020, given the
shutdowns across countries and the oil price fluctuations. Leading automotive
OEMs are adopting several tactics to mitigate the negative impact on their
businesses by assessing their dealerships to resume services. The short-term
impact of COVID-19 in the automotive sector has led to shutting down of
assembly plants in the United States (US), manufacturing interruptions across
Europe and ceased export of Chinese components. However, till the time a COVID-19
breakthrough is not achieved, the automotive industry can remain resilient,
given the ongoing efforts by leading companies to curb revenue losses by
adopting recovery tactics such as mergers and acquisitions and more.
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Free Sample Report of Alloys for Automotive Market
Top Boosters and Main Restraints
Despite the COVID-19 crisis, the alloys for automotive market can
remain steady in the coming years, thanks to the expanding worldwide population
and the consequent boost in the need for efficient conveyance. This has
evidently been the main reason for the rising number of commercial and
passenger automobiles across the world. Alloys are being increasingly used for
the manufacturing of vehicles as they offer more number of advantages compared
to individual components. Resistance to corrosion, improved strength and higher
ductility are some of the prominent benefits of alloys and as result, their
rising deployment in automobiles can benefit the automobile sector in a major
way.
The automotive industry has been gradually shifting towards light
weighted vehicles, with major focus on research and development to facilitate fuel
economy of vehicles. High fuel efficiency has a direct impact on the vehicle
weight, leading to reduction in the weight of automobiles. This results in
higher demand for light weighted alloys for different automotive body parts,
which compels OEMs to use lighter weight materials in their vehicles.
Some macroeconomic factors that can also benefit the automotive
alloys market include the rapid urbanization along with regulations pertaining
to fuel efficiency as well as greenhouse emissions. Moreover, with the
increasing use of magnesium and aluminum alloys, their prices are falling and
can therefore, note higher demand in the years to come.
Market Segmentation
The alloys for automotive market 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 as
well as chassis.
Vehicle types are passenger vehicles and commercial vehicles.
Regional Insight
Europe, North America, APAC or Asia Pacific and the Rest of the
World 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, followed
by 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 of well-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 ranks
among 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.
Leading Competitors
Leading competitors in the market are UACJ Corporation (Japan),
Aditya Birla Group (India), Alcoa Inc. (U.S.), Norsk Hydro ASA (Norway), Kobe
Steel, Ltd. (Japan), ArcelorMittal SA (Luxembourg), Constellium (Netherlands),
ThyssenKrupp AG (Germany), AMG Advanced Metallurgical Group NV (Netherlands),
AGCO Corporation (U.S), to name a few.
Latest News
May 2020
Auto giant Suzuki (Japan) recently revealed its 2020 edition of the
popular 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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