The global automotive alloy market observed significant evolution during the historical period. Major factors propelling the development of the market include research and development for improving fuel efficiency, stringent emission norms, and growing governments’ legislations for reduction in complete vehicle weight. In addition, rapid urbanization, increasing vehicle production, growing demand for automobiles, regulations related to fuel efficiency, and improvement in driving dynamics are further boosting the evolution of the market.
Automotive alloys are used in manufacturing of powertrain, chassis, and exterior and interior parts of commercial and passenger vehicles to reduce their weight and increase fuel efficiency. The automotive alloy market has been segmented on the basis of type, sales channel, vehicle type, and geography.
On the basis of type, the automotive alloy market has been categorized into steel, magnesium, aluminum, and others. The market for aluminum alloys is expected to increase subsequently during the forecast period as automobile manufacturers are developing vehicles of lightweight with aluminum alloys. Approximately 7% fuel efficiency can be increased with a reduction of about 11% vehicle weight. Reduction in weight of vehicles enables original equipment manufacturers (OEMs) to reduce emission, improve driving dynamics, and increase fuel efficiency.
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Based on region, the automotive alloy market has been categorized into North America, Europe, Asia-Pacific (APAC), and rest of the world. APAC is anticipated to be the major market for automotive alloys during the forecast period, mainly due to the developed automotive industry in China. For instance, over one-third of the total vehicle in the world and over two-third of the total vehicle in the APAC region were produced in China in 2017. Apart from China; Japan and India are also huge markets for automobiles. The growth of the market can be attributed to the vast population in the region and advancement in economic conditions of people in emerging countries such as China, Indonesia, Thailand, and India.
Drivers
Execution of stringent environmental rules across the world is driving the requirement for lightweight vehicles. Numerous international administrations are forming strict standards and guidelines so as to lessen the greenhouse gas emissions. For instance, the North American and European countries have formulated extensive plans toward the development of vehicles of lightweight so as to attain the carbon emission reduction target by 2025.
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Automotive Alloy Market Competitive Landscape
Some of the key players operating in the global automotive alloy market include AMG Advanced Metallurgical Group N.V., Alcoa Inc., ArcelorMittal South Africa Ltd., Kobe Steel Ltd., Constellium N.V., Novelis Inc., ThyssenKrupp AG, UACJ Corporation, Norsk Hydro ASA, and Nippon Steel & Sumitomo Metal Corporation.
