Usage of alloys in automotive applications not only reduce the cost of the material but also provides additional strength, weight reduction, and resistance to corrosion as compared to pure metals. Alloys also enhance aerodynamic performance. Such superior qualities have accelerated the use of alloys for automotive applications. Market Research Future (MRFR) has recently published an in-depth report on the global Alloys for Automotive Market Size. MRFR has outlined the various key factors that could affect market growth over the forecast period of 2016-2022. After meticulous research and analysis, MRFR has projected a CAGR of 7% in the market.

Reduction in weight is essential for the fuel efficiency of any vehicle and perhaps, the growing requirement to make vehicles fuel efficient is driving the demand of alloys for automotive applications. Various regulations pertaining to decarbonization and fuel efficiency norms are catalyzing the usage of alloys. Alloys ca be used to give the desired design to cars and exhibit the advantages of low density, excellent heat dissipation capacity, enhanced corrosion resistance, low noise, vibration absorption, and others. Other factors fostering the growth of the market include a steep rise in vehicle production due to growing purchasing power of consumers.

On the other hand, the Alloys for Automotive Market Size growth can be curbed by various deterrents. Commodities such as iron and steel are subject to frequent price fluctuations and rise in price can affect the market negatively.

Segmentation

The global Alloys for Automotive Market Size has been segmented based type, application, and vehicle.

By type, the Alloys for Automotive Market Size has been segmented into iron, steel, copper, titanium, and others. The steel segment is the largest segment. Steel is the most used material for the production of vehicles, especially in developing countries.

By application, the Alloys for Automotive Market Size has been segmented chassis, powertrain, interior, and exterior.

By vehicle, the Alloys for Automotive Market Size has been segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment is anticipated to capture the larger share of the market due to the growing need for transportation across the globe.

Regional Analysis

Region-wise, the Alloys for Automotive Market Size has been segmented into North America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).

The APAC Alloys for Automotive Market Size is slated to be among the leading market. The region is a major automotive hub which generates high demand for alloys for automotive production. The economic upturn in various emerging economies has boosted the demand for vehicles in the region, which has led to production of vehicles at an accelerated rate. Japan, China, and India are the key contributors to the APAC market.

North America follows APAC closely. The region too is exhibiting substantial growth since the last few years and is poised to capture the second largest share of the market over the forecast period. Rising production of electric vehicles along with high sales of luxury cars, are driving the market in North America.

Europe too is a significant revenue pocket for the Alloys for Automotive Market Size. Significant investments in the automotive industry by key players in the region, along with fuel efficiency regulations, are boosting the growth of the Europe market.

Competitive Landscape

AGCO Corporation (U.S), Kobe Steel, Ltd. (Japan), AMG Advanced Metallurgical Group NV (Netherlands), ArcelorMittal SA (Luxembourg), Alcoa Inc. (U.S.), Norsk Hydro ASA (Norway), ThyssenKrupp AG (Germany), UACJ Corporation (Japan), Constellium (Netherlands), and Aditya Birla Group (India) are the key players in the Alloys for Automotive Market Size.

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