Alloys for Automotive Industry Key Drivers, Size, Share, Trends, Growth And Future Scope Analysis Forecast To 2022
Alloys for Automotive Industry Synopsis
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.
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 Industry.
Market Segmentation
The global Alloys for Automotive Industry has been segmented based type, application, and vehicle.
By type, the Alloys for Automotive Industry 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 Industry has been segmented chassis, powertrain, interior, and exterior.
Regional Analysis
Region-wise, the Alloys for Automotive Industry has been segmented into North America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The APAC Alloys for Automotive Industry 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.
Industry Updates
June 2019 - a new single-step advanced alloy manufacturing process could be a major breakthrough for the automotive industry. A team at the US Department of Energy’s Pacific Northwest National Laboratory has discovered the process which produces nanostructured rods and tubes from high-performance aluminum alloy powder. The process eliminates various steps that are generally a part of the usual process whilst achieving a sharp increase in product quality.
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