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Global Automotive Alloy Market - Growth | key Industry Players | Analysis | Forecasts to 2023
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On the basis of type, the global automotive alloy market is segmented into alloys of steel, aluminum, magnesium and others. The steel alloy used in automobiles is expected to account for the largest market during the forecast period, attributed to the higher usage of steel alloys in the production of vehicle, specifically in developing countries, such as China and India.
The constant economic growth in various countries has increased the sales of lighter vehicles, including passenger car and LCV segments globally. The increasing fuel prices and efficient driving experience is also fueling the growth of the automotive alloy market.
Asia-Pacific is estimated to be the largest market of automotive alloy during the forecast period. The growth of the market in the region can be accredited to the development in the economic conditions of developing countries such as China, India, Indonesia, and Thailand.
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Some of the major competitors in the global automotive alloy market include Alcoa Inc., Constellium N.V., AMG Advanced Metallurgical Group N.V., Kobe Steel, Ltd., Novelis Inc., UACJ Corporation, ArcelorMittal South Africa Ltd, Norsk Hydro ASA, ThyssenKrupp AG, Nippon Steel & Sumitomo Metal Corporation.
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