Press release
Global Automotive Alloy Market Size, Share, Development, Growth and Demand Forecast to 2023
The global automotive alloy market has witnessed significant growth during the past few years. The major factors driving the growth of the market include stringent emission norms, research and development on fuel economy, and increasing government legislation for decrease in overall vehicle weight.**Request for Sample Copy of Research Report At: https://www.psmarketresearch.com/market-analysis/automotive-alloy-market/report-sample
The implementation of stringent environmental regulations across the globe is propelling the demand for lightweight materials. Several international organizations are framing strict guidelines and standards in order to reduce the greenhouse gases emission. The European and North American legislation in particular have formulated broad agendas towards the development of lightweight materials in order to achieve target for reduced CO2 emission by 2025.
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. The growth in electric vehicle market and integration of new system for safety and comfort are the opportunities witnessed in the global automotive alloy market.
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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. Automotive magnesium alloy is a light metal alloy used in automotive original equipment manufacturing (OEM). Magnesium alloy provides strength, thermal stability, rigidity, specific strength, ductility and lighter weight to automotive.
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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