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Automotive Alloy Market Size, Share, Segment Analysis, Growth Drivers and Forecast to 2023
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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. The high cost of the automotive alloy acts as a restraint for the growth of the global automotive alloy market.
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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. In countries such as China and India, the large population base has contributed to the increase in the number of automobiles sales in the region.
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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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