Alloy Market for Automotive Booming the Industries by Ravisisng keyplayers | ThyssenKrupp AG, Sumitomo Metal Corporation, AMG Advanced Metallurgical Group, UACJ Corporation, Arcelormittal SA, Nippon Steel & Sumitomo Metal Corp.

Automotive alloys are easy to mold as well as more ductile in nature and provide more strength to pure metals. These alloys are of aluminum, magnesium, and other metals. Increasing demand for electric vehicles (EV) across the globe is expected to aid in growth of the market. This is owing to factors such as it is environment friendly and energy efficient. As per the report of International Energy Agency (IEA), over 750 electric vehicles were sold globally, in 2016.

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Driving factors for growth of alloy market of automotive

Automotive alloys are easy to forge by forming, machining, and welding, and thus, find application in various industries such as automobile, aerospace, wind, and others. The recent past has witnessed an increase in production of automobiles, owing to factors such as increasing global demand for automobiles and rising disposable incomes especially in emerging economies.
Magnesium alloy segment is expected to exhibit high growth during the forecast period (2018-2026), owing to increasing demand for magnesium alloy in automotive. This is owing to the fact that, it shows properties such as high strength and creep resistance. Magnesium alloys are unique with characteristics such as ability to absorb energy, high specific strength, high vibration absorption, and excellent corrosion resistance.

Relatively high cost of magnesium and aluminum alloys may hamper growth over the forecast period. Engineering barriers such as high-quality casting, technological issues can negatively affect adoption of lightweight alloys.
Regional Analysis of Alloy market for Automotive

On the basis of geography, the global alloy market for automotive is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa Asia Pacific is expected to be the largest alloy market for automotive, over the forecast period. This is owing to increasing demand for automobiles among consumers, which has led to high growth of the automotive industry. This in turn is expected to aid in growth of the market.

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Key Players in the global alloy market for automotive

Major Key players operating in the automotive alloy market are ThyssenKrupp AG, Sumitomo Metal Corporation, AMG Advanced Metallurgical Group, UACJ Corporation, Arcelormittal SA, Nippon Steel & Sumitomo Metal Corp., Constellium N.V., Alcoa Inc., Norsk Hydro ASA, and Novelis Inc.
Global Alloy Market for automotive segmentation

Alloy market size for automotive is segmented on the basis of Product Type, Applications, Vehicle Type and Region.

• By Product Type

o Steel
o Aluminum
o Magnesium

• By Application

o Structural
o Exterior
o Power train
o Others

• By Vehicle Type

o Light commercial vehicle,
o Heavy Commercial vehicle
o Passenger Cars

• By Region

o North America
o Europe
o Asia Pacific
o Latin America
o Middle East
o Africa

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