Alloy for Automotive Market To Register a Hugh Growth In Healthcare Industry by 2026

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. According to the report by Bureau of Economic Analysis (BEA), Disposable Personal Income (DPI) in the U.S. increased by US$ 39.8 billion (0.3 %) in April 2018 as compared to 2017. Demand for passenger cars, light and heavy duty commercial vehicles have directly impacted growth of the global alloy market for automotive. Moreover, stringent regulations on fuel efficiency & greenhouse gas emissions are expected to increase the use of alloys for automotive, which is expected to boost demand for automotive 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. For instance, according to report by, India Brand Equity Foundation (IBEF), the Indian automotive industry (including component manufacturing) is expected to reach US$ 251.4-282.8 billion by 2026. North America and Europe markets have been witnessing high growth in the alloy market for automotive in the recent past. This is due to increasing production and sales of automobiles in the region in North America. For instance, according to report by World Trade Organization (WTO), in year 2017 the sales of automobiles increased by 50% in Canada from 2015.

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
◦ Steel
◦ Aluminum
◦ Magnesium
• By Application
◦ Structural
◦ Exterior
◦ Power train
◦ Others
• By Vehicle Type
◦ Light commercial vehicle,
◦ Heavy Commercial vehicle
◦ Passenger Cars
• By Region
◦ North America
◦ Europe
◦ Asia Pacific
◦ Latin America
◦ Middle East
◦ Africa

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This release was published on openPR.