The global automotive alloy market size is projected to grow at a promising CAGR of 7.69% during the forecast period, to reach USD 177.47 Billion by 2021. Increasing production of automobiles coupled with increasing need to reduce a vehicle's weight are the major factors driving this growth.
The market for aluminium is estimated to witness a high growth owing to increasing adoption of aluminium in multiple automotive applications by globally established OEMs. The rising average weight of the vehicle due to integration of various systems has led to OEMs to consider using lighter materials for the vehicles. The demand for lightweight materials by OEMs has directly influenced the suppliers of raw materials and increased competition in the market.
The Asia-Oceania region includes emerging economies such as India, China, Indonesia, and Thailand, among others. Increase in disposable income coupled with rise in population levels has driven the demand for automobiles in this region. The geographical advantages of Asia-Oceania region and government support for industrialization have reduced the production costs.
Automotive OEMs have been spending heavily on the research and development of new alloys for powertrain applications to reduce the weight without reducing the strength of the components. This has led the alloy manufacturers to develop innovative aluminium applications in the powertrain.
The major restraints considered in the study include high cost and engineering barriers. These factors could negatively affect the demand for adoption of lightweight alloys.
- Alcoa Inc.
- AMG Advanced Metallurgical Group
- Arcelormittal SA
- Constellium N.V.
- Kobe Steel, Ltd.
- Nippon Steel & Sumitomo Metal Corp.
- Norsk Hydro ASA
- Novelis, Inc.
- Thyssenkrupp AG
- UACJ Corporation
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Global Automotive Alloys Market, By Alloy Type
7 Automotive Alloy Market, By Vehicle Type
8 Automotive Alloy Market, By Area of Application
9 Automotive Alloys Market, By Region
10 Competitive Landscape
11 Company Profiles
For more information visit http://www.researchandmarkets.com/research/d3zgl8/alloy_market_for
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SOURCE Research and Markets