Growing demand for fuel efficient vehicles, and government regulations on reduction in vehicle weight are estimated to drive the growth of light weighted automotive alloys in automobiles.
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The global automotive alloys market is estimated to grow phenomenally owing to rapid urbanization, increasing vehicle production and fuel efficiency regulations. The global automotive alloy market has immense growth potential in terms of electric vehicle production and integration of advanced safety and comfort technologies in vehicles.
The global automotive industry is gradually transitioning towards light weighted vehicles. Due to a growing demand for safety and comfort technologies, automotive vehicles are becoming heavier.
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This has influenced the trend to reduce weight in automobiles and to opt for light weighted alloys in automotive body panels. Thus, OEMs are now getting inclined to use lighter materials in vehicles.
Automotive alloys are classified as steel alloys, magnesium alloys, aluminium alloys and others (composites).
In the global automotive alloys market, steel alloys account for the largest market share owing to a growing demand for steel alloys in India and China for manufacturing vehicles. Original Equipment Manufacturers (OEMs) in the automotive industry use magnesium alloy as a light metal alloy.
Magnesium alloy offers thermal stability, strength, rigidity, ductility and specific strength; it also weighs lighter. Magnesium alloy is primarily used in the automotive body & chassis structure of a vehicle (oil pumps, housings, the crank shaft, the cylinder crankcase, mounts, brackets and the radiator support), and other interior parts.
The market for magnesium alloys is estimated to grow at a stable rate over the forecast period. The aluminium alloy segment is estimated to grow fastest owing to a high demand for light weighted vehicles with aluminium alloys.
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Global Automotive Alloys: Market Dynamics
It is projected that the global automotive alloys market will be driven by the high demand of light weighted vehicles and the increasing pace of vehicle production.
Also, the global automotive alloys market is estimated to be fuelled by rapid urbanization and regulations on fuel efficiency and greenhouse emissions.
In the global automotive alloys market, the relatively high cost of magnesium and aluminium alloys may hamper growth over the forecast period.
Global Automotive Alloys Market: Segmentation
Following is the segmentation for the global automotive alloys market:
On the basis of type of alloy, the global automotive alloys market is segmented as: Steel, Aluminium, Magnesiumand others.
On the basis of application, the global automotive alloys market is segmented as:Structural, Powertrain, Exterior and others.
On the basis of type of vehicle, the global automotive alloys market segmented as:Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)and Passenger Car.
Global Automotive Alloys Market: Regional Outlook
Asia-Pacific is estimated to be the largest market for automotive alloys due to stable economic growth, increasing vehicle production, rapid urbanization and the growing demand for light weighted vehicles over the forecast period. The countries contributing largely to the growth of the Asia-Pacific automotive alloys market are China, India, South Korea, Indonesia, and Thailand.
In countries such as China and India, a large population base has contributed to the increase in automobiles sales.
Japan, Latin America and Middle East & Africa are expected to grow at a steady rate over the forecast period. North America and Europe are matured markets for automotive alloys.
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