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.
Pune, India -- (SBWIRE) -- 06/07/2016 -- The report "Alloy Market for Automotive by Alloy Type (Steel, Aluminum, Magnesium, and Others), by Area of Application (Structural, Powertrain, Exterior and Others), by Vehicle Type (Passenger Car, LCV and HCV) & by Region - Global Forecast to 2021", The global automotive alloy market is projected to grow at a CAGR of 7.69% from 2016 to 2021, to reach a market size of USD 177.47 Billion by 2021. The major factors behind the growth of the global automotive alloy market are growing vehicle production, increasingly stringent regulations governing fuel efficiency and emissions and the rising weight of the vehicles.
Browse 77 market data Tables and 59 Figures spread through 145 Pages and in-depth TOC on "Alloy Market - Global Forecast to 2021"
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Adoption of lightweight alloys has increased in the LCV segment due to demand for efficiency
As of 2015, steel is widely used in the manufacture of LCVs. However, Ford Motor Company (U.S.) used 6000 series aluminium alloy for its highest selling pick-up truck, F-150, in 2015, to reduce the overall weight of the vehicle by about 700 lbs. It is estimated that, almost seven out of ten pick-up trucks will feature an aluminium body in the North American region by 2025. North America is a major market for LCVs and the increasing adoption of aluminium owing to regulatory requirements pertaining to weight reduction are estimated to drive the overall market.
Aluminium Alloys: High Growth Estimated Owing to Increasing Demand for Lightweight Vehicles
Share of aluminium alloys in automobiles is estimated to increase since automobile manufacturers are developing lightweight vehicles with aluminium alloys. Reduction in the vehicle's weight enables OEMs to reduce emissions, improve fuel efficiency and driving dynamics for the end users. A 10% reduction in weight leads to an increase in efficiency by almost 6% to 8%. The changing regulatory requirements and rising demand for fuel efficient vehicles is estimated to drive the growth of aluminium alloys in automobiles.
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Asia-Oceania: Dominant Market for Automotive Alloys
Asia-Oceania is estimated to dominate the automotive alloys market, in terms of value, in 2016. It is followed by North America, Europe, and the Rest of the World (RoW). China, Japan, and India are key markets for automotive alloys, and contribute significantly to the Asia-Oceania market. North America is estimated to constitute the second-largest automotive alloys market, in terms of volume, in 2016. The European market is dominated by the use of steel, but the adoption of aluminium alloys is slowly increasing owing to the lesser weight of aluminium alloys.
The report covers all the major players in the global automotive alloy market that includes companies such as ArcelorMittal S.A. (Luxembourg), Novelis Inc. (U.S.), Alcoa Inc. (U.S.), and Thyssenkrupp AG (Germany) among others.
The report covers the global automotive alloy market, in terms of volume (thousand metric tons) and value (USD billion). It explains the qualitative and quantitative aspects of the Global Automotive Alloy Market based on region, area of application, vehicle type and alloy type from 2016 to 2021.
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