“Increasingly stringent government legislation mandating weight reduction of vehicles, with rising demand for fuel economy to increase the demand for automotive alloys; whereas stringent emission norms to drive growth in lightweight automotive alloys market”
The automotive alloys market is projected to grow at a CAGR of 7.69% from 2016 to 2021 to reach the market size of USD 177.47 billion by 2021.Major factors driving the growth of this market include growing population, rapid urbanization, increasing demand for automobiles, and regulations regarding fuel efficiency and emissions.
“Steel dominates the automotive alloy market”
The market for steel alloys used in manufacturing automobiles is projected to acquire the maximum market share during the forecast period. This growth can be mainly attributed to the major proportion of steel alloys used in the manufacturing of a vehicle, especially in emerging nations such as China and India. This trend is estimated to continue during the forecast period. These factors make automotive steel alloys the largest market in the global automotive alloys market.
“Asia-Oceania: Largest growing market for automotive alloys”
The Asia-Oceania region is estimated to dominate the automotive alloy market and is projected to acquire the maximum market share during forecast period. This growth can be attributed to the progress in the socio-economic conditions by the emerging economies such as China, India, Indonesia, and Thailand. Large population in countries such as China and India have contributed to the increase in the number of sales of automobiles in this region.
The study contains insights provided by various industry experts, ranging from alloy manufacturers to Tier-1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type–OEM 10%, Tier-1 - 60 %, Tier-2 - 30%
- By Designation - C level - 20%, Director level - 60%, and Others - 20%
- By Region - North America - 25%, Europe - 20%, Asia-Oceania - 40%, and RoW – 15%
The automotive alloy market is dominated by a few globally established players, such as ArcelorMittal SA (Luxembourg), Alcoa Inc. (U.S.), Novelis Inc. (U.S.), UACJ Corporation (Japan), Norsk Hydro ASA (Norway), ThyssenKrupp AG (Germany), and Kobe Steel, Ltd. (Japan), among others. Key growth strategies adopted by these players include expansions and new product development.
Reasons to Buy the Report:
This report contains various levels of analysis, including industry analysis (industry trends, Porter’s Five Forces, and SWOT analysis), supply chain analysis, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments of the automotive alloy market, competitive landscape, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
The report enables new entrants/smaller firms as well as established firms to understand the market better to help them to acquire a larger market share. Firms purchasing the report could use any one or a combination of the below-mentioned four strategies (market development, product development/innovation, market diversification, and competitive assessment) to strengthen their position in the market.
The report provides insights with reference to the following points:
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for automotive alloys across regions
- Product Development/Innovation: Detailed insights into R&D activities, upcoming technologies, and new product launches in the global automotive alloys market
- Market Diversification: Detailed information about untapped markets, investments, new products, and recent developments in the global automotive alloys market
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the global automotive alloys market