ArcelorMittal SA (Luxembourg), Aditya Birla Group (India), Alcoa Inc. (U.S.), UACJ Corporation (Japan), ThyssenKrupp AG (Germany), Kobe Steel, Ltd. (Japan), Norsk Hydro ASA (Norway), AMG Advanced Metallurgical Group NV (Netherlands), and Constellium (Netherlands), and AGCO Corporation (U.S) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Alloys for Automotive Market.
Alloys for Automotive Global Market – Overview
The Global Alloys for Automotive Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of Alloys for Automotive will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2022, which will be a surplus growth at a moderate CAGR during the projected period (2016 -2022).
An alloy is a mixture of two or more chemical elements, one of which is a metal and is used in a wide variety of applications. In some cases, to reduce the cost of the material while in other cases, to provide strength, reduce overall weight and resistance to corrosion over pure metals. Automotive applications of alloys are growing due to increasing demand for more fuel efficient vehicles to reduce fuel consumption and air pollution. The growing demand for fuel efficient vehicles with reduced weight and improved performance is the major driving factor of alloys for automotive market. Strict government regulations for environmental safety are also driving the alloys for automotive market.
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Recent stats show that despite 60% less traffic on the roads, more than 40% of all fatal accidents occur during the nights. Stringent government regulations being pushed by government authorities are pushing for enhanced vehicle and passenger safety. Such regulations push vehicle manufacturers to not only utilize high quality raw material in order to comply with the regulations.
Additionally Alloys for Automotive have a major drawback in the form of blind spots. Blind spots are basically areas around the vehicle which may not be visible to the driver mainly because they are being masked by the structure of the car. With accidents related to blind sports witnessing a significant surge in recent times the government authorities are urging major manufacturers to essentially curb this problem in the best way possible,
Ferrous Commodities such as steel and iron are subjected to steep price fluctuations more often than not. These price fluctuations often end up negatively impacting the automotive industry. The increasing demand for steel is directly proportional to the increasing demand for automobiles across the globe. Raw materials are the biggest cost driver for the automotive industry with approximately 22% of an automaker’s operational costs depending on steel. Steel being an essential part of the automotive industry mainly due to the lack of availability of substitutes, when subjected to sharp price fluctuations ends up hampering the overall growth of the automotive industry and in turn directly impacting the Alloys for Automotive market.
The market for Alloys for Automotive is expected to grow with an increase in demand for automobile, majorly in the United States. There is an immense demand of commercial vehicles in United States. With the increase in demand of commercial vehicles there is a subsequent increase in demand for Alloys
for Automotive market. The growth of the North America region is also driven by the adoption of converted mobile homes in U.S. Existence of major manufacturers in this region combined with availability of sophisticated technologies enables the Alloys for Automotive market to flourish in this region. North America is a mature economy as far as investment in automotive industry is concerned, automotive industry is expecting huge investment by several giants due to the rising demand for passenger cars.
The growth of the Asia-Pacific region can be attributed to the increase in adoption of passenger cars and therefore, the increase in adoption of Alloys for Automotive in the passenger cars. The recent shift in the preference from mileage to looks and features is also expected to result in the high demand for Alloys for Automotive. The global Alloys for Automotive market is also expected to grow during the forecast period owing to increasing population, rapid industrialization and aggressive expansion of manufacturing sector. The demand for Alloys for Automotive is largely dependent on vehicle production in developing countries such as India and China. The vehicle production is growing, which in turn would push the demand for Alloys for Automotive. Moreover, factors such as increase in vehicle production, large population base.
Industry/ Innovation/ Related News:
February, 2013 – ArcelorMittal and SAIL sign MoU on automotive steel joint venture in India. ArcelorMittal, the world’s leading steel and mining company, and the Steel Authority of India Limited (‘SAIL’), India’s leading steel company, today, signed a Memorandum of Understanding (‘MoU’) to set up an automotive steel manufacturing facility under a Joint Venture (‘JV’) arrangement in India.
July, 2016– MG Advanced Metallurgical Group N.V. announced that the Supervisory Board of AMG has approved the construction of a lithium concentrate (spodumene) plant at the Mibra mine in Brazil. AMG’s new business segment, AMG Lithium, will commence operations in the first quarter of 2018, with an initial annual production capacity of 90,000 tons of lithium concentrate, expandable to 140,000 tons. Total capital investment is estimated at approximately $50 million and will be incurred primarily in 2016 and 2017.
Alloys for Automotive Market – Segmentation
The Global Alloys for Automotive Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Type : Comprises Iron, Titanium, Steel.
Segmentation by Backing Application : Comprises Chassis, Powertrain
Segmentation by Vehicle Type : Comprises Passenger Vehicle and Commercial Vehicles
Segmentation by Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Alloys for Automotive Market: Regional Analysis
Asia Pacific is dominating the global Alloys for Automotive market and followed by North America and Europe. Asia Pacific is expected to be leading the market by the end of the forecasted period due to increasing annual vehicle production and demand of vehicles in this region. Developing countries such as China, Japan and India are the key markets for alloys in the Asia Pacific region.
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