(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Dec. 09, 2024 (GLOBE NEWSWIRE) -- The "Automotive Alloys - A Global market Overview" report has been added to ResearchAndMarkets.com's offering.
The automotive industry's target of achieving efficiency and sustainability has been accomplished to quite a large extent with the use of Automotive Alloys, the market for which will maintain healthy growth over the analysis period. Worldwide, the market for Automotive Alloys is expected to record a CAGR of 6.7% between 2024 and 2030 in reaching a projected US$207.6 billion by 2030 from an estimated US$140.7 billion in 2024.
The most significant trend driving demand for Automotive Alloys is light-weighting of vehicles with the aim of enhancing fuel efficiency and minimizing carbon emissions. Also, owing to depletion of fossil fuel resources, the proliferation of electric and hybrid vehicles has been an important development, in which the use of Automotive Alloys is paramount for reducing weight, so that battery range and performance are maximized. Stringent safety mandates have necessitated the use of high-strength Automotive Alloys that have undergone various tests of crashworthiness, leading to their wider adoption. Technological innovation is another factor that influences the demand for these alloys.
Apart from the widely used existing alloys, manufacturers are constantly investigating new combinations of metals and metal alloys for developing novel materials that can further exceed the current set of standards. For this, several OEMs and alloy manufacturers have entered into strategic alliances to gain mutual benefits and give the market innovative products. As already mentioned, electric and hybrid vehicles will, in the long run, play a very crucial role in nurturing the market for Automotive Alloys.
Automotive Alloys Regional Market Analysis
By region, Asia-Pacific leads the global market for Automotive Alloys and would also likely clock the fastest CAGR during the analysis period. Rapid progression in the region's auto sector, coupled with an increasing demand for electric & hybrid vehicles to control environmental pollution, are instrumental in wider utilization of these alloys in the production process. China has overtaken the United States to stand as the largest manufacturer of automobiles and the vehicle parc in the country has also been growing at a significant rate. This, therefore, augurs well for Automotive Alloys, since they are essential materials used for reducing vehicular weight.
Automotive Alloys Market Analysis by Type
Alloys derived from Aluminum, Magnesium, Nickel and Titanium constitute the most widely used in the auto sector. Among these, the global demand for Aluminum alloys is the largest, since they offer a highly viable option with regard to reducing vehicular weight, even while maintaining the strength and toughness provided by conventional materials. Studies have shown that it is possible to reduce fuel consumption by 7% with a decrease of 11% in a vehicle's weight, which can be provided by using aluminum alloys in various components. The major applications of these alloys in a vehicle include engine components, body structures and wheels.
Automotive Alloys Market Analysis by Application
The primary applications for Automotive Alloys include Engine Components, Exhaust Systems and Structural Components, among Other Components/Systems (including Brake Systems, Steering Mechanisms & Transmission Parts). Engine Components account for a considerable share of the global market for Automotive Alloys, since these are essential to maintain reliable vehicle performance and efficiency. Critical components, such as pistons, valves and crankshafts are fabricated using these high-performance alloys that offer superior strength and thermal resistance.
Owing to these factors, the demand for Automotive Alloys in fabricating Engine Components would post the fastest growth. However, Structural Components corner the largest share of demand for of Automotive Alloys, since these primarily comprise chassis frames, body panels and suspension systems that form an integral part in maintaining a vehicle's safety and integrity.
Automotive Alloys Market Analysis by Vehicle Type
Passenger and Commercial are the two types of vehicles wherein Automotive Alloys are used with the primary aim of reducing weight, improving fuel consumption and enhancing safety. Automobiles with a lighter weight offer better handling and maneuvering ability. The demand for these alloys is larger for Passenger Cars, given that their annual production and sales are much higher than Commercial Vehicles. Moreover, a marked transition towards electric vehicles, more so of the passenger variety, has also bolstered the prospect of Automotive Alloys.
These vehicles need to be light overall to sustain the weight of the battery powering them, for which their construction demands materials that are lightweight, yet that offer proper strength and protection. Owing to this, the market for Automotive Alloys as used in Passenger Cars would also post a faster growth over the analysis period. Commercial vehicles, such as trucks, buses and vans, also form a crucial component of the automotive industry. The use of various alloys in these vehicles has also shown impressive growth because of their durability, reliability and efficiency in shaping critical components.
As is the case with passenger cars, the weight of commercial vehicles can also be reduced through the use of lightweight alloys, resulting in improved performance in terms of fuel consumption. With growing infrastructure and logistics industries that require light and heavy commercial vehicles, demand for the same will maintain an upward trend, thereby fueling the market for Automotive Alloys needed to manufacture them.
The global report on Automotive Alloys analyzes the market based on alloy type, application and vehicle type In addition to providing profiles of major companies operating in this space, the latest corporate and industrial developments have been covered to offer a clear panorama of how and where the market is progressing.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 280 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $140.7 billion |
| Forecasted Market Value (USD) by 2030 | $207.6 billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
Key Topics Covered:
PART A: GLOBAL MARKET PERSPECTIVE
1. Introduction
Automotive Alloys Market by Product Type Alloys Metal Ingots Automotive Alloys Pentoxide Automotive Alloys Trioxide
Automotive Alloys Market By Application Ceramics & Glass Chemicals & Alloys Flame Retardants Lead Acid Batteries Plastic Additives Other Applications
Automotive Alloys Market By End-Use Sector Automotive Chemical Electrical & Electronics
2. Key Market Trends
3. Key Global Players
Aditya Birla Group AGCO Corp Alcoa Corp AMG Advanced Metallurgical Group ArcelorMittal Bansal Wire Industries Ltd China Metallurgical Information and Standardization Institute (CMISI) Constellium Dynafond Eutectix Kobe Steel Neonickel Nextgen Steel & Alloys Nippon Steel and Sumitomo Metal Corp Norsk Hydro Novelis Pacific Alloys Polymet Alloys Powdermet ThyssenKrupp UACJ Corp Uno Minda
4. Key Business & Product Trends
5. Global Market Overview
Global Automotive Alloys Market Overview by Product Type
Alloys Metal Ingots Automotive Alloys Pentoxide Automotive Alloys Trioxide
Global Automotive Alloys Market Overview by Application Ceramics & Glass Chemicals & Alloys Flame Retardants Lead Acid Batteries Plastic Additives Other Applications
Global Automotive Alloys Market Overview by End-Use Sector
Automotive Chemical Electrical & Electronics
PART B: REGIONAL MARKET PERSPECTIVE
Global Automotive Alloys Market Overview by Geographic Region
PART C: GUIDE TO THE INDUSTRY
PART D: ANNEXURE
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