According to Stratistics MRC, the Global Automotive Alloy market is estimated at $108.59 billion in 2015 and is expected to reach $192.61 billion by 2022 growing at a CAGR of 8.5% from 2015 to 2022. Rising fuel prices, strict environmental rules and increasing demand for automobiles are some of the key factors favouring the market growth. However, huge cost of the automotive alloy is hampering the market. On the other hand rising demand for electric vehicles (EV) seems to be opportunity for automotive alloy market.
By alloy type, steel alloy segment is accounted for largest market share owing to the higher usage of steel alloys in the production of vehicle. Asia Pacific is the leading market, and is also anticipated to observe the highest growth. The major reason for the high growth is increasing disposable income of this region.
Some of the key players in the market include Thyssenkrupp AG, Sumitomo Metal Corporation, AMG Advanced Metallurgical Group, UACJ Corporation, Arcelormittal SA, Nippon Steel & Sumitomo Metal Corp., Constellium N.V., Alcoa Inc., Norsk Hydro ASA, Novelis, Inc. and Kobe Steel, Ltd.
• Other Applications
Alloy Types Covered:
• Other Alloy Types
Vehicle Types Covered:
• Heavy Commercial Vehicles (HCV)
• Passenger Cars
• Light Commercial Vehicles (LCV)
• North America
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