In order to lighten and improve the fuel efficiency of commercial and passenger vehicles, automotive alloys are utilised in the production of the powertrain, chassis, and external and interior parts. The automotive alloy market has been divided into segments based on product type, distribution channel, vehicle type, and region.
According to SPER market research, ‘Global Automotive Alloys Market Size- By Type of Alloy, By Application, By Vehicle Type, By Technology- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Automotive Alloys Market is predicted to reach USD 93.53 billion by 2032 with a CAGR of 8.33%.
The need for lightweight automobiles is being driven by the implementation of strict environmental regulations around the world. To reduce greenhouse gas emissions, numerous international governments are developing tight rules and recommendations. Numerous developments in the APAC region have increased the amount of carbon discharge. China, the world's largest emitter of greenhouse gases, is releasing new regulations that are expected to limit carbon emissions. Other APAC nations, like Indonesia, Australia, and India, are also introducing new rules and guidelines to lessen carbon emissions and combat climate change. These recommendations are being followed by people all across the world, which has significantly advanced the market for automotive alloys.
However, the main factor impeding market expansion is the high cost of aluminium and magnesium alloys. These low-density materials have high production and assembly costs, which in turn raises the price of automobiles overall. The high cost of these alloys is a result of the energy needed to make them. Another factor impeding the expansion of the automotive alloy market during the projection period is the fluctuating cost of raw materials.
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Moreover, according to COVID-19's effect analysis, the world's shutdowns and changes in oil prices caused a sharp fall in car sales in the first few months of the previous year. Leading manufacturers are using a variety of strategies, such as evaluating their dealerships to restart services, to lessen the negative impact on their business operations. The United States (US), Europe, and the export of Chinese parts have all stopped production as a result of COVID-19's direct effects on the automotive industry. The automobile industry can, however, continue to be resilient as long as a COVID-19 breakthrough is not made, given the ongoing efforts of top companies to contain revenue losses by pursuing recovery strategies like mergers and acquisitions.
Geographically, APAC is expected to be the largest market for automotive alloys, primarily because China has a robust automotive sector. Japan and India are also important markets for autos in addition to China. The large population in the area and improvements in people's economic circumstances in developing nations like China, Indonesia, Thailand, and India can be credited with the market's expansion. Additionally, some of the market key players are Alcoa Corporation, AMG Advanced Metallurgical Group N.V, ArcelorMittal S.A., UACJ Corporation, Others.
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Automotive Alloy Wheel Market Future Outlook
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