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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Key Highlights of Global Automotive Lightweight Materials MarketThe global automotive lightweight materials market was valued at US$ 149 Bn in 2018 and is anticipated to expand at a CAGR of 7.2% during the forecast periodAdvanced and lightweight materials play an extremely significant role in ensuring the fuel competence of new vehicles together with an assurance of high performance and safety.
All these benefits drive the growth of the global automotive lightweight materials market.Get PDF Brochure for more Professional & Technical industry insights - https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=8509Key Drivers of Global Automotive Lightweight Materials MarketThe global automotive lightweight materials market is forecasted to expand at a substantial pace over the tenure of assessment, from 2019 to 2027.
Such development of the market is ascribed to rise in demand for automotive lightweight materials from the developing countries of Asia Pacific and Latin America.The expansion of the global automotive lightweight materials market is likely to be influenced considerably by the augmented stringency of fuel economy and vehicle emission regulations brought in by the government is another growth factor for the market.Automotive lightweight vehicle materials refer to those materials that are utilized in the minimization of weight and acceleration of vehicle speed, thereby ensuring fuel efficiency.
However, fuel efficiency of lightweight materials has come up as an important factor driving the growth of the global automotive lightweight materials market.Rise in Demand for Electric Vehicles to Boost Opportunities for Global Automotive Lightweight Materials MarketThe penetration of the automobile market in Asia is low compared to that in other regions.
The rate of ownership of vehicles stands at 550 per 1,000 people to 600 per 1,000 people in major countries in Europe.The light vehicle production sector in Western European focuses primarily on premium cars.
For example, roughly 66% of exports from Brazil’s auto industry are destined to Argentina and Mexico-countries currently experiencing double-digit rise in sales.
GEODIS today announced that it has appointed Jürgen Adler as the head of the automotive market, one of the strategic vertical markets in which GEODIS is seeking to expand.Jürgen Adler, age 43, is a German national and holds a degree in Transport and Logistics from the University of Bonn.
He has more than 25 years experience in the logistics and transport sector of the automotive industry.Speaking several languages, he has worked on five continents, principally in Germany, France, China and the United States.His aim will be to address the specific expectations of the sector, which is currently facing significant structural changes as well as ongoing supply chain disruptions, in a sector where “just-in-time” is a standard.
